“Don’t quit your day job.” It’s a phrase that may be going out of style, especially in the age of the serious afterthought.
Admittedly, most people keep their part-time gigs firmly second to their main occupations. But some starting entrepreneurs decide to go full throttle with their side jobs. According to a 2022 Insuranks Survey, 93% of working Americans have a part-time job. Nearly half say they’d be happy if they could turn it into a full-time job that paid the bills.
Has your side gig gone from a part-time habit to a potential full-time goldmine? Follow this … [+]
While not every hobby lends itself to turning into a business, many hustlers have the legs to go the distance. So you don’t have to apologize if you’re thinking about turning your hobby into your profession. You just need to keep a few tips in mind to make sure you’re on your way to potential success.
1. Start a business that solves an unfulfilled problem.
Let’s say your sideline came from solving the problems of others. That is a solid starting point. By addressing unmet needs, your business can fill in gaps unidentified by competitors.
This is how CitizenShipper was born. Founder Richard Obousy realized he had extra space in his vehicle. Instead of driving around with an empty suitcase, he started offering to transport objects for people. When he started making money, he considered ways to make his side gig something bigger. Within a decade, CitizenShipper was born, connecting drivers and customers who needed transportation for puppies, motorcycles, and everything in between.
Take the time to prove that your solution satisfies a real problem. Look for early adopters who want to be your first customers. Then listen to them. Their feedback is invaluable in showing potential investors, partners, and other customers the value of your startup.
2. Make sure your part-time passion translates into full-time.
Before sending your resignation letter, ask yourself some serious questions. One of the first should be, “Will I enjoy doing this side job once it’s no longer a part-time experience?” Be honest with yourself. For example, it can be soothing to spend a few hours a weekend making Etsy crochet hats. However, you can quickly become overwhelmed and overworked if you are stuck fulfilling orders for more than 50 hours a week.
This is of course not meant to scare you. Treat it like a reality check. Side jobs may not be fun on a full-time basis. On the other hand, being busy could be the most exciting thing you’ve ever done for your career. When interviewed by NPR, Juby George, the owner of a catering business, is overjoyed with his “jump”. As he explains, he had thought long and hard about becoming a caterer like his father. Consequently, he was not completely out of his element or concerned that he might not be comfortable with losing a steady salary.
While not every day will be rosy, rest assured that you will not regret your choice. Therefore, do the soul search you need before taking the plunge. You deserve to feel good about taking your side performance to the next level.
3. Set your startup apart from the competition.
Knowing your competition is critical when starting a business. In fact it is something that takes down about a fifth of startups. Don’t just assume you know who your competitors are or what makes them unique. Do a lot of digging until you could write the book on your competition. Then find out what makes your business different.
Remember that being different doesn’t have to mean being 180 degrees away from your competition. Maybe your pricing is higher, but your product quality is better. You may have found a way to personalize your customer service and support. Whatever your distinguishing element, make plans to hype it in your favor.
The last thing you want is for your crowded start-up to be seen as a copycat company. Create content that makes clear what makes your organization special. Be sure to use all the means of communication at your disposal to bring out the individuality of your company. This includes social media, of course, as well as your own media such as a website or YouTube channel.
4. Map out a business plan.
You don’t need a lot of business expertise to create a game plan for your startup dreams. Still, you need to spend time making a roadmap. A business plan offers so many benefits and reduces the chance of making avoidable mistakes.
One benefit of having a well thought out business plan is that it can help you find inventors or loans. It can also be useful to share with partners, employees, or board members you include on your team. You may also find yourself referencing it frequently to remind you of your startup’s mission and purpose.
Be sure to review your business plan at least once a year. Business plans should not be set in stone. As your business continues to grow, you can expect the guidance of a new plan. That is healthy and shows that you are doing the entrepreneurial thing well!
The transition from the ‘gig time’ to the ‘big time’ is not suitable for everyone with a part-time job. That said, don’t ignore the nagging feeling that your next career might be just as close as your hobby. If you think the time is right, consider becoming a founder. Who knows? Your crowds can take you to places you could never have imagined. And that means you can still quit your day job.
