It's the American dream: start a side hustle in your spare time and watch it grow into a full fledged business. But what happens when your side hustle becomes too big to keep as a side hustle? When do you have to choose between your day job and your dream job? There's no easy answer, but there are some things you can do to make the decision easier. Here are four tips for what to do when your side hustle becomes too big.
|Photo by Laura Davidson on Unsplash|
Convert Space At Home Into An Office
If you're running your side hustle from home, chances are you don't have a dedicated office space. But as your business grows, it's important to create a space that's separate from your personal life. This will help you stay focused and motivated, and it will make it easier to keep track of expenses come tax time.
If you don't have an extra room to convert into an office, try setting up a desk in the corner of your living room or bedroom. Alternatively, get someone that does Drywall Installation and split a large room in two. Just make sure it's in a quiet area where you can focus on work. And if you have kids, be sure to set up some ground rules about when they can enter your workspace.
Get A Business Partner
As your side hustle grows, it might become too much for one person to handle. If that's the case, it might be time to bring on a business partner. This can be a great way to divide up the work, and it can also provide some much needed moral support.
Of course, you'll want to choose someone you trust and who shares your vision for the business. You should also have a written partnership agreement in place that outlines each person's roles and responsibilities. This will help prevent any disagreements down the road.
Create A Business Plan
If you're serious about growing your side hustle into a full fledged business, you need to create a business plan. This document will outline your goals and strategies for achieving them. It will also help you track your progress and make adjustments as needed.
Creating a business plan can be a daunting task, but there are plenty of resources out there to help you get started. Once you have a draft, you can share it with a mentor or trusted advisor for feedback.
Save Up Some Cash
Finally, if you're thinking about quitting your day job to focus on your side hustle full time, it's important to have some savings in place first. This will give you a financial cushion in case things don't go as planned, and it will give you peace of mind knowing that you're not putting all your eggs in one basket.
Ideally, you should aim to have at least six months of living expenses saved up. But if that's not possible, start with what you can and build from there.
There You Have It!
Making the transition from side hustle to full time business is a big decision. But by following these tips, you can make it a little easier. Good luck!