How to Grow Your Side Hustle into a Successful Business
Disclaimer: This post was originally published on our UK partner’s site.
According to new research, 32% of people in the UK want to turn a hobby into a more rewarding career – one that makes money. The survey dubs the group “hobbypreneurs,” but there’s serious cash to be made from a side hustle. Just ask the 50% currently pursuing a passion, who make £500 to £5,000 extra per year.
If you’re thinking of joining them – or already run a side hustle you want to turn full-time – we’ll show you how. Side Hustle Nation founder Nick Loper acknowledges that it can be intimidating to try to replace your day job salary right away. Instead, he advises taking small steps. As your part-time income grows, use it to pay off monthly expenses – one at a time. Make a list with the smallest expense at the top and start there. When your side gig covers the full list, you’ll no longer need your day job.
To continue growing, we reveal a simple equation to work out your free cash flow. That’s crucial, considering 90% of small businesses fail from a lack of working capital. With free cash flow, it’s easier to spot opportunities – like joining forces with a complementary business to grow your reach.
That’s what rival accounting apps Crunch and FreeAgent did. Crunch CEO Darren Fell confides, “the quickest way to build your services can be to collaborate with a business that shares your values.” And it’s as simple as creating a discount for a like-minded business to pass on to its customers (and doing the same for it).
Check out our infographic for more tips to turn your side hustle into your full-time job.
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