Have you ever thought about turning your side hustle into a full-blown business and creating your own future? Let's talk about this exciting possibility in today's blog post.
To start, ask yourself if you want to keep your side hustle as a part-time gig or use it as a stepping stone towards a bigger venture. This decision is crucial as it will shape your next steps.
Starting a business is not a walk in the park. It’s a challenging endeavor, and understanding your motivation is essential. Do you want financial gain, the opportunity to be your own boss, or the chance to pursue your passion? Knowing why you want to do it is important before taking the leap!
In this 10-minute read, we'll discuss the challenges of transitioning from a side hustle to a business and explore the key factors to consider as well as the type of side hustles you may want to try!
The first type of side hustle is the artist, like Bobbi Frances. Bobbi's a Brisbane mum who started making earrings as a hobby. She loves creating big and stylish earrings, including the beautiful "Kyoto calling" collection. She began small, but her creativity is now helping her grow her business.
Next, Dhirrawong Ceramics is a side hustle run by Emma, who is Jenni Walke’s sister. Emma is a talented ceramic artist who enjoys creating stoneware ceramics with love and joy. Even though she already has three other jobs, pottery is her passion and she makes ceramics during her breaks to sell as a side hustle.
Blackbird Designs by Nikki Gallagher is another side hustle where she creates and sells her artwork prints on various products such as notebooks and mugs. Although she has a full-time job, Nikki is expanding her business and adding more product lines while seeing what the market wants. She may decide to leave her full-time job or not, but for now, this remains her side hustle.
The way Bobbi, Emma, and Nikki have structured their side hustles gives them the freedom to create the environment they want to play in and grow their businesses at their own pace. They started with a love for their craft and found a market for it, turning it into a viable source of income.
Second, there's the hustler. Unlike artists who side hustle mostly for passion, hustlers dedicate a significant amount of time and effort to make the most out of their day. They focus on questions like, "How can I get more bookings? How can I maximise my time on platforms like Fiverr, Uber, or Upwork? How can I earn more money?"
Hustlers are all about finding short-term gigs and seizing opportunities to earn side income, often with a focus on revenue. They may not necessarily enjoy what they do, like Uber drivers who work long hours for more revenue during peak hours or holiday rush or a financial broker in Melbourne who used the 45 minutes between his meetings to drive as an Uber driver and get paid for it.
Hustlers turn to side hustles to supplement their income or fill their time between other commitments. However, some hustlers are also motivated by connections and impact rather than revenue, creating opportunities for others and bringing people together. For example, people who organise donation drives or events.
They may not make a lot of money from the events themselves, but they see the value in bringing people together and creating opportunities for others to connect and grow their businesses. They may be motivated by the impact they have on their community and the relationships they build, rather than the income they generate.
The third one is the entrepreneur. Who are these entrepreneurs? They're the ones who love creating and developing business and helping others. A recent example is Matt Jones, who purchased Blaque Digital and also offers strategic consulting through Malu. He establishes another business and generates additional revenue. His focus is on building and expanding businesses.
Moving on, we have Cara and Adele Peek of Peek Consulting, who can be described as serial entrepreneurs. Their Cultural IQ (CiQ) program aims to develop Cultural Intelligence by offering exceptional training programs. They also established Make It Happen HQ in Broome and started a non-profit organisation. Their entrepreneur portfolio is diverse and focused on creating long-term sustainable revenue opportunities by combining their businesses.
Last, we have the INDIGImesh by Celeste and Jenni. Recently, this is the definition of what real entrepreneurs do… they find an idea, they build a business and they start selling it. And Celeste and Jenni have started to do that within INDIGImesh, despite limited time. They seized the opportunity as a stepping stone towards long-term growth and sustainability, whether financially or through impact.
Entrepreneurship involves building and growing for the future, going beyond just having a side hustle. Some entrepreneurs are serial entrepreneurs who purchase and develop businesses, eventually moving on from them with residuals. Others aim to grow a business without running it. Entrepreneurs differ from traditional business owners who prioritise long-term sustainability. They focus on the growth cycle, finding excitement in building and expanding a business rather than managing it day-to-day.
What are you trying to create?
When considering if your side hustle should become a full-time business, it's important to embrace the discomfort and ask yourself if you enjoy the pressure and excitement, or if it feels overwhelming.
Remember that you always have the option to shift from a side hustle to a full business, and it's not a one-time decision. Many people move in and out of businesses and that's okay. The key is to maximise your options and decide what you want for your life, family, and community.
Tune in to our Bite-Size podcast episode on Side hustle or stepping stone? How great businesses start by accident!
Watch this episode of our Business Bite-Size on YouTube to learn more: