Have you ever dreamt of turning your side hustle into your full-time job? Maybe you’ve worked a nine-to-five for years and are finally ready to take the leap into entrepreneurship. Maybe you’ve been supporting your side hustle with freelance gigs but dream of making it your life’s work. Whatever the case, here are some steps to get you started.
Build up your portfolio
The first step when preparing to turn your side hustle into a full-time job is to create a portfolio. A good portfolio will showcase your professional range and body of work.
Your portfolio can mean the difference between landing your next big client or opportunity, and it’s your responsibility to ensure it reflects your abilities, skills, and talents. A curated and well-developed portfolio is an invaluable tool that will serve you time and again, no matter your line of work.
Create a business plan
Next, create a business plan for growing your side hustle into a full-time job. Your business plan should be realistic and customized to the product or service you offer. If you’re not sure where to start, examples of and templates for different business plans are easily accessible through a variety of online resources.
Having a firm plan will help you focus on a roadmap and allow you to celebrate small goals along the way. It can also help you see the big picture and focus on the end result.
Setting goals can be a make-or-break component of taking your side hustle mainstream. Goals can help you stay on track and provide a sense of how you’re progressing.
When creating goals, try to keep them concrete, reasonable, and achievable. You might try for a mix of short-and-long-term goals, whether they be outsourcing manufacturing, moving into different markets, creating passive revenue streams, or otherwise scaling your business.
Make sure the numbers work
You’ll also want to make sure the numbers work before fully investing in your side hustle. Ultimately, will you make enough to cover your rent and monthly expenses? Do you have any money saved or set aside for times when revenue might lag? Will your profits increase as you scale? Crunching these numbers ahead of time can save you time, stress, and potentially difficult decisions down the road.
Getting the right insurance if you’re self-employed can be vital to your success. This means finding a health insurance plan, if needed, to replace the one previously provided by your employer, as well as any insurance needed for your business.
Many self-employed people also get life insurance to provide financial security for their heirs should they pass away unexpectedly. The death benefit from life insurance can replace lost income, help a surviving spouse make mortgage payments, and more. A permanent life insurance policy like whole life insurance can provide extra flexibility. In addition to a guaranteed death benefit, the policy builds cash value over time. You can borrow against the cash value for any reason, including covering unexpected costs or to take advantage of an opportunity.
The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value will reduce the death benefit and may affect other aspects of the policy.
Name: Keyonda Goosby
Job Title: Consultant
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