One in four people in the UK have a side-hustle, according to recent research. And if you’re reading this, it is likely that you or someone you know has a side-hustle; defined as a secondary project that earns a person money outside their 9 to 5 job.
For many, a side-hustle is a passion project, something they wish to grow further but do not yet have the resources or the courage to take the leap and quit their stable job just yet. Many of today’s most successful businesses as a side-hustle. In fact, in one study it was found that businesses that were launched as a side-hustle and then turned into the founder’s full-time focus were one-third less likely to fail than those that started as full-time ventures.
Let’s say you’ve set up your side-hustle, have a nice number of clients, and have set up a solid set of processes. You’re now feeling confident enough to quit your job and leap into full-time entrepreneurship. So how do you take your precious side-hustle to the main stage? And how do you make the jump from a dreamer to a doer? Here are some tips.
The road towards entrepreneurship can be a lonely one. For many business leaders, making the jump from a busy corporate working environment to what often starts as a one-man-band can be a hugely overwhelming change.
That’s why it is important to find connections with others who are on a similar journey. There are a huge number of online networking groups such as Meetup which are designed to help and support budding entrepreneurs on their journey. Many successful entrepreneurs starting off by using such networks and have found great help from mentors who helped to guide them.
There are many tools and services available today that can help you streamline your work processes and enable you to focus on the most valuable tasks. From automating your invoicing to social media scheduling tools; there are many free options available that can seriously save you some time.
As well as investing in the right tools to make your life easier as a business owner, it is vital you’re doing the same for your customers. For example, do you have an easy-to-use, fast-loading website? According to Neil Patel, 40 percent of people abandon a website that takes more than 3 seconds to load.
The same can be said when it comes to having basic payment solutions in place. While cash payments may have been sufficed throughout your side-hustle journey, in today’s hypercompetitive marketplace, offering customers the option to pay via a card machine is a must. With almost 80 percent of all retail customers choosing to make digital payments over cash, not offering this option to your customers will be detrimental to your sales.
Fortunately, there are many fantastic payment solutions available today, including those provided by UTP Group. This market-leading company have a thorough understanding of the industry and so are well positioned to provide support to those making the courageous leap to managing a business. From which card machine is best for your business, to ensuring that your website is optimised to take payments, UTP Group have everything you need to facilitate your growth.
Unless you are fortunate enough to have already saved up enough money to fund your business, you are likely going to need the help of some external funding. This may include borrowing from family and friends, looking into business loans, setting up a crowdfunding campaign or looking for support from investor/ venture capitalists.
There are many different options available to businesses of all sizes which come with their own list of pros and cons. Make sure you spend a solid amount of time researching all the available options in order to find the best solution for you.
You are at the stage where you’re ready to turn your side-hustle into a full-time business. While it may be tempting to dive right into your exciting new business venture and forget about that job you’ve been slugging along to for the past few years, it’s wise that you leave on good terms, fulfilling the terms of your employment contract.
Ensure you give a reasonable amount of notice. Not only will this maintain your professional reputation, but it could also benefit your business in the long run.
It’s important to never burn bridges as you just don’t know how useful that relationship may be in the future. For instance, your former boss could even end up being a client of yours or could send business your way through positive recommendations.
There’s no denying that making the transition from working on a side-hustle to running your own full-time business is a scary notion. Every decision in life can pose risks. But with some advanced planning along with your fearless passion and dedication, there is no doubt you can pave the way to a lifetime of success. Would you rather be a dreamer, or a doer?
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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