Thanks to today’s dynamic economic landscape, there’s never been a better time to have a “side hustle” and to turn it into a valuable asset. For many, the side hustle—born out of passion or the need for a secondary income—has enormous potential to grow into a substantial business venture.
You won’t be able to achieve success for your side hustle, however, if you’re not strategic about how to turn it from an elevated interest or hobby into a full-fledged business. To that end, if you're contemplating this entrepreneurial leap, here are ten steps for transforming your on-the-side passion project into a thriving business that can give you (and several other people, if you so choose) a proper income:
Think about How Profitable Your Side Hustle Actually Is
The first cornerstone in this transformative journey is a meticulous evaluation of your side hustle. Be objective when thinking about how scalable your business may be and whether there’s an existing market demand for the products or services you intend to offer.
In addition, do some research on your competition, identify potential challenges to running your business, and formulate a unique selling proposition that clarifies what it is you want to do to both your customers and your potential funders.
Could your business model for your side hustle support growth without compromising quality or customer satisfaction? Answering questions like these will help you ascertain whether your side hustle can actually evolve into a full-scale business.
Develop a Solid Business Plan
Next, you’ll need a well-structured business plan to serve as your guiding star during your business journey. This plan should be a detailed document that includes your business goals, your target market, your anticipated revenue, and a growth strategy that could get your side hustle off the ground.
For small- and medium-sized enterprises (SMEs) and startups that are born out of passion projects, business plans are more than preliminary necessities for stakeholders. They’re strategic tools that provide direction and set concrete benchmarks for success. A solid business plan will also help you avoid potential pitfalls in your business's progression.
Look Into Convenient Modes of Payment
Once you shift from running a side hustle to manning a full-fledged business, your financial management will need to adapt. Above all, you’ll want to make sure that your customers will find it as convenient as possible to purchase your products or partake in your services.
You should look into ideal credit card machine options, for example, that will also allow you to accept a variety of modes of payment from your customers. In a country like the Philippines, solutions like those offered by Maya can serve as more than simple credit card swipe machines or credit card terminals. In this vein, look for a flexible card terminal machine that also allows payments from digital wallet apps through QR codes or near-field communication (NFC) technology.
Thinking about practical issues like card machines and order fulfillment processes will be crucial if you want your side hustle to make it big as a legitimate business. Be sure to iron out these details before proceeding with the other steps listed below.
Cultivate a Distinct Brand for Your Business
In a rather crowded entrepreneurial arena filled with like-minded entrepreneurs, your brand is what will set you apart from everyone else. Branding is more than just a memorable logo or a catchy tagline—it's a representation of your business ethos, values, and commitment to customers.
As such, you’ll want to make an effort to cultivate a strong, consistent brand across all platforms and interactions. Remember, your brand should resonate with your target audience, and what you do with your side hustle should reflect your customers’ needs and desires.
Photo by Jp Valery on Unsplash
Establish a Robust Online Presence
It’s also a must for you to cultivate a strong online presence for your side-hustle-turned-business. Invest in a professional website, which will serve as your digital storefront and enhance your credibility and accessibility. You should also make the effort to engage with your customers and build relationships through active social media engagement.
If you have the funds, you should also consider implementing effective search engine optimization (SEO) strategies and investing in the services of SEO professionals. Their expertise in running targeted online marketing campaigns can increase your online visibility and drive more potential customers towards your business.
Legalize Your Business
You will also want to legalize your business operations to build credibility and demonstrate to your customers that you're playing by the rules. This process typically involves registering your business with relevant government agencies, obtaining required permits and licenses, and ensuring you comply with tax regulations. Being a legal entity can improve your image among customers and suppliers and cement your reputation as a legit business, as well as protect you from potential legal issues.
Develop a Customer Retention Strategy for Your New Business
While attracting new customers is vital, especially in this key stage in your operations, remember existing customers who helped your humble side hustle get traction. A sound customer retention strategy can build strong, long-lasting relationships with the people who first believed in you, encouraging repeat business and leading to valuable referrals.
Don’t forget to seek your customers’ feedback as well as you clear different milestones for your fledgling business. It can serve as a direct line to your customers' thoughts and provide insights that can drive key product or service improvements in the near future.
Engage in Networking and Collaborations
Networking is a powerful tool that can provide you with fresh perspectives on growing your side hustle, and it can also lead to beneficial partnerships that will nurture your success in your home industry. Be active on the networking side and attend industry events, join online forums, or engage with other entrepreneurs and professionals in your space.
Why not make plans to collaborate with other businesses as well? This can help you secure an even broader customer base as well as mutual growth for your business and that of a fellow entrepreneur.
Embrace Continuous Learning and Adaptation
When you turn your side hustle into a legitimate business, you will need to be extra conscientious about staying on top of industry trends, market shifts, and evolving customer preferences. Commit to continuous learning as a hustler-turned-entrepreneur, and sign up for online courses, webinars, or mentoring opportunities. These may be just what you need to come up with innovative ideas and ensure that your business remains relevant and competitive.
Prioritize Work-Life Balance
Lastly, although turning your side hustle into a full-time business will require you to put in a lot of hard work and dedication, don’t forget to maintain your work-life balance. As your business grows, so will your temptation to devote every waking hour to its needs. Set the tone for yourself as the entrepreneur you truly want to be by creating clear boundaries between work and personal time, delegating where possible, and carving out time for relaxation and recreational activities.
Every successful business started somewhere, and with the unwavering commitment and entrepreneurial spirit that sparked your side hustle in the first place, yours has the potential to grow into a remarkable success story. Be ready to roll up your sleeves and immerse yourself in this exciting new adventure.
