By Cristiano Winckler, Somebody Digital
If your side hustle is thriving, you might consider quitting your day job and turning it into a full-time venture. Be your own boss, set your own hours, and do what you truly love. love It’s a dream for many people, but there are common mistakes that can trip you up when you take the leap to expand your side hustle.
The TikTok search term “full-time side hustles” has 40.7 million posts, and according to Google Trends data, searches for “side hustles” have increased by 2,500% in the past month. Below are the five most common mistakes people make when taking on a full-time side hustle, and how to avoid them to turn your passion into a thriving business.
NOT HAVING A SOLID BUSINESS PLAN
One of the biggest mistakes aspiring entrepreneurs make when transitioning from a side hustle to a full-time job is thinking they don’t need a proper business plan. While your side hustle can often survive on improvisation and passion alone, you need a more detailed plan to turn it into a full-time business.
A solid business plan should detail your goals, target audience, marketing strategy, and financial projections, illustrating a roadmap to profitability. If you continue as you started, without a real business plan, you will struggle to manage business growth and, ultimately, the finances and success that comes with expansion.
SCALING UP TOO FAST
The excitement of growth can often lead to expanding too quickly. Rapid expansion will require additional resources, such as inventory and staff, in addition to your own time, effort, and money. And if you grow too quickly, you may struggle to keep up with demand. This can lead to delivery delays, reduced efficiency, and unhappy customers who can quickly lose confidence in a new brand.
It’s important to only scale up to a level you’re confident you can handle and aim to grow steadily, rather than all at once. Make sure your current operation is robust and well-equipped to meet increased demand, so you can build a stable business that’s sustainable in the long term.
NOT BEING IN LOVE WITH THE BRAND
Running a business is hard, and one of the biggest reasons it can fail is if you’re not passionate about what you do. Maybe your side hustle started as a way to make extra money during the pandemic, and it’s been successful enough to grow. But if you’re not passionate about what you do, you might end up looking for something else—a side hustle from your side hustle. This can lead to you losing focus, not getting the work done, and that can be the downfall of your business.
Love for your business will keep you going during setbacks and tough times, so it’s important to choose something you truly believe in, rather than choosing something simply because it’s a way to make money, and if you Believe in the brand and your customers will too.
Neglecting market research
Passion and creativity are important, but having a real understanding of your market and target audience is essential. We see this often with the clients we work with in the digital space. Without thorough market research, you may have overestimated the demand for your product and are struggling to make ends meet, or you may not have correctly identified your target audience and are marketing and branding incorrectly; your carefully crafted Instagram ads may not reach your target audience with the right message at the right time to drive purchases.
From online surveys to data analysis and focus groups, there are many ways to gather information about your chosen industry, target audience and competitors. It’s crucial to keep an eye on customer trends and behaviours as your business progresses so you can adapt your strategies accordingly and ensure you’re always targeting the right people.
FORGETTING ABOUT YOUR OWN WELL-BEING
The boundaries between work and personal life can quickly blur when you officially become your own boss, and it can be all too easy to let self-care and wellness take a backseat. But being in hustle mode 24/7 can be exhausting, and the challenges of starting a business can lead to burnout very quickly.
Learn to schedule time for rest and do your best to separate your work from your personal life. This is an essential step in preventing burnout. Self-care is not a luxury, it is an investment in yourself, your business, and your future success. Making your well-being as much a priority as your business means you will be better prepared to bounce back from setbacks, take advantage of more opportunities that come your way, and grow a successful, thriving business.
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