How to turn your side hustle into your career
How do you turn your side hustle into a full-time experience that actually pays off?
That's the question forever on the mind of anyone with a passion project. Transforming a kitchen table endeavour into a dream career is no easy feat but there are plenty of success stories that prove it's totally possible.
WHAT TO CONSIDER WHEN TAKING YOUR SIDE HUSTLE FULL TIME
Working on your passion project alongside your job takes drive, consideration and a lot of energy so we’ve created a useful list of tips to help you with everything from mindset and self care to finances and outsourcing.
ESTABLISH YOUR SUPPORT SYSTEM
Other entrepreneurs and business owners in your area may be your competitors but this also makes them a source of inspiration and guidance. Look to your professional network for advice wherever you can find it.
You don't necessarily have to take all this advice, but seeking it out from different sources and developing healthy relationships with competitors is always a good idea.
There are plenty of groups, working spaces, professional clubs and networks that you can join in which you'll find potential friends, mentors, customers and perhaps employees too. The sense of community can be so important when working for yourself.
BE OPEN TO COLLABORATION
Be careful not to be too protective of your business in the early stages. Outsource what you can't give 100% on. Everything is riding on this project and you want to make a success of it, so although it's necessary to be scrappy, work hard and stick to your budgets, it's super important to avoid risks.
If you don't know your stuff, collaborate with someone who does. When you do things properly and create robust foundations for your business, the investment pays off. A side hustle can become a six-figure business and female entrepreneurs have shown time and time again that ambition and intuition combined with a collaborative attitude is a recipe for success.
ACKNOWLEDGE AND SET YOUR LIMITS
Working for yourself can be challenging, especially when trying to get a personal project off the ground. Obviously you'll be no stranger to working morning, noon and night if you've previously been balancing your side hustle with another job, however, it's essential to set firm limits.
Always allocate time for friends and family, for rest and for self care. Make sure that if you’re burning the candle at both ends, you’re also getting enough sleep, enough sun, staying hydrated and allowing yourself time to wind down and release tension – be it through meditation, therapy, exercise, reading or just chilling in front of the TV.
How to go self employed
Remember that in order to turn your side hustle into a fully-fledged business, crossing every 'T' and dotting every 'I' on the boring legal stuff is absolutely essential. You'll need to register as self employed and make the decision whether to become a freelance sole trader or a limited company.
There are plenty of options that can help your business to thrive and we are always here to advise on these processes and getting set up. Find resources on going freelance here or contact us here.
When is the right time to take a side hustle full time?
Think about the next two years, the next five, the next ten. Is this your dream business? Does your side hustle promise you the career you want? What's the shelf life on this project? Do you prefer having it as a hobby? What will your work/life balance look like? Is it the right time? What are your current challenges and your potential blockers?
Sign up to the free resources area to check out the guide on how to take that leap.
What to consider when going freelance?
If you’re planning to take the plunge and quit your job to go freelance, bear in mind that you’ll no longer have a company to cover you if you get sick, to pay into a pension or to grant you annual leave for much-needed rest.
It’s essential to protect yourself with financial safety nets so before you focus fully on your side hustle, consider your pension and savings options, business accounts versus personal accounts and be aware of the pitfalls of the gig economy. Read up on the legal and financial aspects of being self employed so you’re as safe as can be.
If you need advice or support in these areas get in touch. We offer financial advice for those starting a side hustle and those in the process of growing or developing a business, whether it's your first business or your third.
What’s stopping you turning your side hustle into your main source of income?
Self confidence is key but it isn’t everything. Even if your imposter syndrome weighs heavy on your mind, remember that it’s only one factor in your journey. Taking a leap of faith is key, looking out for your health is key and so is research, taking good advice, collaboration, resilience and the ability to think big while remaining detail focused.
There’s no one way to turn your side hustle into a lifestyle, a full-time job or a booming career, but these tips will place you on the road to success. As always, reach out to us if you have any questions about any stage of your business.
