Sometimes, a side hustle takes off and you end up with enough money to start treating it more like a legitimate job. If you feel like your side hustle has low-key transitioned into a fully functioning business, you will need to make some changes to your priorities and professionalism. This can have the effect of not only making your side hustle an actual career, but can help to protect you in the future as well.
Don’t make the mistake of celebrating too early. You now face the same issues as professional entrepreneurs. However, with the firm foundation that your side gig has become, making that change is easier than you might think. If your way of making some extra cash has grown beyond your intent, then here’s what you need to do next.
You’re earning money, so you need to let the taxman know. Start by learning about the different types of taxation that you may be liable for, and consider whether you need to officially declare yourself as a business. It could be that you register yourself as self-employed, or you may go all out and become a listed company. Choose wisely, as your decisions at this stage will affect your profits over time.
You may also have to make a decision on whether to continue with your main employment or commit 100% to your new venture. This will depend on just how successful your side-gig has become. If your money-making hustle has exploded in terms of online visibility and profit generation, then it may be time to commit to it 100%. Make the decision based on facts. Not every entrepreneur will be in a position to quit their old job, and many will need the additional funds to keep growing their side hustle.
Ramp up Marketing
If you’ve got time and resources, use them. When a side hustle takes off, that’s a good indication that you have a firm foundation. Now, it’s time to build on that foundation. Learn some basics about marketing in the digital age. Consider learning some tips regarding:
- Content Marketing
- Paid Advertising
If your side hustle is proving popular enough to consider leaving your job, then committing to a more effective marketing strategy is going to be vital.
If your side hustle is going well enough that you need to hire people to fill in skill gaps or to ease the work overload, then make sure that you get it right. Start your recruitment process and work on a recruitment strategy. If you hire a team, remember to ensure that employee engagement is secure with Inpulse.com employee engagement surveys that will ensure the smooth running of your new business model.
It’s never been easier to find a mentor and build connections. You can now accomplish this without ever leaving your office. Learn some basic tips about how to network in the digital age, and start building an online support network that has the skills and experience that you may be lacking. When a side hustle takes off, it can be a surprise, so make sure that you have the resources to ensure that your newfound success is not temporary.
Remember that this hustle might not last. Give yourself a safety net by managing your finances safely. Never spend when you could save, and always have one eye on the future. Stay aware of new opportunities, new trends, and new technologies that can improve your side hustle to the point where you become a market leader in your field.