Many of us were caught off guard when most of the world shutdown to curb the spread of COVID-19 that we are currently facing and left us struggling to survive amid this pandemic. If you recall, for most of us, our parents told us to get a job and hold onto that job so that we can provide for our family. If you were part of that tutorship, you did exactly that, thinking that you’re guaranteed employment because you’re a committed worker. Now, you found out that that was a lie! Your parents did not lie to you. They shared what they were taught as facts to them. Guess what? They were lied to and shared that lie with us. Let us STOP the LIE today and move away FROM being WORKERS to EMPLOYERS. You can begin with turning your side hustle into your full-time gig.
How do you turn your side hustle into your full-time gig? I’ll teach you how to begin by implementing these 7 SIMPLE STEPS
- Do a personal and professional SWOT ANALYSIS- You need to establish what are your Strengths. Make a factual list of the things you are good at and enjoy doing to earn your income. Take an in-depth look at your knowledge, experience, training, education, and skillset. Ask yourself, is there a need that I can fulfill in today’s market? Weakness-what do I need to improve on to make this project better? Is it additional training, resources, skillset? Opportunities– what are the opportunities that I can leverage? Threats– what are the threats that I must be aware of moving forward? How can I turn these threats into trophies of accomplishments? What do I need to do? When you complete your personal SWOT analysis, create a professional SWOT analysis for the side hustle you want to turn into a full-time profitable business.
- With the information from your SWOT Analysis, create a one-page business plan. In this plan, you must establish your product or service, market niche, price point, Avatar, the ideal customer that you’ll be servicing with your products and services, and then you need to investigate where they hang out. How will you find them to pitch your business to them? Why should they buy from you? What makes you stand out on the crowded highway, AKA internet?
- Now, no one makes it alone in business. We all need support. You need people within your inner circle that are like-minded. People that support your vision. Now let me be clear that you don’t need yes people who are there for the paycheque or dream crushers without any valid reasons. The ones who will tell you they just feel that you’re going down the wrong path. They have no concrete facts. It’s just their belief. I’m sure you’ve encountered one or two of them along your life journey. If you’re trying to move forward, you need people that will challenge your vision by asking the right questions to make you think bigger and, more precisely, holding you accountable to your plan. (Tip: If you need additional help try Fiverr, for professional business services.)
- You can’t start a business without money. You need to establish a budget for your business. What would it cost to set up and manage your business within your budget identity for the first six months? This will inform you of the type of funding your business venture requires. However, to turn your side hustle into a full-time business, take a minute to evaluate what you’ll be giving up and how you can replace them as a Femtrepreneur. Money management is key to managing a successful business, so you’ll need to know your company’s day-to-day operation.
- What are you known for? Branding is essential to business in today’s digital world—your brand ties back to your market niche and how you’re the difference maker to your Avatar. It is also vital that you develop a growth mindset from the business’s onset to keep evolving to your brand’s next level. When you build trust with your clients, you want to be always ahead of the curve, meeting their needs and wants. A happy client contributes to your company’s bottom line, and an unhappy client tells you what you need to be doing. Pay attention to both.
- I touched on this earlier, and it’s worth reinforcing because it is essential to your growth. Surround yourself with smart, like-minded people. Gain proximity to people who have made it in your industry so that you can learn from them and work on earning bigger and better. A great plan without opportunity leads to failure. Create opportunities with your inner circle’s help to propel the NEXT LEVEL to turn your side hustle into your full-time gig! Get an accountability partner to help you move forward.
- This is so crucial that I left the best for last. REST. Take time out for yourself to rest your mind, body, and spirit. Starting your business is a lot of work. You will enjoy every minute of it because it’s your passion, and you’re doing it for yourself. However, when you’re passionate about what you’re doing, you can lose yourself in work, and before you know it, you’re pushing sixteen hours shifts per day. You can burn the candle at both ends for a while, but it catches up with you. And yes, I’m speaking from experience. So take my advice and pencil in some ME TIME for yourself. It will give you clarity that helps with your vision for growth and scaling your business.
I want to take this opportunity to wish you lots of luck on this incredible journey that you’re on or about to embark upon. Becoming a Femtrepreneur and being your own boss is an exhilarating experience. Now it is hard work and all of the hard work you’ll be putting into securing your future, and only you can do that best. When you invest in yourself, the rewards are endless. As you grow, you’ll reap the rewards of your labor.
Best Top Tip: If you have any questions, please don’t hesitate to drop me a line at firstname.lastname@example.org, and I’ll be so happy to correspond with you. In the meantime, keep building that empire!