How to Turn Your Side Hustle Into a Business

Build an Audience Base

In the age of social media, it is easier than ever before to connect with your audience directly. You can build a following, gauge interest about future creative projects, create and promote merchandise, and engage in other entrepreneurial pursuits. Build trust with your audience so that when it comes time to market and sell products, you already have an established rapport. 

At the same time, you’re building a professional (or personal) portfolio that just about any professional contact can easily access. So whether you’re a skilled graphic designer, seamstress, or house flipper, social media is the place to showcase the very best of your talents all in one place. 

Play the Part

Mastering business basics and refining soft skills such as negotiation, networking, and clear communication are key. Even if these skill sets do not come naturally, an entrepreneur can perfect a fake-it-until-you-make-it attitude. In the meantime, think about the skills you do bring to the table. Innovation, creativity, ability to meet tight deadlines, self-motivation, and persistence each play a unique yet critical role in the success of any businessperson. 

Scale Incrementally

Scalability is key to growing a business. Grow too fast, and you risk losing track of finances, hiring the wrong people, or placing orders faster than inventory allows. Don’t move fast enough, and your products and services may become irrelevant before they ever hit production.  

The key is to grow incrementally so you have time to adjust, assess the marketplace, and refine your strategy accordingly. For one, your sales and marketing efforts must focus on selling a product or service for which there is already a demand and about which you can raise awareness. Operations then works to develop said product or service. Once you’ve established a rhythm, you must focus your growth so you can develop powerful ROI metrics while meeting demand. 

Don’t Be Afraid to Ask for Help

You may feel a sense of ownership or protection over your personal entrepreneurial dream. It’s something in which you’ve invested a lot of time and for which you have a clear vision. However, even the most skilled entrepreneurs need help along the way. 

Maybe you’re a marketing, business, and tech expert all in one. But in the more likely case that you’re not, you can find people who can fill in the gaps and whose contributions will take your business to the next level. Hiring the right people takes time, but you can bring tech-savvy freelancers or virtual assistants, for example, on as contractors at first before determining if they’re the right long-term fit for you. 

Avoid Burnout

You’ve put in a ton of hard work, and it’s exciting to see your business starting to grow. But your business can’t be everything you want it to be if you find yourself strained, consistently working long hours and late nights. Keep yourself to a regimented schedule as much as possible so you don’t overwork yourself, and rely on those around you to support you in your business efforts or remind you to take a step back when you start to get overwhelmed.

Manage Your Cash Flow

In order for your business to be profitable, you must understand how much money is coming in and going out each month. Track your spending so you can adjust your budget accordingly, and shift spending habits as needed. All business owners must have these numbers readily available, especially when it comes to pricing products, working with new vendors, and hiring new employees.

Don’t Spend It All at Once

Just as you diversify your income, you must diversify your spending as well. Only 50 percent of businesses make it to their five-year mark due to poor sales funnels, failure to optimize conversion, and an inability to complete or control expenses. Spend your money wisely according to revenue streams and a cost-benefit analysis. 

Explore E-Commerce Opportunities

Create a business plan that’s based on market research, material costs, and product pricing and that takes your cost analysis into account. Based on the scope of your business’s products and services, look for e-commerce opportunities that may be right for you. Consider a fresh web design and e-commerce platforms that not only provide a sleek design but also get your customers in touch with the products and services they need. 

Be Prepared to Switch Gears

Any seasoned businessperson knows to expect the unexpected. Flexibility is key, especially as you continue to assess your industry’s market. As you identify potential risks, shifts in revenue streams, efficiency of operations, and rearranging of personnel, stay open-minded about the direction of your business and embrace a certain level of uncertainty regarding what’s to come.