There’s been a lot of chit chat lately about side hustles. Doing a hobby or something you like as a side hustle is great for several reasons. You get to see if it’s a viable endeavor, and also if it has any potential to turn into a business.
What many people don’t realize or prefer not to think about is that your 9-5 job can go up in smoke faster than you can blink. There is no job security especially in these very uncertain times. Job security continually has peaks and valleys.
Job security is dependent on the economic scenario at the time, which can change in a heartbeat. So for those of you living in side hustle land, be very aware of that. This may be a good time to examine whether your side hustle is ready to be transformed into a viable business.
In the long run, side hustles are rarely successful in the long term. Why? Let’s take real estate. Doing real estate part time rarely is successful because you lack the motivation, commitment and devotion to pursue it with all of your energy since your life is not dependent on it. When you make the commitment to pursue real estate full time, the entire landscape shifts because now, it’s do or die. It’s make it or break it. The entire level of energy and motivation has shifted into high gear. The drive to become the best you can be has also shifted into high gear.
Whatever it is you are doing as a side hustle, take another look at it. It may be time to take the next step and transform it into a small business if:
- It is something that you love to do – whatever it is that you make, sell, or offer as a service
- There is a viable market for it
- You have a vision for growth and success, even if at this point it’s all in your head
- You are motivated to create this business as a back up plan for your current life, family dynamics, or individual aspirations for success
Transforming a side hustle into a viable small business takes motivation, planning, and foresight (and hindsight) as you will learn from mistakes.
A realistic perspective is also mission critical for your success.
Having a business coach at your side who will help direct and advise you is priceless.
