Written in collaboration with Rosana Beechum
Starting your own business from nothing can be overwhelming, but many still dream about the day they could potentially be their own boss. The advantages include being able to work flexible hours, more control, more opportunities for your career to blossom, and greater satisfaction when you succeed. For working mums, this is harder to imagine as most of your free time will be spent with your children on weekends and evenings. So, we have created a basic guide with some tips to show you that even as a mum, you can succeed in turning your side hustle into a small business.
Treat it like a business from the start
This is exactly how it sounds. Though it may be a side hustle, don’t offer to work for free unless you are receiving services in return which will benefit your business. There are many people close to you who may attempt to take advantage of your side hustle, especially if it will benefit them greatly. For example, if you are running a public relations side hustle, do not promote someone else’s business launch for free unless it will provide you with substantial benefits.
Don’t rush turning it into a business
Starting a business is not an overnight decision, it will take months of planning and it is unlikely that your side hustle will become your primary source of income until years later. Your business may be too niche to ever progress enough to allow you to leave your full-time employment, but that is worst case scenario. You can often estimate the success of your venture early on as you will see the initial growth progression over the first year.
Put your free time into the business
You may be working a full-time job, while being a full-time mum – this will make it challenging to find the time to work on progressing with your new business venture, but it is possible. Vacations and weekend fun may have to be put on hold while you get your business off the ground as your free time is limited between your life as a mum and your regular job, so don’t be surprised if you end up working an extra 20 hours a week on your side hustle to get it off the ground.
Though there are ways to make it so you can work on your venture while still spending time with your family. Services such as Gamma can tailor services to your business’s specific communication needs and making you feel more connected to customers.
Plan your financial stability
Starting a business demands more than just an idea, at any level, it requires hard work, dedication, and capital. The 2019 Hiscox Side Hustle to Small Business Study surveyed 400 small business owners whose businesses were initially a side hustle, and they responded that they would have to make on average, a minimum of $43,862 from their side venture before being comfortable with making their side hustle their full time job.
Putting this into consideration, you would have to manage your expenses thoroughly, thinking about all spending, such as the unexpected more carefully so that you are prepared for taking the risk of going full time with your side hustle.
Consider a partnership
If you are not prepared to leave your current full-time position or you don’t have the funding to start the venture on your own, consider going into business with someone you trust.
Studies have shown that 70% of business partnerships end in failure, often due to lack of trust and reliability. Initially, it can sound fun to those around you but evidently, they don’t adequately define their vision and reason for the business to exist beyond simply the idea of making extra income. You need to ensure you and your business partner are on the same page and know the direction the partnership is heading.
Consider the risks
Turning your side hustle into a fully functioning business is always going to be a risk but you can protect yourself against the surprises if you are prepared. Small business insurance will be able to protect you against the financial impact of a claim or lawsuit, preventing you from going out of business as you are still fresh on the business market.
While most people dream about being their own boss, only some people are successful or will make the leap to do so. If this is you and you have a hobby that you are passionate about, beginning a side hustle can be a good start to testing how you find running a business. Put your trust in yourself through planning and extreme dedication, but don’t be ashamed to ask for help, people are there to get the ball rolling to a successful business.