Many people have been tempted to start a side hustle over the last few years. Those who have found their main jobs aren’t interesting enough, don’t allow them to pursue their passions, or don’t pay enough, may well have decided that creating their own business to run alongside is the right thing to do. It’s hard work, especially at the start, but if you persevere, you’ll find your side hustle can be hugely rewarding in many different ways.
Of course, there might come a point when you realise your side hustle is taking up a lot more time than it used to. If that’s the case, you’ll need to decide whether it’s something you want to pursue full-time. If it’s making good money and you enjoy it, this would be the next sensible move to make. Read on to find out how to make that transition from side hustle to full-time business.
Find Your Most Profitable Products
If you have reached the stage where you can turn your small business into a bigger one and give up your day job, you’ll already know that it’s viable and that it will make enough money for you – if you don’t know these things, you must find out immediately before you go any further.
Once you have that information and you are sure that you would be able to make a living from your new venture, you’ll need to work out what your most profitable products have been since you started, as well as what isn’t making you any money. When you have a full-time business to run, you’ll have limited time and resources and no backup plan. Therefore, you must focus on the products that sell and reduce those that don’t, allowing you to streamline your business more easily, which will help you be more successful.
Find Somewhere To Work
Your side hustle might not have taken up too much time or space, so perhaps you just worked on it at the kitchen table or in your bedroom. That might have been fine then, but now you’ll need much more space and, ideally, a dedicated workspace – you’ll need to be able to focus on what you’re doing and be comfortable.
You could still work from home, but if you do this you should have an office to work from. Alternatively, you might find it better to rent an external office if that will make you more productive. If you manufacture anything, you’ll certainly need to consider a warehouse or factory where you can install acoustical panels for soundproofing.
Leverage Existing Relationships
Even if you have a popular product and a loyal customer base, you’ll still need to do more when you make the move from side hustle to full-time business. To make the switch easier, you should leverage your existing relationships where you can.
You’re sure to have made some connections and done a little networking, even working a side hustle, so make sure everyone knows what you are doing; ask for their help. You might find that your suppliers can offer bigger discounts if you are buying more products, for example, or it might be that you can ask previous customers to let their friends and family know about you or leave you a review. No matter what help you get, big or small, it can all make a difference, so never be afraid to ask.