Turn Your Side Hustle into a Full-Time Business – 6 Research Driven Tips

by | Updated on October 7th, 2020

4 Research Driven Tips to Turn Your Side Hustle into a Full-Time Business

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Turning a Side Hustle into a Full-Time Business

I recently read an article in Entrepreneur magazine about turning a side hustle into a full-time business.

One lesson I have learned through all of my online business planning and application is that turning a side hustle into a full-time business takes an extraordinary amount of commitment, dedication, along with morning, night and weekend sacrifice.

Success is the sum of small efforts, repeated day in and day out ~ Robert CollierClick To Tweet

To better understand the mindset required to be an entrepreneur that turns their side gig into a thriving, full-time business – insurance provider Hiscox surveyed 400 small business owners whose businesses started as a side-project.

It’s gonna take more than just an exceptional level of passion to operate a successful business. Its gonna take the right tools and know-how to truly transform a side hustle into a lucrative business.

The following are some of the best tips and stats from their report.

Let’s Begin…

Focus Your Side Hustle Efforts for a Long Road Ahead

YOU Must Focus Your Efforts for the Long Road Ahead

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It is said from research and surveys that the average, successful entrepreneur spent 19 months putting in the extra dedication and hours creating and operating their side hustle before they quit their 9 to 5.

Related Article: 4 Field-Proven Stages to Becoming a Successful Entrepreneur

Others said that it took another 7 months after launching their business before they were able to hire their first employee.

From that point, it was said that the entrepreneurs stated that it took and average of 3 years for them to earn the same annual income they earned at their last full-time job.

For many, that is a long time. It’s up to you to make all the effort worth the wait.

YOU Must Treat Your Side Work Like a Business

You cannot treat your side hustle like a hobby – you must treat it like your family and lively-hood are depending on seeing a paycheck.

If you owned a coffee shop and you normally open at 5am – you wouldn’t decide to sleep-in one day just because you didn’t feel like going into work that day, would you?

Of course you wouldn’t, because the chances are you have a following of people that rely on you to be there for their morning cup of Joe!

And, you don’t need them seeking out a different coffee shop – all because you decided to get a little more shut-eye. Not a good business practice for growing your business.

So… why would your side-business be any different.

Create a schedule for your side job and stick to it like your life depends on it!

YOU Must Be Savvy with Your Money

YOU Must Be Savvy with Your Money

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If it’s going to take the average of 3 years to start earning a comfortable income then learning to manage your money is going to be key to survive the initial income reduction.

You must track your expenditures so you can identify spending that can be reduced or eliminated, so you can stay within your spending guidelines.

The Entrepreneur magazine article recommends that you consider a cloud-based expense management system that will help you keep expenditures organized in one central location.

It is also a smart idea to have 6 to 12 months of living expenses in a savings account – and more if you think your business may take longer to get off the ground.

YOU Must Hone Your Time-Management Skills

YOU Must Hone Your Time-Management Skills

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According to the studies, the average side hustle will take upwards of 20 hours a week of an entrepreneurs time.

Most of the entrepreneurs surveyed said that they did not work on their side hustle during their normal 9 to 5 work schedule.

This means that they put in around 60 hours a week, which includes the 40 hours of their normal 9 to 5 work week job.

This sure doesn’t leave much time for other things.

For an entrepreneur – they must wear many hats and put in the crazy long hours to get things done.

One of the reasons entrepreneurs become so successful is because of their time managing skills. They learn how to manage their time efficiently, while prioritizing their tasks that will generate the best results.

YOU Don’t Have to Go It Alone

According to the study, 72% of the entrepreneurs surveys stated that they started their side hustle business with a partner or family member.

You don’t have to be in it alone… if you don’t have a family member or friend you’d like to go into business with, you can always share your vision with others to see who has the desire to support your cause with suggestions and insights.

You are the average of the five people you spend the most time with ~ Jim RohnClick To Tweet

Entrepreneur’s Must Manage Their Risk

Entrepreneur's Must Manage Their Risk

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Everything an entrepreneur works towards can disappear in a moments notice if they don’t manage their risks properly.

Small business insurance can protect you and your business from lawsuits and claims during your start-up phase and beyond.

This can include business interruptions, as well and settlements and judgments costs.

Even if your business is in the start-up phase, you and your business can still be quite vulnerable.

Having insurance to cover unexpected problems can protect you and what you’ve built – and your long-term goals for your side gig to become a thriving, small business.

Conclusion

There ya have it… turning a side hustle into an full time business is not an easy thing. It proves to take time, dedication and perseverance.

Turning a business from nothing into something worth continuing for the long haul, takes guts and determination to put in the countless hours of extra work required to make it happen.

Knowing your WHY (your ultimate source of motivation), will help you keep your drive alive and help you to stay focused and keep on track.

Don't be pushed around by the fears in your mind. Be led by the dreams in your heart ~ Roy T. BennettClick To Tweet

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About the Author -

With a Deep Thirst for Knowledge, clocking countless hours of reading blogging, personal development and financial books, along with following and absorbing the plethora of information available from the most popular blogs on the Net, John will be discussing the many different methods bloggers have used to make money online following their passion. He will uncover the ‘WHY‘ that drives them and the steps they took to be successful in their own career path. It is said… if you want to be successful, do what successful people do! “When your desires are strong enough, you will appear to possess superhuman powers to achieve.” ~ Napolean Hill – Think and Grow Rich!

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