If you are seriously considering starting a side hustle or growing a side hustle into a legit full-time business, then the above quote can be your mantra day in and day out on what to expect on this road.
I can paint the picture for you on some common challenges you may face while turning a side hustle into a full-time business.
Every week you have plans on the task that you want to work on in your business. However, your boss may give you extra work that drains you, your family will want more of your attention. You will feel like your side hustle is going nowhere because you only have limited time to work on it. You will be frustrated at work because all you can think about is all the things you need to do in your business but can’t seem to focus on them. Then- when you do actually have the time to work on your side hustle the distractions build up from- Family interruptions, notifications on the phone, and you may be unsure what you actually need to be doing in order to keep the needle moving in your side hustle.
These things I mentioned are common issues that side hustlers face when trying to turn their side hustle into a legit profitable business. These variables that can delay the success of your business are not meant to scare you from starting your side hustle journey. They are meant to bring the realism of certain difficulties of turning a side hustle into a legit business.
Notice I said that they can delay your success, not will delay. Why do I bring attention to that you ask? Because ultimately, turning your side hustle into a legit business revolves around your willpower or ambition to succeed.
Being aware right now, as you read this and begin to develop a plan for your side hustle is how you will be able to- successfully turn your side hustle into a legit business, quit your 9-5, have more money in your bank account, be able to spend more time with your family, and simply be able to live the life that you see fit for yourself.
So this is like a pre-step before we dive into the actual process of turning your side hustle into a legit full-time business. If you don’t have an overall knowledge or view of what the challenges are, then your journey will be riddled with frustration, overwhelm, and burnout.
These feelings lead to the big one- procrastination….. And I know there are too many positive reasons that you want to start or grow your side hustle to let procrastination hold you back.
Final thing before we dive into the guide.
This is a very detailed guide created to help you turn your dream of quitting your 9-5, achieving financial freedom, and living life as you see fit for yourself. We will accomplish this by outlining how you can turn your side hustle into a legit full-time business. If you are an aspiring entrepreneur, current side hustler, or seasoned entrepreneur vet then this guide can aid you in developing a proper plan, focus, and know-how on what to do every step of the way for your side hustle journey.
If you don’t already know, a side hustle takes hard work, long nights at times, and persistence. If you aren’t willing to put in the work, plus continue to be lazy, and only read the guide and not apply any of the strategies or methods outlined, then this isn’t for you. We talk a lot about the tasks/strategies that require action from people and not just wishing.
One of the major questions that you have to ask yourself is why are you starting a side hustle? Is it to turn it into a full-time legit business? Achieve financial freedom? Use your business to help others with your services? Or do you just need some extra money coming in?
According to Bankrate, 30% of side hustlers need the extra money to stay afloat with their monthly expenses. What I would like to share with you is this. If you are in a position that your 9-5 can cover your monthly expenses, then try limiting what you use from your side hustle in your day-to-day life. If you really want to leave your job as soon as possible then consistently taking what you earn from your side hustle and investing back in the business is how you can achieve that feat much faster.
It doesn’t matter if it is $1 or $2000. Have a plan ready to go for your money on how it can further expand your side hustle. Being a side hustler gives you this unique opportunity in a business that someone who is already a full-time entrepreneur does not have. A full-time entrepreneur needs to make money to eat, bath, and sleep comfortably. A side hustler, hopefully, is not in such a dire need and can have their funds be focused on further developing their side hustle into a legit business.
Not planning is your single biggest mistake so far
I made this guide because all across the interwebs I see people saying they have a side hustle idea but they don’t know where to start. The mission here is to give you that step-by-step guide so you can properly outline how to turn your side hustle into a full-time business.
To limit frustrations, overwhelm, and burnout- planning is the key component. When you are not planning out the missions, goals, and tasks of your side hustle these things happen:
Then you aren’t focused when you need to be
Confused about what to actually do next
Will feel stuck on the hamster wheel of life with a business attached to your back.
So I find it crucial for me to mention this first. This aspect of being ready and accepting that you need to plan out every responsibility and task of your business is how it will make the process simple.
This way, there won’t be many surprises. But when they happen, you know the plan in place already and can properly access the situation and be confident in what you need to do next.
Be forward-thinking to 2, 5, and even 10 years from now
Many stages of your growth are going to come where you have to already be thinking of it before you are even ready for that task. This is just a part of the planning process and how you will know your business is growing where your vision is guiding or if you may have gotten off track and realign to stay the course. Out of the gate here on your side hustle journey, I want to think a year from now, 2 years, or more.
Yes from this moment. Start thinking about what you want your business to look like. (Note before we continue- Throughout this guide, I will pose questions that will help you paint the picture of your business. It is important for you so that you get the most out of this guide and keep yourself accountable that you actually answer them. Get a journal, print this out, or heck, if you want this in a PDF, let me know and I can send it to you.)
Do you want employees? If so, what task will they be doing?
Do you want to remain solo and just have virtual assistants help you out from time to time?
What do you want your daily task for yourself to consist of?
How many hours do you want to work a day?
Do you want everything to be automated and extremely passive in your business? If you have a business that can be set up like that of course.
The main point is, by having a vision of what you want your business to look like in the future will always give you a point of reference to aid you. You will always know if a decision in your business aligns with the main objective for future goals.
Foundation blocks of a legit profitable full-time business
The second biggest mistake of side hustlers who want to turn their side hustle into a legit business is that they really aren’t clear of some of the important pieces of their business. For example, in order to even have a client base, you must understand who it is that you want to serve. Otherwise, if you don’t know or clearly understand who it is you want to serve, then how can you communicate that. Make sure as well, you know why you want to serve them. Another key communication component in your side hustle offering is it helps you stay motivated if a strong why is attached to your mission.
The next step is to understand your competition and better yet, understand your audience.
Per USChamber Competitive research involves identifying your competitors, evaluating their strengths and weaknesses, and evaluating the strengths and weaknesses of their products and services. By looking at your biggest competitors, you can see how your own products and services stack up and what kind of threat they pose to your business. It also helps you identify industry trends you may have been missing.
They also state there are 4 benefits to this process:
Understand your market
Improving your marketing
Identifying market gaps
Planning for future
Like I said before, growing a side hustle is going to take work. Nothing comes easy and if leaving your 9-5 to build financial freedom is serious enough for you, then I'm sure you don’t mind putting in the work.
Another part that is important in the foundation is understanding your financial goals. I want you to answer the following questions in your journal:
How much money a month am I making now?
How much money do I need/want to make in order to quit my job?
How much am I charging for my services?
How many customers do I need to make my monthly goal in order to quit my job?
How soon do I want to quit my job? 3 months, 6 months, a year?
By answering these questions you can break them down into actionable steps. You’ll know how many clients you need, and why. Obtaining those required clients will grant you the freedom that you seek.
This is the not-so-fun side of the business process. A very smart approach to your business is making sure you obtain business insurance as soon as possible. No, I don't know what type of insurance you need, but a quick Google search of insurance brokers can start to push you in the right direction.
The other portion of the insurance topic that I want to discuss since we are on it is health insurance. Many people do not think about obtaining health insurance for themselves when they are planning to leave their 9-5. So, in the same process of looking around for business insurance, make sure you get quotes for health insurance so that you can factor that into your monthly income equation.
Leverage is the secret of the wealthy
I briefly talked about this topic above. I wanted to revisit it again because I cannot stress this enough to you. As I said before, I advise that it may be best to use the funds from your side hustle to reinvest it back in the business. This is called leverage. Leverage is the powerful force that the wealthy and ultra-wealthy use to sustain, grow, and enjoy their fortunes.
Let me share a story with you on the power of leverage. In my current 1:1 coaching program, I have a client who is a dog walker. As of March 2020 and writing this article she has made the most money every single month. We have increased her revenue by about $2k a month to almost reaching $5K.
