How to Grow Your Side Hustle into a Successful Business

> HOW TO GROW YOUR SIDE HUSTLE into A SUCCESSFUL BUSINESS Do you pursue a passion to earn some extra cash? You're not alone. A new study shows that half of side hustlers make £500 to £5,000 extra per year. Here's how to go one better and turn your part-time gig into a full-time career. GETTING READY TO GROW Use side hustle income to cover your monthly expenses – one at a time Side Hustle Nation founder Nick Loper says, "It's intimidating to try and replace your day job salary right out of the gate." Instead, he advises taking small steps by covering one expense at a time with hustle money. Mobile phone Pro tip: £35 Insurance £100 Itemise your monthly Entertainment £250 expenses with the (eating out, movies) smallest at the top. As Transportation/ Car loan £250 your side hustle income grows, cover - and tick off - expenses Groceries £300 until you don't need the day job anymore. Savings £350 Rent £750 2 Network to get advice from other self-made business owners According to successful entrepreneur Scott Marr, relationships are at the core of business success. Develop strong relationships with (and get inspired by) people who can help you build your business. Pro tip: Join a local group of side hustlers on the Meetup app. Find a mentor to help improve your skills, adaptability and self-worth Studies show small businesses that receive mentoring are twice as likely to survive beyond five years than those that don't. Mentors can share in your challenges, boost your confidence and help you adapt to change. Pro tip: Try LinkedIn's free service, which matches eager mentors with keen mentees. Me in w! Ad - Premium Online MBA in 1 Year - Online MBA International Business in Jonas View profile Share an article, photo, or update 70% OFF 1 a Image Jonas Click 'Me' at Potessinoal Language Quickly grow your professional network Find more connections ke Katie, Consuelo, and MANAGE the top of 7 Laie your LinkedIn homepage Jab postings 223 thejessicabarretnpemal.com 2 Wel import your address boak s uret conneciora Learn mere ow your netwerk Continue Adverticing Business Senvices- Access s ools &insigho Reactite Pemam Select View Dethe Linierdap More Deborn profile Founcer at Vigin Grp My top ten quotes on success: https://virg.in/oyr http://ow.lyi/ANDyc 3 Your Dashboard * All Star Private to you - conversation can change your ca Career Advice People you may want advice from 14 240 9 Who viewed your profle Search appearances Renata -rd Freelance riber demartnd tranater sen eer 2 Review poten A Career interests Let recruiters know you're openc C e aeba cerieocad leacersin thale Welllt veu now when thermutual intvest Choose the types of opportunities you'd like to be connected with Edays left & Career Advice hub Get career advice by conversing with other Linkedin users who are leaders in their fields Gerard -and Social Media Cemmunity Management |Osine News Publishing Dtal Madie Get started Audienca Engagament Develonmert Under "Your Dashboard' click 'Career Advice hub' and follow the steps Register your business to make it official Startup expert Deborah Sweeney explains that forming a limited liability company separates your professional and personal assets and allows you to build credibility with potential customers.? BUSINESS REGISTRATION CERTIFICATE Pro tip: Invest in an accounting app such as Kashoo to track your income, manage expenses and help file your CERTIFIED tax return. RUNNING YOUR NEW BUSINESS 5 Focus your time and energy on tasks that impact your goals Productivity blogger Paul Minors advises following the 80/20 Rule by identifying the 20% of your efforts responsible for 80% of your results." Pro tip: Go through your to-do list and prioritise the few, larger tasks that will generate the income you need to make your side hustle a full-time gig. To-do list: V Publish new blog post about Happy Client Co.s experience using the product Brainstorm ideas for new products V Put together a proposal for potential client V Chase unpaid invoice from Client Corp Ltd. Set up Facebook ad to promote seasonal product discount Book photo shoot to replace website images Research how to increase mailing list subscribers Delegate daily tasks outside of your core skillset More than half of business owners say that by delegating just 10% of their workload, they were able to grow their business by 20%. Pro tip: Hire a virtual assistant to help you