Are You Ready to Take That “Side Hustle” to the Next Level?
As we begin 2023, you might be thinking about taking your “side hustle” to the next level. If you feel that you are ready to take your business to the next level, these are some of the factors that you need to take into consideration when determining business and personal readiness.
1. Is your business financially viable?
One of the biggest concerns for business owners is cash flow. One key to the survival of your business is finding the right balance between your personal financial wellness and the sustainability of your business.
To determine your business’s financial viability, you will need to review past cash flow statements and start to make projections on potential earnings based on factors such as previous revenue, market conditions, future market strategies, and seasonality.
You will need to ensure that the income you will receive from your business will cover your expenses should you plan on leaving your day job to work on your business full-time. Also ensure that you have sufficient savings in case of emergencies. If you are uncertain about your business’s financial viability, you may want to consult an accountant or financial practitioner.
2. Do you have clearly defined list of goals?
An entrepreneur who is ready to take their business to the next level will have a list and an explanation of their growth plans for the short- and long-term future. Without a sense of vision, you will be operating with no structure, grabbing hold of random opportunities without a clear trajectory and definitive milestones to determine whether you are on the right path. It is a great sign if you have a clear set of actionable steps and measurable goals. Also have someone you trust evaluate whether your goals are realistic and if you have the resources to achieve them.
3. Do you have a solid support system?
No man is an island and starting your own business by yourself may place some strain on your well-being. Even though you might be the one that knows every detail of your business, getting an outside perspective on your decisions could help you to identify blind spots and roadblocks.
Before leaving your day job and committing to building your business full-time, ensure that you are surrounded by people who will empower, support, and encourage you along your entrepreneurial journey. Often support can take the form of financial assistance, emotional upliftment, or business advice.
4. Do you have the mental and emotional stamina?
When transitioning from a side hustle to a formal small business, the ‘hustle’ factor gets more intense. You will have to honestly look at your abilities and resources and determine whether you are able to commit to building your business.
To access our free business health check tool, click the link to complete the form.
By answering 25 questions (approximately 5 minutes), we can provide an indication of where your business is performing well and where you may need improvement across 10 business areas. These areas include Marketing, Sales, Profit, Strategy and Technology, to name a few.