When Is It Time To Start Treating Your Side Gig Like a Real Business?

It is possible to be perfectly happy with a nine-to-five job. However, the reality is that we rarely meet those lucky people. On the contrary, most of us are tired of having someone constantly above our heads, especially if we don’t get enough satisfaction or income from our day jobs. Therefore, as you probably noticed, most people have some side gig business ideas. Some people walk dogs, some knit and sell their stuff online. 

People skilled in programming and game design can make websites such as automatenspiele. Whether it is a side gig from home, or something else, it is always great because it doesn’t interfere with your regular job and it enables you to increase your income. Plus, it provides you with the opportunity to do something that you enjoy and feels passionate about, which you maybe don’t have at your day job. 

The problem is that, even if you have a successful side gig career, you probably see it as just that – a side gig. Although the idea of being your own boss sounds more than attractive, the reality of quitting a job and jumping into a business adventure can seem overwhelming. However, if you have a side hustle that makes money, there are plenty of reasons to treat it like a real business. 

What Is a Side Gig?

We started this text assuming you already have a side hustle or side gig ideas. But maybe some of you don’t know what we have in mind when talking about this. Some people see side gigs as a type of hobby. 

If you look at the side gig definition, you will see that it can be anything that you do in addition to your primary job. A side hustle is not a hobby because you actually get paid for doing it. Some people have one, while others have several side gigs. 

Why Are Side Gigs Popular? 

Side gigs were already popular before the SARS CoV 2 outbreak. Many people see the additional job as a chance to do something they can’t at their regular jobs. Besides, it gives them the chance to earn more money. Finally, some people see it as a chance to start their business, become financially independent and organize the time according to their needs. 

Since the pandemic began, the number of people reflecting on their regular jobs significantly increased. For one, it became clear that a health crisis of such proportions affects all aspects of life, including work and the labor market. Since March 2020, many people have lost their jobs; many have had payment delays and reductions, etc. 

Hence, plenty of those who didn’t have side hustles before started to create them to ensure some level of financial stability and security for themselves and their families. Now, the main question for everyone’s how to know when it is the right time to turn a side gig into a real business? Let’s have a look. 

Signs That Your Side Gig Can Become Successful

Now we know what a side gig is and how it works. It is time to look at some of the signs that you are ready to step it up. Here are some of the clear signals. 

• You recognized the market needs and are ready to address the specific clients’ requests. 
• Your side gig became a fully grown business. 
• You are making money from it. 
• You are known and respected in the field. 
• You need a change. 

Besides this, remember that how you feel about your side hustle plays an important role. If you keep on talking about it as a side gig, it is what will remain. If you sincerely believe in your project, you should start considering it as a business from the start.

How to Turn Your Side Hustle into a Business 

Make a Business Plan 

Determining whether something is worth the time, effort, and money will be challenging if you don’t put everything on paper.  Start by creating a business plan that will allow you to have an insight into everything you need to know ahead of time. First, you need to think of the mission statement and general aim you want to achieve. After that, you need to create a firm description, executive overview, company description, structure, and budget. 

Conduct a Market Research 

Market research is essential for establishing your target audience. Apart from that, it will also facilitate the process of managing the company as it grows. Let’s say you are selling handcrafted jewelry. Are you sure that you know what your potential customers want? In-depth market research allows you to get to know your audience and understand how to answer their requirements. It also enables you to see what they don’t like. 

Register a Legal Company

It is critical to take proper steps to separate personal and company funds. Maybe you have used payment tools like PayPal, Cash App, or Zelle for your side gig. However, these won’t cut it if you want to scale up. Decide whether to create a limited liability corporation (LLC), partnership to incorporate your company, or single proprietorship. That is critical for your side gig and taxes you will have to pay in the future.

Treat it Like Business from the Beginning 

In other words, don’t work for free. Maybe you can exchange services with someone. For example, if you are a web designer, you can create a logo or two at no cost. In exchange, they should allow you to put samples on your website. But if you are a content writer, don’t offer people to create content for them free of charge. 

Put Weekend Plans and Vacations on Hold

Many people want to start a business to have more time to spend with their families and friends. But it is critical to remember that this opportunity only comes after you build a business. Many successful entrepreneurs said that they spent at least 20 hours per week working on the side gig while they still had a full-time job. The majority worked on side hustles during holidays and weekends. 

Invest in Marketing and Advertising 

Investing in marketing and advertising is integral to the process of building a business.  Otherwise, it would be practically impossible to attract clients. You can post ads in your local newspapers. Apart from that, invest in advertising on social media. 

Don’t Be In a Rush

We understand that you are passionate about turning your side gig into a real business, and you want to do it immediately. That excitement is perfectly logical. But, keep in mind that this takes time. Many entrepreneurs said that it took them about 19 months before they quit their full-time jobs. If you want your side hustle to become your primary source of income, you shouldn’t be in a rush. 

Bottom Line 

If you always dream of running a business of your own and there is something you are super passionate about or skilled at, starting a side gig can be a way to go. However, it is crucial to remember that even then, it will take a lot of planning, hard work, and patience before you become able to quit your regular job. Do you already have a side hustle? Are you thinking about turning it into a full-time job? Are there some tips you would like to share? 

Author’s bio

Scott Carrion is a freelance writer and analyst focusing on business and marketing. His Master’s degree in Business research from Curtis L. Carlson School of Management has given him a broad base from which to approach many topics. He works closely with B2B and B2C companies providing useful and engaging content that can convert viewers into customers.