Connect with us

Entrepreneurs

5 Questions to Ask Yourself Before You Transition Your Side Hustle Into a Full-Time Business

Published

on

side hustle to full time business
Image Credit: Unsplash

After selling your one-of-a-kind jewellery on Amazon or helping small business clients with their IT needs, there will come a time when an entrepreneur asks themselves whether their business has what it takes for them to leave their full-time job and operate their business on a full-time basis.

More often than not, the response to this question is met with a strong fear of leaving a consistent pay check, leaving them with unfulfilled dreams they will continue to obsess over for years to come. Instead of counting yourself out before the game even starts, let’s create a strategic plan of action and examine some key topics one should consider when you start to get that itch to become a full-time business owner.

Here are five questions you should ask yourself (and be willing to solve if you don’t have an answer) before you transition into the trenches of sole entrepreneurship:

1. Do You Have Repeat Customers?

Initially, after you go full-time, you will have to rely on repeat customers to fuel your business. Repeat customers are what help to maintain the vitality of your business from year to year; not the one-time users. Is your product or service on the tip of people’s mouths? Will they want to (and are they able to) utilize your business again and again? Review sales from past customers to determine how many repeat customers you have from month-to-month.

If you don’t have repeat customers often, work to assess the scale of your business. Can you acquire the interest of a new group or subgroup of customers? Can your business increase its exposure on social media sites, such as Instagram? Create more buzz about your products to drive attention to the business to increase your customer size before transitioning full time.

2. Do You Have a Focus Before Your Transition?

If you had more time to work on your business, would that automatically equate to you selling more of your product? Transitioning to full-time status with your business usually doesn’t mean you are going to make a million dollars within the next 6-9 months. What it should mean is you took the time before you became a full-time business owner, to assess what impact it would have on your business.

It’s not enough to be able to “work on your business more,” once you quit working at XYZ Corporation. Is your focus on doing more research, heavier marketing, offering a better quality product? Don’t just start working aimlessly on everything you couldn’t because you were juggling between two jobs. Use your time wisely before the move to assess what key issues need to be addressed as soon as you leave.

3. Do You Truly Have a Passion to Develop This Side Hustle Into a Full-time Business?  

Do you have a passion for talking about your product or service for hours at a time? Sharing cool content about your product or service on social media is necessary however, the offline talks you have with potential clients about the urgency they need to have with obtaining your product, needs to be a constant additive to your weekly routine. Initially, you are most likely the only representative of your brand. If you can’t sell yourself day in and day out to people outside of your friends or circle, you won’t be able to sell your brand.

4. Will Sales From My Side Hustle Be Able to Equip Me With Paying for My Expenses?

If your product or service is too unique that a substantial number of people would not benefit from it and/or very expensive, your hustle may be unable to handle the terrain of a full-time business launch or taking care of paying your electric bill each month.

Calculate how much money you will need to handle living expenses for a month (which should also include the cost of health insurance, life insurance, disability insurance, and your 501k), plus current business expenses. Use the total from these two figures to determine how much you will need to sell to keep your business afloat (or break-even).

5. Are You a Doer?

Once you head into full-time entrepreneur mode, there is no human resources department, supervisor doing performance reviews, or team meetings to strategize how to remedy certain business issues. You will need to perform the work, follow up with clients, discover new customers, promote your business, research and attend additional training programs, seek out key players to help your business succeed, etc.

For the business to thrive, you must be willing to do and do so with finesse, Monday through Sunday. Before you leave any well-paying full-time job, I highly suggest you assess your will and desire “to do” (regardless of the fact you will reap the benefits of doing); which will without a doubt impact how long you will be in business and how successful your business will be during that time.

Stepping into the unknown and transitioning any side hustle into a full-time business will always be a risky decision. To lessen the plunge into uncharted territory, one should always merge their fears with a well thought out strategy. By determining before the transition whether your business model is capable of providing an adequate need to consumers on a recurring basis, in addition to solely supporting you on a financial basis, you’ll be better prepared for those first six to twelve months of full-time entrepreneurship.

Lastly, you must gauge how well your personality will mesh with the passion, grit, and sense of urgency needed to cultivate and manage a successful business, from year-to-year. 

Tasha Turnbull is a fitness entrepreneur, starting as a personal trainer in 2009 and opening T2 Fitness Studios in 2011 after she realized her calling of impacting lives through her own personal testimony - successfully losing 100 pounds on her own. Her company, T2 Fitness, has been the motivation behind over 6000 men and women in Virginia and beyond, making fitness a priority in their own lives via her company’s personal training and fitness bootcamps, as well as her motivational speaking talks across the country. She is an author and has been featured on several media platforms, in print and online. For more information, please visit www.t2empowermentgroup.com or email us at t2fitnessinfo@gmail.com.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

Why Entrepreneurial Innovation Matters More Than Ever

Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics

Published

on

Image Credit: Unsplash

Innovation is a topic often discussed in software applications, app development, and the world of tech. However; you don’t hear it as much in the online business space, particularly among service providers. But innovation is the lifeblood of market leadership.  (more…)

Continue Reading

Entrepreneurs

How to Lose a Team in 10 Days: Are You a True Leader?

The dichotomy between good leadership and poor leadership is that you are either showing up for your people or expecting your people to show up for you.

Published

on

Image Credit: Unsplash

“If you don’t like working here, I’m not going to force any of you to stay. Put in your transfer or resignation papers and I will sign them today and you can go work someplace else.” (more…)

Continue Reading

Entrepreneurs

How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

Published

on

Image Credit: Unsplash

Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

Continue Reading

Entrepreneurs

5 Keys to Building a Valuable Business

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing.

Published

on

Image Credit: Unsplash

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing. Or the chance to make money doing something you truly love and the ability to be your own boss and set your own hours.  (more…)

Continue Reading

Trending