4 Great Tips To Turn Your Side Hustle Into A Full-Time Income!
Remembering our motto that Side Hustles Make Money, It can be a great dream that a lot of people have to actually run their own business from their home. To come up with a part-time business that they can run from a spare bedroom or their garage and that one day it could actually replace the day job.
The internet has made that dream a reality for many and there is no reason why that couldn’t be you too.
In fact, starting a side business or side-hustle is probably the wisest and safest way of actually starting your own business.
If you stop and think about it for a second, you wouldn’t be attracted to this article in the first place unless you were keen on learning about the whole subject of one day telling your boss that you will be leaving to work for
There really has never been a better time than now to go for it in fact, you don’t have to restrict yourself with your locality either.
A spare room, a laptop, and a desk and chair along with a decent broadband connection and you can easily set yourself up to dominate the world!
Ok, maybe we reign it in a bit at first!
Before we decide what we are going to do when we get to the top of Mt Everest, we need to know how to learn to climb it!
With this in mind, if you are thinking of starting a side-hustle, it’s well worth trying to find out as much as possible (research) for your new venture.
And take it seriously too. This can change your life, so you need to look beyond it being just a sideline.
With this in mind, we have 4 great tips for you to get started
1. Be In It For The Long Haul
A lot of people start something and if it isn’t making money within the first couple of months, they give up. This is a huge mistake.
In the US, Hiscox Business Insurance Services conducted a poll in 2019 of over 400 small businesses owners and asked them how long it took them to actually make their business or side hustle work before they actually were in
a financial position to leave their full-time job.
That is a serious amount of time and commitment that you need to put in to see results.
From there on, most said it took them around 3 years to actually match the income from their previous job!
In fact, if you start a website or a blog site it takes on average 35 weeks, almost 9 months before Google starts sending organic traffic to your site, and that is only if you put decent articles and information on there too.
You need to commit and see it through. Plan your side-hustle and give yourself that 36-month goal.
It’s doable and after all, you don’t need to put yourself under undue pressure to achieve your goal.
All you need to do is start, research, learn as much as you can and don’t give up.
2. Be Financially Astute- Be Savvy!
If we are going to give ourselves 36 months to try to make the same we are making from our day job, then we need to sharpen up our financial defenses.
We need to make sure we know how much everything costs that we use in our business.
We need to know to the last penny too. This is not hard to do, but again you have to go about this in a sensible and an easy to follow way (for you) and record everything you spend and everything you make (sales)
This is the only way you can actually gauge where your side income is taking you.
You need to budget well too.
Cut out anything that you don’t need like TV subscriptions or general things that you pay for but hardly ever use and really niche down on your finances.
If you are serious about going it alone one day, you will be glad you did this.
Also, trying to save as much from your day job is paramount too. Many experts would advise that you have at least 6 months’ money in savings before going it alone.
You need a buffer and a safety zone to fall back on for those untoward expenses that always crop up.
3. You Need Better Time Management
So when are you going to do your side-hustle, your side business?
Assuming you work 40 hours a week in the day job, you need to allocate time for your part-time business to actually become a real entity.
Again, according to the survey by Hiscox, the entrepreneurs featured said that on average they allowed around 20 hours a week to get their idea off the ground.
Now, that is a lot of time out of your week. 60 hours in fact.
You are going to need a real-time strategy to manage this and the very best approach is one where you still have time left over for essentials like family and friends.
All work and no play does indeed make Jack a dull boy and you need to avoid this.
Burn Out is going to wreck everything including your day job and relationships, so this is vital that you don’t get carried away and spend too much time on the side hustle.
However, if you know you waste time watching TV when you could be doing something more productive, then turn off that box and get to it!
4. Learn How To Manage Risks
So, you have your side hustle all up and running and depending on what you are doing, you need to make sure you are covered legally to operate your business.
This may be in the format of needing public liability insurance if you are operating a part-time service like plumbing or electrical work, repairing people’s cars or indeed making sure you have disclaimers on your website and copyright permissions if you are running an online business.
Also, get yourself a decent certified accountant as this is a great way for you to save a huge amount of money on your expenses and they can advise the very best way for you offset your costs. They can be relatively inexpensive for the advice they give and a quick Google search for “CPA near me” can get you to focus even more on your business.
If you really want to make your side hustle become a vehicle to replace your day job you have to start thinking like a real business person.
They all have insurance and they all have accountants.
Don’t let these aspects put you off as they can be relatively cheap or free even if you make sure you know what the possible pitfalls could be of your side business.
Remembering that in order for your side hustle to become a full-time income replacer you have to treat it seriously and that includes some aspects that can be not attractive to do (insurance) but absolutely necessary.
If you go into the arena of one day working for yourself and using the part-time or home-based business to full-time self-employed it can be extremely rewarding and the potential is unlimited if done correctly.
If you are serious about leaving your job and you follow these steps then success although not assured, will be much more achievable.
If you are serious about starting a side hustle then I would strongly urge you to check out Wealthy Affiliate.
The advice about running an entirely home-based business part-time is quite exceptional