#23: How do I turn my side hustle into a full time business?

by | Jun 8, 2020

About This Episode

I started my bookkeeping business (which has morphed into my consulting business) as a side hustle when I had three other jobs. But it started to take on a life of its own- bringing in more clients and more money until I was able to quit one of the three jobs, then another and finally went full-time working for myself.

It seemed accidental at the time, but it wasn’t accidental at all. It simply started by accident. Today I’m sharing my thoughts on what I sucked at when starting my side hustle (and would do differently) and what I’d do again. We all have our own journey, but there are definitely steps we can all take that will lead to creating full-time businesses for ourselves.

Any business is possible. I believe that and so should you.

What we’re talking about

  • The Importance of Forecasting For Your Business Growth
  • Build Within Your Capacity – Grow At Your Own Pace
  • Understand Your Tipping Point – Know When To Quit
  • Plan Ahead & Be Intentional

The Importance Of Forecasting For Your Business Growth

The first step is forecasting and planning out what a full-time revenue model looks like for your business. Figure out what you need to do to take your side hustle full-time. I offer forecasting sessions and often clients come very nervous, thinking their business model isn’t going to work. But this is never the case, especially with intentional planning. I believe any business is possible, especially if you take the time to create a road map.

Think about what the numbers would need to look like in the future, not where you are right now. Consider how many clients you would need, how many products you would have to sell and what your different revenue streams would be.

Play with models that diversify your revenue streams. You may not be able to do everything in your forecast right now, but having a clear path will help you focus your limited energy and build out the parts of your business that are the easiest for you to manage right now, with the highest return on your time.

organize business finances

Build Within Your Capacity – Grow At Your Own Pace

Once you have forecasted your business and understand those metrics, you need to build within your capacity. When I started my side hustle, I had 3 other jobs and couldn’t take on 20 clients all at once. If you don’t build capacity, then you’ll end up working 80 hours a week.

A great way to grow and build capacity is to implement passive income streams. My business was very service-based, therefore I was constantly working. Looking back, I wish I would have created more passive income streams. While there is an initial setup time with passive income stream, that time is an investment in your future.

Think about what kind of assets you can create now and leverage later in your business, such as digital products, online courses, templates, and spreadsheets. In the long run, these streams will build momentum and help you earn income while you build out other parts of your business. If I had known this, I would have prioritized passive revenue streams early on rather than building out a service-based model.

Another change I would have made when I started my side hustle was to start building an audience earlier. It took me 7 years to get on social media, build a blog, and have a website. I should have made myself more visible and made building my email list and social media presence a priority. Again, these are assets you’ll be able to leverage later.

Understand Your Tipping Point – Know When To Quit

Understanding your tipping point is the point at which you will need to quit your regular job(s) because you’re at capacity with your time. There will be an awkward overlap time where you can’t do everything you need to grow your side hustle and keep up with your regular job. This is the point where you need to make a change.

This change could be reducing your hours at your regular job or maybe quitting your full-time job and getting a part-time job to make up for the financial difference. You’ll also need to consider your financial needs at this point and how you can pre-plan for those needs (like saving money or reducing your expenses).

Are you ready to take your side hustle and turn it into a full-time business?

Plan Ahead & Be Intentional

One of the biggest do-overs I wish had was being more planful and thinking ahead about my business and its potential. Especially when it came to my finances. When I started to take my business full-time, I spent more energy reacting to my changing financial situation rather than steering it. My side-hustle to full-time business journey was stressful because I never put my financial model (both in my business and personally) at the forefront of my planning.

So, my biggest piece of advice to you is to be intentional and know and plan for your financial milestones.

Are you ready to take your side hustle and turn it into a full-time business?

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