Side hustles are fast becoming a must today. The economy makes living comfortably on one source of income almost impossible. Hence, many have ventured into side hustles that pay for the basic bills and offer more autonomy and a chance for savings. Additionally, side hustles provide job security if they get fired or laid off. Therefore, more people are turning their hobbies into profitable ventures, whether baking, making handcrafted goods, rendering freelance services, or starting a small business.
However, these side hustles can sometimes become careers when they begin yielding profit. In this article, you will learn how to turn your side hustle into a thriving career.
How to Turn Your Side Hustle Into a Thriving Career
More people are increasingly open to the idea of maintaining side hustles. A survey conducted by Self.Inc found that almost half of Americans have a side hustle. Side hustles offer many benefits, including flexibility, autonomy, and the landing pad to change jobs or industries.
They also provide a much-needed cushion for many to pay their bills, settle debts, or maintain their lifestyle. A survey by Bankrate discovered that the average person with a side hustle makes almost $1000 monthly from it. However, converting a side hustle into a fulfilling career is difficult, and inadequate preparation can shut it down quickly. How can you turn your side hustle into a thriving career? Here are six steps to guide you.
Build Your Side Hustle to Become Sustainable
First, you want to ensure your side hustle can sustain you financially when you turn it into a career. You must only leave your job once you are sure this is possible. Do the math to calculate your bills and compare it to how much your side hustle generates monthly. This means you must get into the business side of things. Keep account of your expenses to ensure your business’s capability. This way, you know whether to invest more time, money, or energy into your side hustle.
Save
When trying to convert your side hustle into a thriving career, investing the generated income into it for a while is best. This will give your side hustle a fighting chance and enable it to thrive. Therefore, you should save enough from your main job to sustain you for at least six months to a year before relying on your side hustle. Saving allows you to make careful choices for your business and provides a buffer for when your side hustle finally takes off. You should also cut off unnecessary expenses while your business takes off.
View it As a Business
A key strategy to help your side hustle thrive when you turn it into a career is acknowledging that you will run a business. Therefore, you should prepare to be a business owner. Leaving your side hustle as a hobby might be best if you are not ready to do this. Transitioning your side hustle into a career requires an entrepreneurial mindset. You need more than passion and must be prepared to learn the business side, including marketing, bookkeeping, staffing, and logistics.
Stay Employed While Investing In Your Side Hustle
Depending on your niche, location, and other external factors, you may need to remain employed while working on your side hustle. Staying employed will provide a buffer until your side hustle becomes a successful career. Therefore, ensure that your business has enough demand and a great chance of continuity before resigning from your workplace. During this time, design your business’s operations and modus operandi and ensure all else is in place.
Transition Properly
You can leave your 9-5 once you have everything figured out with your side hustle, and you are sure it has become a thriving career. However, you must transition out of your role gracefully. Give enough notice to ensure a smooth handover. This will allow you to have a good relationship with your colleagues and bosses after you leave the company. It will also ensure you can access a good reference if you ever need one.
Tap Into Your Creative Juices
Resigning from your job will allow you more time and energy to pour into your side hustle. This will enable you to become more creative and innovative as you turn your side hustle into a thriving career. Opportunities will become more visible to you, and you will have the time to research and pursue them. Be bold, examine and follow these opportunities, and tap into your creative juices.
Turning your side hustle into a career can be frightening, but it is possible if you have adequate knowledge to help you. Following these tips will ensure you can build a successful business from your side hustle.
#Clique, have you ever turned a side hustle into a thriving career? How did you navigate the obstacles? Let us know in the comments.