Whether you’ve had one or are considering one, you’ve probably heard the term “side hustle,” especially as millennials continue to enter the workforce. Simply put, a side hustle is just a hip word for another way to make money in addition to having a full-time job. It’s more popular than you might think. Actually, according to a recent survey conducted by Bankrate, 44 million adult Americans have a side hustle for a number of reasons. Some people are in it to supplement their income or save for retirement, while others are using a side hustle as a way to pursue a passion that doesn’t intersect with their current job or career. Regardless, side hustles can be quite lucrative. If you’re unsure about turning your side business into a full-time career, here’s what you need to know:
Know how you truly feel about your side business:
Side businesses are great for a lot of reasons. Who doesn’t like extra money coming in each month? Or, maybe your side hustle allows you to do what you’re really passionate about without battling the pressure of running a full-time business. If you’re thinking about taking your side business full-time, it’s important to think about what it would take. Are you willing to make sacrifices, both with your time and in terms of compensation? Is this something that will make you happy in the long-term? Starting a business takes resources, time, but most of all, it takes passion.
Plan it out:
Just because you’ve decided to pursue your passion full-time, doesn’t mean now is the time. Before you put in your two weeks’ notice, think about how you can expand your side business without completely quitting your job. After all, your business might not be able to completely support you financially in the beginning.
Set goals and realistic expectations:
It’s easy to think about what your business will look like in 10 years. But for now, it’s important to think about first steps. Start with a business plan, gather input, and don’t be afraid to reach out to people in the industry. Surrounding yourself with people who’ve been down the same road will do nothing but help you long-term. You might even be able to avoid the same mistakes industry experts have made in the beginning of their career.
Failing is part of the plan:
Any person who has ever started a business knows that failures will happen! Instead of looking at small (or big) failures as bad omens, use them as learning opportunities.
If it’s time to take your side business to a new level, Quadrivium Advisors will help guide you through it!