There are many challenges you can face when you transition from a side hustle to business in the mainstream. With efficient planning and a gradual rollout, you can reduce the stress related to starting a business and increase the chance of success. So, where do you even begin? Don’t worry! From the formalisation of a business to project management, here are some suggestions.
Outsource Complex Operations
A passion project or hobby such as baking, photography and building computers can turn into a fully-fledged business quicker than you expect. When this happens, there are certain responsibilities that come with it. These include managing sensitive data, financial management and copyright compliance. Complex tasks, such as making tax digital for corporation tax, can be outsourced to experts who can assist your fledgling business in adapting to the mainstream.
Formalise the Company
There are quite a few steps that you need to take to formalise a company, and they can seem scary at first. However, they all help legitimise your business and make it appear much more professional. More importantly, they also help you avoid some legal issues. Registering the business is the first step. Then, you can open a business bank account separate from your personal account. From there, you can hire a payment processor to facilitate transactions.
Side Hustle to Business with Clients
You may already know that competition for clients can be tough, and keeping them can be even harder. According to an article by Images magazine, 39% of small businesses begin as a side hustle. Another survey found that 44% of new business owners began while working part-time. They would all agree that clients, especially early ones, are critical. To attract clients, identify your target audience and think about how to appeal to them. Include this in your marketing strategy, and work towards building relationships with clients at the early stage of the business.
Learn to Manage Projects
Going from a side hustle into an incorporated company means things just got real! That means any mistakes can cost you dearly, and you must be willing to get even more serious about your business. One of the ways in which you can streamline operations is with project management. This includes allocating blocks of time between deadlines and milestones. However, it also means prioritising tasks, keeping yourself and your teams informed, and seeking external help.
Earmark Funding for Branding
One of the most overlooked parts of business, especially new ones, is branding. Branding is a powerful tool for attracting customers, keeping clients and projecting an outward image. More than a flashy logo, branding encompasses many technical and creative methodologies. This includes search engine optimization (SEO), company missions statements and consistency across all communication, internal and external. Branding agencies are your best friend here!
Summary
Delegating complex tasks to experts who know what they are doing will help you transition from side hustle to business. It also helps to make every effort to attract and retain clients, especially early on. However, consistent branding also plays a critical role when appealing to an audience.