She is at a stage in her business that some help is needed to continue the growth of her operation. Well, she is planning on having someone take over her dog walking services completely. What is the benefit of using leverage to have someone take over dog walking you ask? She also offers dog training services. Once she gets someone to start walking dogs, she can then focus on this high ticket offer. Which will allow her to make more, but work less.
From only 2 training days she could make what she made from 10 walks in a day. That equates to working for 7 hours down to about 2. Did I forget to add that she will make more money from working less?
This is the key to leverage. Please, ask yourself, what aspects of your business can you leverage to get more help to grow your empire? The results could 10x your income if you plan it right. Just reinvest wisely
I cannot lie to you and say that these three foes won’t ever show their ugly head. Every...Single…..Entrepreneur… deals with these issues. I never want you to think that you are alone on this journey. It is crazy how more alike we are than not.
To help aid with these, what I suggest is you plan out your week every week. Even starting with this guide. Ok, maybe you read through it to just get the original consumption, but then come back to it and answer the question piece by piece. Even if you do a question a day, or do something from each section a week. The needle is still moving in the forward position in your side hustle.
We get upset and frustrated with ourselves when the outcomes don’t match our ambition for the business, or we aren’t being realistic with what we actually can achieve on a daily basis.
For example, it is preached throughout all business marketing and planning circles to post on social media every damn day. And I hate it. The majority of people cannot maintain this type of energy and quickly become frustrated if they don’t see the return of dollars in the pocket from the massive time spent.
In fact, this type of advice really leads you in the wrong direction because you may start doing too much and not being focused on a singular process. Spreading your focus is a weak focus which leads to a weak business. Always remember, a business will show a business owner their biggest strengths and weaknesses.
This is why being genuine about what you can do every day is important. Last point here, don’t stop at just weekly planning for your business. Make sure out of the weekly goals that each night before, you outline what you will do the next day. Make it no more than 3 things.
It’s official - Your side Hustle is a legit business.
Carol- Founder of Neal Johnson Enterprises is an expert in helping single-member LLC’s. Seriously, check out the episode to gain knowledge of the 10 steps it takes to legalize your business. Don’t worry though, you don’t have to figure that out on your own. Her services can help you with this.
A subpart of the legalization of things is your payment process. Know how you want to be paid. Doesn’t matter if it is stripe, PayPal, cash, or some other various digital methods. Just keep the friction low on how people can pay you. Make it a difficult process and you may see yourself with many pending invoices.
The Conclusion to turning your side hustle into a legit business
The journey for you to turn your side hustle into a legit business does not have to be the hardest thing that you do. By using the tips in this guide to plan out the path of your side hustle it will potentially remove the most common struggles that you will face.
After reading this article, if you are an entrepreneur who is ready to take the next steps that:
Doesn’t want to start the process alone
Doesn’t want to spend weeks, months or years struggling through the process of growing a side hustle
Is tired of feeling like you have no time or energy to focus on your side hustle
And who isn’t afraid to invest in themselves to reach their life aspirations much sooner than they would on their own,then let’s have a chat.
I have experience helping many side hustlers quit their 9-5, increase their revenue(even during a pandemic), start a side hustle by leveraging the power of YouTube, and increase their productivity and efficiency so that they have more time to do the things that they enjoy.
Using myself as an example, I overcame the many hurdles that side hustlers have to deal with. By pushing through I was able to:
Buy my first investment property in 2020(A duplex)
Have my wife quit her job
Pay off one of our vehicles
Increase our revenue in our lawn business by 80% in 2020
I have spent the last few years further educating myself to be more of service to other side hustlers who want to achieve the success that they define for themselves and build profitable side hustles.
Fabe Mitchell is a serial entrepreneur. When he is not working on one of the businesses, he is spending time with his wife of 15 years, playing video games with friends, and furthering his knowledge in the entrepreneurship space. The ultimate mission is to educate entrepreneurs to be leaders with their life, teams, and business industry in their realm.