Over the last few years, side hustles have increased significantly because of the need for thriving economies. In fact, for folks who want to be their boss and are thinking of transitioning into business, they start with having a side hustle, along with their regular jobs. Interestingly, most of the side hustles have been doing well ever since the inception of the pandemic.
According to a report by Zapier survey carried out in 2022 with Americans, 40% of them have a side hustle, while 34% of them are successful at it. If you want to turn your side hustle into a startup, it’s essential to give it a well-thought consideration whether it’s worth making it a full-time business. That’s because turning a side hustle into a job depends on the circumstance in which you find yourself, as well as measuring the amount of income being generated if it will cover the expenses made.
Sometimes, the reason why most people decide to have a side hustle is that they have a passion for what they want to sell. This is the reason why some enjoy their side hustle and start to give it thought of transitioning into a full-scale business since it’s something they love. While it’s possible to turn a side hustle into a startup, there are some tips you have to know about to ensure that your journey of transitioning does not experience repeated setbacks. Apart from making plans carefully, you need to strategize on how to ensure that your startup becomes a successful one.
What Is a Side Hustle?
A side hustle is a part-time job that people do in addition to their primary source of income and is more or less called “supplemental income.” When people decide to do a side hustle, they like to exhibit their freedom and control over it because they feel it can satisfy their passion.
There are some benefits accrued with having a side hustle, and they include the following:
1. Financial Improvement
Apart from having a particular job that people do, doing something asides that can also add to their source of income. Side hustles help people find it easier to pay their bills and save more funds for other business processes. Also, funds generated from a side hustle can help make it become a successful business.
2. Flexible Control
Since the side hustle is an individual business, people can typically find the time to dedicate to it. In fact, some employees can find it easy to manage a side hustle within a specific period alongside their regular jobs. A side hustle gives workers a chance to gain flexibility while maintaining their routine jobs and doing what they love.
Turning Your Side Hustle Into a Startup
Did you know that a side hustle is a great way to earn extra bucks, pursue your passion, learn about new skills and abilities, and know what it means to be a business owner before actually starting one? Yeah, that’s why many turn their side hustle to the next level, which is a successful startup. Having a side hustle is great, but thinking of making it into a startup is a big step toward growth.
That being said, let’s take a look at some ways through which you can turn your side hustle into a startup.
1. Come Up With a Plan
Before you can turn your side hustle into a successful business, it’s essential to have a plan in place. A business plan contains structures that can help to define goals, financial predictions, and requirements needed for operation. Coming up with a plan helps you to keep focus and stay accountable to achieving your startup aims.
2. Carry Out a Market Research
Since you’ve started with a side hustle, you need to carry out market research to validate your business idea. Conducting market research helps you to have an understanding of the target market and who your competitors are. Also, you can be able to make accurate decisions as regards pricing and product.
3. Register Your Startup
When starting a business, you need to register it with the necessary authorities. Registering your startup will allow you to get the available legal protection and a chance to enjoy other activities.
You can register your startup as the following:
- Sole proprietorship
- Limited liability company
4. Create a Website
Every successful startup has a tool to carry out its operations, and it’s a “website.” Creating a website is essential to convert your side hustle into a startup. That’s because a website provides information about your business, displays products, and helps you engage the audience. You can use tools that include WordPress to build your website.
Making a jump from a side hustle to a startup is a huge step to take because of the activities involved. Before turning your side hustle into a startup, you need to weigh the pros and cons to make the right decision. You can turn your side hustle into a start-up successfully by having a business plan, conducting market research, and creating a website.