If you’ve been nurturing a passion project for a few years and are ready to turn that side hustle into something more, it may be time to look into establishing a business. Before jumping into the deep end, however, it can be helpful to first wade in the shallows and gradually work your way deeper.
5 Steps to Growing a Side Hustle
- Give your business legs – A viable business needs a foundation to stand on. While you still have the financial stability of a day job, begin thinking through the business plan for your side hustle. How much money will you need to earn on a monthly basis to be successful? And how much do you need to generate before you’ll feel comfortable going all-in with the business and leaving your current job? Define your benchmarks and goals so you have achievable milestones and a solid plan from which to launch.
- Carve out time – There are only so many hours in a day, and if you’re already committing at least 8 of them to a full-time job, it will require you to get creative with when and where you work on your venture. This will likely mean late nights, early mornings and skipped gatherings with friends and colleagues.
- Start slow – The side hustle frequently starts as a one-person show, but you may have plans for something much bigger. Resist the temptation to scale too quickly and spend money faster than you can realistically earn.
- Prioritize mental health – Working essentially two full-time jobs is not sustainable. To grow your side hustle into a business, you also need to make time for yourself to avoid burnout. Set goals, focus on tackling those items that are going to reap the biggest benefits, and work efficiently. Find your sweet spot for productivity and try to bang out your most important tasks then.
- Get ready to grow – When you’re ready to take the leap, do so confidently and prepared. Hire the appropriate professionals (a small business lawyer, accountant and others as needed for your business) to protect you legally and financially and prepare to take your business to the next level.
At Silverberg|Brito, PLLC, we have got your back during one of the most exciting phases of an entrepreneur’s life. For help with all your legal questions as you form your small business in Florida, get in touch with our team.