I truly believe that 2019 was the year of the side hustle. Everyone was interested in trying it out, giving it a go to see what they could do with it. Some people ended up giving it a real go, while others spent their time observing the hustle landscape. But some, that small few, actually went on to start a business.
But for 2020, I can feel it changing. Maybe it’s the optimist in me because I love seeing people take that step and feel the power and excitement of starting something of your own and taking it from the ground up, but I really do think that the “side hustle” mindset will be exchanged with the true business mindset.
What do I mean start a business vs. working on a side hustle?
When you get down to the bones of it, if you start a business or start a side hustle, you’re essentially (hopefully) doing the same thing. Ideally, while your side hustle (and business) will start small, you are still setting it up the proper way—this means business bank accounts, plans, strategies—you’re not just winging it.
But what I’m really talking about here is that I’m feeling the start a business mindset starting to form. Side hustle sounds really cool, but the truth is it’s quite limiting in belief. It sounds small, finite, like something you’re just doing over here for a bit now until you find something more adult.
But most people who start side hustles are really looking for the growth potential. That ability to create, build and grow. That’s where the business mindset comes in. Are you ready to change?
How do I ditch the side hustle and start a business?
When it comes to ditching the “side hustle” mentality for the business sense, it starts not only with how you think about your business but also how you plan it. You need to start from the bottom if you want to grow.
Make a plan
We’re just screeching into December here, which means you have plenty of time to get together some semblance of a business plan. I find that most people who have side hustles thing the business plan is a ridiculous tasks. But if you want to dig in and grow a business, it’s something you really need to think about it.
Plan for growth
When it comes time to start a business, one of the biggest things that needs to be in your plan is room for growth. Most people start a business and run it as is. There is a hope and a dream for it in the future, but no actual plan. So make one.
Care about your finances, all of them
You also absolutely need to take your finances into considerations. It’s not just enough to make sure you’re “paying the bills” you need to focus on profits, revenues and reinvesting back into the business.
When it comes to the ‘start a business’ mentality, chances are you’re almost already there. It might just take a tad bit of adjustment and a bit of planning, and you’ll be well on your way.
Are you ready to start a business? Share your thoughts below!
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!