with small but time- consuming tasks. For example: Manage your email inbox and calendar Hello, John Organise client follow-ups Post social media and blog content 7 Automate repetitive tasks with specialised software In a survey of business leaders, 77% believe automation saves time on monotonous tasks, 70% say it eliminates human error and 53% argue it improves transparency. Pro tip: Use apps to automate tasks - saving you time and money. You can: Track leads, conversions and appointments with Quick Base0 Run payroll, calculate taxes and send invoices with FreeAgent" Manage inventory, locate products and stock take with Unleashed2 Schedule social media posts, measure engagement and spot trends with Buffer3 8 your free cash flow to spot growth opportunities Define A survey from small business lender Ashley Finance found that 90% of UK small businesses fail because of insufficient cash mill flow or working capital." Pro tip: Work out your free cash flow using this equation: Free Cash Flow Net Cash Flow Capital Expenditures Funds used to acquire, upgrade and maintain physical assets like The cash you're able The difference between a company's cash payments and receipts in a given period6 to generate after spending the money required to maintain or expand property, buildings or equipment" your asset base15 9. Set long-term goals with short-term objectives Brand specialist Francisco Dao emphasizes understanding what long-term goals mean on a daily basis. For example, if you want to increase annual sales by 24%, how many new customers or orders per day is that?18 24% MON Increase 10 new annual sales clients at by gaining £2,000 per new month by customers January 2019 Pro tip: To set a short-term goal for long-term success, think SMART: Specific Be clear, concrete and detailed about what you want to achieve Measurable Set milestones and determine how you'll measure successa Achievable Plan small, manageable steps within your resources Relevant Align your goal with where you want your business to go Timely Motivate yourself with a challenging but realistic deadline 10 Grow your reach by collaborating with a complementary business Rival accounting apps Crunch and FreeAgent share ideas to grow reach. For Crunch CEO Darren Fell, "the quickest way to build your services can be to collaborate with a business that shares your values."5 Pro tip: BUY COFFEE, 20% OFF PIE Create a discount for a complementary business to pass on to its customers (and offer to do the same). If you've taken the initiative to work extra hours to earn cash doing something you love, you're halfway to making your side hustle a success. In fact, 1 in 4 small businesses begin as a second-job side project.9 Follow these tips, and you'Il be well on your way to joining them. SOURCES IShaddick, L. (2017) Fifth of UK workers considering a 'side hustle' to earn extra cash or pursue a passion. skynews.com 2Sweeney, D. (2017) How to Prep Your Side Hustle to Become a Full-Time Business, startupnation.com Deziel, M. (2017) How to Turn Your Side Hustle Into Your Main Hustle. inc.com "Carlomagno, M. (2017) The Art of the Side Hustle. success.com sPay, A. (2016) Collaboration in business - the secret to success? telegraph.co.uk Beesley, C. (2014) Why A Mentor is Key to Small Business Growth and Survival. sba.gov "Minors, P. (2017) Side-hustle success story. medium.com "Economy, P. (2013) Delegating Well Gives You a Competitive Advantage. inc.com 'Reuters, T. (2017) Automation will change businesses for the better. thomasreuters.com 10Quick Base. (2017) Business Applications Development & Database Solutions. quickbase.com "FreeAgent. (20O17) Accounting software, simplified. freeagent.com 12Unleashed. (2017) Inventory Management Software. unleashedsoftware.com 1³Buffer. (2017) Social Media Management Platform. buffer.com 1Gough, O. (2017) Smaller businesses still face failure due to cashflow barriers. smallbusness.co.uk 15|nvestopedia. (2017) Free Cash Flow. investopedia.com 16The Balance. (2017) What Is Net Cash Flow and How Is It Used? thebalance.com 17Investopedia. (2017) Capital Expenditure. investopedia.com 18Bos, P.V. (2010) How to Set Business Goals. Inc.com 1°Commerford, T. (2017) How to make your side-hustle a success story. dynamicbuisness.com Quid Corner This image is licensed under the Creative Commons Attribution-Share Alike 4.0 International License - www.creativecommons.org/licenses/by-sa/4.0 Your Financial Resource Centre