A lot of new businesses begin life as a hobby or side-of-the-desk project that you tackle in your spare time. This is often referred to you as your side-hustle – you’re still holding on to a full-time job to pay the bills, but you’re hoping that your side-hustle will become profitable enough that you’ll soon be able to concentrate all of your energy on it.
But, how do you make that leap from passion-project to profitable side-hustle? Let's break it down.
Why start a side-business while also working a full-time job?
People want to feel like they are doing something that they love rather than just going to work. A side-business or a side-hustle is also a way to create an additional income stream for yourself.
Use a side-hustle to test your business ideas
Most business ideas need to be tested and refined before securing further investment. Having a full-time job can give you security while you use a side-hustle to test theh potential of your ideas.
As you’re building up your side-business, set yourself a realistic goal that feels good for you and gives you the lifestyle that you want. Working to a plan gives you measures by which you can determine whether it's time to give up the full-time job and focus all of your energy on your passion project.
Avoid feeling overwhelmed
If you're holding down a full-time job and also trying to build up your side-hustle, you're never going to have enough time to do everything that you want to do.
You're going to need to prioritise.
At the beginning of each week, plan out your activities for the next seven days so that you know what you’re working on and why, and batch your tasks up-front.
How do you know if your business idea has really got potential?
Set clear goals.
Unless you have a business plan that allows you to track your performance against targets that you've set, then you'll just be feeling busy without knowing if you're making any progress.
Set time aside to review your business performance against your business plan.
Turning your passion into a project
If you think that you'd like to be working on a side-hustle, spend time assessing what you're naturally good at. You want something that you're passionate about that you can then find a way to turn that into a product or a service that other people will value.
It's also important that you follow your instincts. If it feels right, then you're probably heading in the right direction.