Turn your side hustle into a full-time gig
Side hustles or part time gigs have shifted from entertaining projects to a primary source of income for many since COVID-19 began, according to John D. Patterson, founder and CEO of management consulting company Influence Ecology (www.influenceecology.com) in Oxnard, California.
A recent survey said that 54% of respondents planned on starting a side hustle due to the COVID-19 pandemic.
Microsoft’s survey of 30,000-plus workers indicated that 41% of workers were considering quitting or changing professions this year, citing burnout, a desire to work remotely, poor treatment, or insufficient compensation. The Great Resignation has many dreaming of a business of their own.
If you’re one of the thousands longing to turn a side job into a full-time gig, you’re not alone. Here are five things to consider if you want to succeed.
1. Think accurately about making big changes. “We’d recommend you have enough savings to survive six to eight months without income,” said Patterson. “If you already have income from your side hustle, calculate a plan and time frame for closing the gap. Perhaps, instead, you can wean yourself from your current full-time job while you migrate into your new business, going part-time or consulting until you are more confident and secure.” The point is not to put yourself into a threatened state, making desperate moves to then only extinguish fires. With 20% of business start-ups failing in the first year (only 25% survive 10 years), a new business requires discipline and accurate thinking. 2. Before you quit, consider the
fundamentals of the transaction. “A business is a series of transactions — transactions that produce interest, transactions that present your wares, transactions that seek commitments, and transactions to fulfill a customer or product contract,” said Patterson. “A significant number of businesses fail because they don’t understand the fundamental nature of transactions. Instead, they naively hope that a thoughtful solution plus hard work is sufficient.”
3. Understand your personality. Although it can be challenging to share your ideas with others, there’s nothing better than working with others who share similar passions. Besides, a team can help handle the work, collaborate on ideas, or get the word out. The sooner you can focus your attention on what you do best, your job will become more enjoyable. Consider the work you prefer. What are the activities you enjoy, and more importantly, what do you dislike doing? Many businesses fail because those who start them aren’t gifted in sales or can’t mind the finances.
4. Be ready to team up, work hard and be humble. Resist the temptation to go it alone. You might be thinking a side gig can’t support many players. You have two options: hire contractors, virtual assistants, or specialists — or consider ways to engage others. These transactions might include equity partners, apprenticeships, or trades (trading one service for another). Don’t waste the most valuable person you have — yourself — or doing everything by yourself. Your time is valuable, said Patterson. “Be prepared to put in lots of hours with minimal return. Initially, time may not correlate with financial success; this is an essential mindset to remember. In the beginning, being a solopreneur can be an isolating experience. It’s vital to your success to remember how others can help you thrive. Invest your time surrounding yourself with like-minded people.” 5. Surround yourself with smart
people. In the beginning, being a solopreneur can be an isolating experience. It’s vital to your success to remember how others can help you thrive. Invest time surrounding yourself with like-minded people. Take time to get to know others and their stories and create valuable relationships. “Success is built from opportunities or inspiration from people on a similar journey,” adds Patterson. “Find people you connect with to talk about your ideas, write about your thoughts online, and build a community that empowers you. Take advantage of those around you who want to see you succeed.”
Consider the work you prefer. What are the activities you enjoy, and more importantly, what do you dislike doing? Many businesses fail because those who start them aren’t gifted in sales or can’t mind the finances.