If you’re tired of being enslaved to your 9-to-5, it’s time to enjoy a true liberation from the rat race. Whether you’re a knitter, a baker, or a candle-stick maker, there are plenty of opportunities to monetize your hobbies. With a little research, you can say goodbye to the desk jockey life to embrace living a life totally on your terms.
Here are some tips to turn your side-hustle into a successful, full-time job.
1. Don’t quit your day job at first.
While you get yourself organized and ready to commit to your side hustle, make sure you stay dedicated to your day job, too. You don’t want to cut ties a little too early and end up destitute or otherwise deal with financial hardship because you jumped ship too soon.
A good business isn’t one that starts out-of-the-blue with nothing but a dream to keep it going. It takes a lot of work to make it work! The key is to do your research and ask yourself some serious questions.
- Will I still enjoy my hobby if it becomes my full-time job?
- Can I support myself with savings if my business takes time to turn a profit?
- Do I need an investor? Multiple investors?
- Where will I sell my wares? Online? In stores?
- What do my competitors charge for similar products or services?
- How will I market my business?
- Have I filed for the correct patents and copyrights to protect the intellectual property associated with my business?
3. Get tax help.
One of the hardest parts of running a small business is figuring out what your business tax situation will look like once you start pulling in money. The worst mistake you can make is going at it alone. You may end up owing more money to the IRS than you originally planned for, putting your fledgling business in jeopardy of bankruptcy. Instead, you should invest in bookkeeping services for small businesses if you want to ensure you’re doing everything correctly.
And don’t forget to set yourself up with a budget so you know exactly where all of your money is going at all times.
4. Create a following.
Use your network on social media and if you can afford it, expand that network with paid advertising. Social media is one of the easiest ways to get people to see your brand and start building hype around your product or service. Facebook ads or Instagram ads are a great start if you know the demographic you’d like to target for your business.
5. Build out a real workspace.
As you start a new business, it’s important that you’re in the right headspace to do so. And one way to ensure you take the gravity of starting a business seriously is by creating a workspace worthy of a successful business.
No CEO works from a couch on a crowded coffee table, after all. Set yourself up with a nice, big desk that gives you plenty of space to spread out your important papers. If you can dedicate a room in your home to your office, that setup is ideal so you can close the door and focus on the task at hand. But even if you don’t have a dedicated room, a well-designed corner tucked away from other living spaces can serve as your workstation. Add a few modern but minimalist design touches to keep yourself motivated as you work but don’t overwhelm your space with lots of color and posters.
6. Believe in yourself.
Maybe this is an obvious step but it’s important to approach your business with a positive mindset. After all, who is going to believe in you if you don’t believe in yourself? You can do it!
Starting your own side hustle can be intimidating in the face of bills and other financial securities. With that in mind, it’s important not to dive in 100% at first. Make sure you build up a robust savings account before committing. Then, do an appropriate amount of market research so you know exactly which space in the market you can thrive in. With these tips, you’ll be on your way to running a lucrative side hustle.