From Side Hustle To Full-Time Entrepreneur

If there is something you have been doing “on the side” while working full-time on a career and that thing that excites you, gives you purpose, a sense of satisfaction, and a small customer base, you have a side hustle. Often side hustles are little jobs that would be classified in today’s world as part of the gig economy. You know, something that you are doing as a freelancer.

Are You Ready To Make The Leap?

It’s all well and good that you have an established client base for your side hustle. But take a good, hard look at your numbers to make sure they will support you as a full-time entrepreneur. Is the cash flow enough to move into something big? Can what you are generating now be increased? Can you see signs of business growth that you have been putting off until now because you haven’t been ready? There are several things to examine before you seriously take the steps to expand. Look at your present lifestyle. Can you handle a major change? Can your family?

Is It A Long-Term Opportunity?

We have seen many entrepreneurs jump on trends, experience rapid growth, and then crash once that trend has either changed or been replaced with something else. To be a successful entrepreneur, your side hustle has to have legs. It has to be able to go the distance and adapt with constantly changing conditions. For example, if your side hustle is a handmade baby booty that gently massages a baby’s feet while they sleep, can you create other products to compliment that one? With more than one product, you expand your potential customer base and have products that sell when others don’t.

Is It Manageable With A Team?

Typically, if you have been working on the side with your gig in the basement, the spare bedroom, or the garage, it’s likely just been you doing all the work. Maybe when orders come in and you need an extra hand to meet deadlines you’ve called in a friend to help carry the workload. When you consider taking that giant step into entrepreneurship, you will need something that will keep more than you and one other person on call busy. You will probably need a team. A staff of employees. When this happens, you will need to create a workplace that not only challenges staff but makes them want to be there. You want to avoid turnover but you also want enough people working for you to spread out the workload and prevent burnout. This means you will need a team.

Is There Seed Money To Get You Started as an Entrepreneur?

Probably one of the toughest customers get to buy into your product will be a lender. You will need money to launch your business to cover such things as inventory, a website, rent, utilities, and all the other pieces of the puzzle you will have to have in place before you fling open the doors and welcome the world to your business. That means looking into your personal bank account or approaching family and friends. Or going to financial institutions and trying to sell them on your idea. You need to secure the proper funds to become a full-time entrepreneur and land where you want to be.

Turn To ACBC For Business Coaching Services In Brisbane

For assistance with turning a side hustle into a full-time business opportunity, contact Action Coach Business Coaching today. They are your Brisbane-based business coach and can guide you and give you the tools you need to become a thriving entrepreneur.

Conclusion

Most of us are doing something we love on the side while working in a full-time career. Sometimes that “thing” we have been doing can become big enough to force us to decide between it and a career. However, it takes careful consideration long before you hand in your resignation. Your business idea has to be something that has a long-term life. You have to be able to assemble a team, and you will need money to get it off the ground. Being an entrepreneur is attractive to many but you have to do it right to succeed. This is where a business coach can help.