Did you start a side hustle during the lockdown? With more free time plenty of us got stuck into new hobbies and side gigs. Perhaps you’re ready to take your side gig to the next level? If you’re considering taking the leap here are a few ideas that can help you.
1 . Evaluate your finances
If you want to turn your side hustle into a business the first step is to evaluate your finances. Figure out how much savings you have, and if you could increase the amount you are saving per month. Research grants for small startups, you might not be in a position to apply right now, but it’s still worth seeing what’s out there. When you’re attempting to scale your side-hustle it’s best to keep your outgoings low. Don’t make any purchases unless you absolutely need them.
2. Create a business plan
If you want to go full time with your side hustle it’s worth creating a business plan. Your business plan should include a few key elements such as:
Description: Start your plan by offering a brief description of your company, state the product and the target audience, etc.
Competitors: Mention a few competitors, (it’s worth thinking about your USP at this stage).
Marketing: Discuss how you’ll plan to market your company, what will be the most important steps.
Finances: Talk about how you’ll finance your expenses and financial plans for the future.
3. Set aside time
Simple but vital, if you want to take your side hustle to the next level you’ve got to set aside time. It can be hard to make time when you’re working, but you might need to reevaluate your schedule. Whether you get up a little early or put aside some time at the weekend, it’s important to get organised. If you want to turn your lockdown hobby into a business you’ve got to put in the hours.
4. Outsource to help you
When you’re turning your side gig into a full-time business you’re going to need some help. Instead of hiring permanent staff, start off by outsourcing. There are many areas you might like to outsource, whether it’s graphic design, marketing, or IT. You won’t be able to do everything on your own, and there are lots of talented people out there who can help you.
5. Marketing is key
When you’re launching a new business, marketing is vital. You’ll need a professional website that’s SEO optimised and user-friendly. You should have a blog filled with engaging articles and social media accounts. Video marketing is one of the best ways to promote yourself, whether it’s live feeds or animation videos. If you’re looking for high-quality animation content you’ll need to work with a talented animation studio.
Turning your side hustle into a business can take some time. It can be challenging to make the move and it requires lots of planning. Ensure that you’ve conducted plenty of market research. You’ll want to make sure that there’s a strong market before you invest too much time and money.