People nowadays can make money from almost anything they do. Personal side hustles have become normal for entrepreneurs from all walks of life, because of the greater accessibility of e-commerce platforms like Shopify and the simplicity of marketing via social media. In reality, according to a Bankrate survey, 45 percent of American workers work part-time to supplement their income. Leaving aside these good factors, the epidemic rendered side hustles a necessity for many people who lost their employment during the recession last year. While many of these interests and hobbies may only produce a small amount of extra revenue, your side hustle could grow into a full-fledged business.
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What distinguishes these potential businesses from the plethora of nascent side ventures? We can tell you that it takes a combination of personal reflection and an honest assessment of practicality as it relates to your business. Every entrepreneur’s circumstance is unique, but most should look for the signals listed below to see if their side hustle has the potential to grow into something more ambitious and lucrative.
Answering the question, “Will I regret not going for it a few years from now, when the chance is long gone?” is the first step on the road to full-time entrepreneurship. This question should serve as a clear sign of which path you should take, as an apathetic business owner is doomed to fail, whilst a motivated individual should at the very least allow themselves the opportunity to pursue their interest.
Unfortunately, desire alone isn’t enough to push a side hustle to commercial success. The next stage is to figure out where and how your side hustle might fit in today’s market, as well as whether there’s a reasonable chance of making money in the long run. Based on the number of consumers your side hustle is now attracting, this should be a simple task. It’s probably a good sign if your side hustle is consuming an increasing amount of your time.
Have you noticed this level of enthusiasm from your side hustle yet? That isn’t to say that it’s the end of the journey. There may be room to innovate and fill a certain vacuum in the sector you’re aiming to enter if you pay close attention to your side hustle’s competitors and broader consumer needs.
It’s crucial to analyze the greater financial backdrop around your eventual decision to become a small business owner, in addition to your individual business’s potential. Almost every great company success story begins with a period of uncertainty, and many entrepreneurs are compelled to run at a loss for a period of time in order to expand their customer base and business. Your firm should be able to weather this financial “hazing” time if your money management abilities are keen.
Though knowing that you will almost surely lose money when you start your journey as a founder may be frustrating, you can rest confident that your experience is not unique. Adversity in client acquisition and financial solvency is essentially a ritual for tech startup founders like myself during at least the first two years of existence.
Labor is the last item on the business founder checklist. The appeal of side hustles is the independence and freedom they provide. At its current size, your self-contained, miniature business can work like a well-oiled machine, but in order to scale with a larger customer base and a broader range of services, you’ll need to hire people. While having competent and talented personnel is critical for any company’s growth, you need also evaluate how large your workforce will need to be. You may save money and likely make your firm run more efficiently as it expands anywhere digital tools and software can play a role and minimize human effort.
If you’ve considered these indicators and still believe in your company, it might be time to act. Before making a potentially life-altering decision, you should examine your existing priorities and determine whether starting a business is in line with them. It’s easy to get carried away with a fun side hustle that quickly becomes a demanding nightmare once it’s fully realized, but for many entrepreneurs, the joy never stops.
Taking a peaceful, calculating attitude to a new business venture might be difficult, but by considering all of the alternatives and possible consequences ahead of time, your inner entrepreneur will be more likely to take that side hustle to the next level.