5 tips for entrepreneurs turning a side hustle into a main hustle
1. Use passion for profit. Master your craft and immerse yourself in education. Find a way to turn your passion into a profit by turning it into a business you can monetize. Learn everything you can about the business and industry your passion lives in so you can master it to make informative, optimal decisions. Some entrepreneurs fearlessly follow their hearts to pursue their passions; others follow their heads and need a bit more reassurance. Take it from an expert. Experienced financial advisor and Credit Pilgrim Founder Neal Frankle, CFP, offers these words of wisdom: “Assess your competitive advantage and leverage it. What are you really good at? Ask 5 other people who know you well and whom you respect professionally to tell you what they think your competitive advantages are. Once you feel like you really know your strengths and weaknesses, try to find a business that will turn your business advantages into profits.”
2. Make time, even if you don’t have it. We get it, life gets busy – especially if you are straddling a day job and starting a business. It’s critical to make time for you to work on your business to turn that idea into a reality. Try scheduling time in your calendar to specifically work on this. You’d be surprised how much a little each day can amount to. As you grow and scale, delegating and outsourcing is often a more lucrative option; plus, it frees you up to do things that are more worthy of your time or that you simply enjoy. However, in the inception phase, try to execute what you can on your own and save money.
3. Work with other side hustlers and stay inspired. Being an entrepreneur can be isolating. There are many shared workspaces for entrepreneurs or you can even rent a desk at another company’s office. Who knows? The connections you make can lead to business opportunities, collaborations, and even sales. Nevertheless, you’re in good company. Many entrepreneurs get lonely, by working around other people in the same boat, you can keep each other inspired and motivated.
4. Build your thought leadership and portfolio. To start having a voice and building a brand in the space, write some articles and create some thought leadership content. Building out a portfolio of past projects and clients can help you attract and onboard new clients. If you’re really starting out from scratch, you can point to your thought leadership content and articles. All these things will help you build the credibility you need. In need of inspiration? Check out Credit Pilgrim to see how they share their expertise with others.
5. Save everything you earn so you can eventually take the jump. A common stage for entrepreneurs to make the jump to full-time entrepreneurship is when their side hustle is bringing the same amount of net income their day job is. And don’t forget to document and keep track of your cash flow! Track expenses on a regular basis – be it weekly or monthly – not only saves time during tax season, but also gives you the knowledge to make necessary spending changes, if needed.