A side hustle can be a great way to boost your income at any time. Since the COVID-19 pandemic started, however, an increasing number of people have relied on side hustles in order to stabilise their household income. If your income has been cut, or your working hours have been reduced, for example, you may have used a side hustle to bring in a second income.
For many people, a side hustle remains a small enterprise and a way to turn hobbies into revenue. However, a successful side hustle can easily be transformed into a fully-fledged business. If you’re ready to take your side hustle to the next step, take a look at these top tips now:
Form a Business
When you’re running a side hustle, you’re probably doing so on a self-employed basis. You can run a business as a sole trader, which means you’ll remain self-employed for tax purposes. However, registering a limited company or forming a partnership may be a better option.
With more protection, a limited company or partnership allows you to separate your personal finances from the company accounts, for example. There are various advantages and disadvantages associated with each business structure, so be sure to get professional advice before deciding which one is right for you.
Enhance Your IT Infrastructure
Most people who operate a side hustle do so from home. In fact, the whole purpose of a side hustle is to allow you to make money with minimal investment, so you’re probably reliant on your home broadband connection and your personal laptop or computer. When you’re running a full-time business, however, you’re probably going to need to step up your game.
Having a reliable IT infrastructure is essential for any business, but you’re also going to need a cyber security strategy to keep your systems and data secure. Fortunately, there are plenty of companies out there that can give you the kind of support and reliability you’ll need, such as this IT Support Company based in Bristol, England. With professional assistance available at all times, you can avoid unnecessary downtime and deliver a reliable service to your customer base.
Market Your Business
Now that your side hustle is running as a fully-fledged business, you’ll need to increase your reach and begin marketing your products or services. Both offline and online marketing can be effective, although digital marketing is often cheaper. What’s more – you can choose to manage your own digital marketing or outsource it to a professional if you require specific expertise.
With effective web design, PPC ads, local SEO and active social media profiles, for example, you can create a digital marketing strategy that helps you to grow your business. While it can take time to increase your online presence, establishing your brand and raising awareness within your target audience are the first steps to developing your organisation.
Acquire New Customers
When your side hustle is doing well, transforming it into a full-time business might seem like the obvious solution. Before you resign from your regular job, however, you’ll want to ensure that you can acquire new customers and generate consistent profits. Furthermore, you’ll want to create a customer retention strategy so that you can turn one-off customers into loyal brand ambassadors.
Securing new customers requires effective marketing but, before you can design successful marketing campaigns, you’ll need to get to know your target audience. Identifying gaps in the market, highlighting existing pain points, and learning what your target audience values are all important steps to creating your USPs.
When you understand your target audience, it becomes infinitely easier to market your products or services to them. As a result, you can enhance your subsequent campaign materials and get a better ROI on your marketing budget when you increase your conversion rate and acquire new customers.
Is Your Side Hustle Ready to Grow?
Choosing to turn your side hustle into a business is a big decision and not one that should be taken lightly. You’ll want to ensure that your side hustle is successful in the mid to long-term before you make the decision to invest any capital in it, for example.
In addition to this, you may want to consider whether transforming your side hustle into a business will lessen your enjoyment of it. Many people base a side hustle on their hobby, for example, and adding the pressure of running a business into the mix could detract from the joy it brings. Alternatively, turning your side hustle into your full-time occupation could give you the opportunity to do something you love and build a business that’s entirely your own. With the right planning and research, transforming your side hustle into a fully-fledged business could be the best decision you ever make.