Hobbies can be great fun, especially at the end of a long day. They help you to relax and recharge your batteries. And it’s easy to understand how, if you’re struggling with a hectic career, you might be tempted into turning your side-hustle hobby into a regular 9-to-5 job. Whether you want to bake cakes as a living or to become a professional blogger, tackling the entrepreneurial dream doesn’t happen overnight. More importantly, it doesn’t matter how motivated you are. You need to embrace a business mindset to make your project work. Here are the 4 essential aspects you need to consider before quitting your job.
1) Plan One Step At a Time
First and foremost, test the waters before taking any decision. It’s not safe to quit your day-to-day job before you’ve developed and established your hobby as an income-generation activity. While baking one cake or sewing one dress can seem easy, when you decide to turn your hobby into a full-time career, you will need a lot of capital and clients to get it off the ground. Consequently, you should always stick to your 9-5 until things have been clarified and you’re ready to take on large orders from your side hustle. The waiting strategy can feel a little depressing at first – especially if you’re already decided that you don’t like your office job –, but in the long term, it is the safest bet of all.
2) Get the Extra Skills You Need
Let’s be honest; you might be a great crafter, but turning a hobby into a business requires more than excellent craft skills. You need to know how to run a business, starting with an organizational leadership degree online if you plan to get a team onboard. Additionally, you’ll find it useful to get basic courses in accounting, taxes, and marketing analysis. Indeed, you are likely to start in a solitary position before you can expand and hire a team.
3) Can You Get Funding for a New Company?
Starting a company doesn’t happen for free. You need to secure enough capital to get started – whether you want to launch a vegan bakery or create a lifestyle vlog. That’s precisely why it’s essential to look into crowdfunding opportunities at the beginning of your project. Business loans, equity crowdfunding and even cryptocurrency funding are options that are worth investigating. Ultimately, you want to pick the most valuable and meaningful choice for your audience.
4) Consider Investing in a Franchise
Many people have an entrepreneurial spirit and dream of owning their businesses. However, starting a business from scratch can be a daunting task. Many risks are involved, and it can be challenging to get the necessary funding. One way to reduce the risk and still achieve your entrepreneurial dream is to invest in a franchise. For example, tax preparation franchises are a great option if you are an accountant because they come with an established brand and customer base. Additionally, tax preparation is a service that is always in demand, so you can be confident that you will have a steady stream of customers. When you invest in a franchise, you will receive comprehensive training and support from the franchisor. This will give you the skills and knowledge you need to run your business successfully. Investing in a franchise is a great way to achieve your entrepreneurial dreams while minimizing the risks involved.
5) Should You Do It Alone?
Taking a business partner may not be a usual choice for side-hustlers who launch a company, but more often than not, it can save you a lot of trouble. At the heart of a partnership, you need to find someone you can rely on, both as a person and as a business asset. Your partner, for instance, should bring new and essential skills to your business. If you’re a talented crafter, a partner who understands the market fluctuations or who knows how to network with the right people can push your brand name forward. Additionally, you need someone who understands your business vision and who supports it. If your visions are not compatible, you will both be wasting your time.
If you can’t bear the idea of getting back to work, it’s time to give some serious thought to your side hustle project. Are you ready to go big with it? Let’s do this!