If you are a freelancer, you know that it is hard to get paid. Receiving a paycheck on time can be difficult. You may need to call your client or even file a lawsuit just to get paid. Additionally, you have to sell your services every single day—you have no job security.
That is why many freelancers dream of starting their own businesses. If they did that, they could pay themselves, keep track of their payments, and not have to worry about selling their services every single day.
But transitioning from freelancing to owning a business can be challenging. You might wonder: How will I get paid? What will I do if I don’t have any customers? How do I get started? This article is going to answer all those questions—and more!
| Takeaway |
|---|
| Consider side hustle business opportunities as an alternative to freelancing. |
| Plan your transition from freelancing to a side hustle thoughtfully. |
| Explore various side hustle ideas that align with your skills and interests. |
| Research the market and potential demand for your chosen side hustle. |
| Build a support system to help you navigate the challenges of starting a side hustle business. |
| Set clear goals and create a timeline for your side hustle venture. |
| Understand the financial aspects and potential risks involved in starting a side hustle. |
| Utilize online platforms and networking to promote your side hustle business. |
| Embrace flexibility and adaptability as you embark on your side hustle journey. |
| Keep learning and evolving to maximize the success of your side hustle business. |
What Is A Side Hustle?
A side hustle is a part-time business that you run in addition to your full-time job or your primary freelance client work. It’s a great alternative for freelancers who want a more stable income without having to stop pitching themselves for jobs or managing multiple clients at once.
Starting a side hustle while freelancing can be a smart move. If you want to explore options for generating additional income, consider freelancing as a part-time job. It’s an excellent way to balance your time and boost your financial prospects.
How Do I Get Started With Side Hustle Business?
First things first: decide what type of business you want to start. Do you want to sell products? Are you going to provide services? Will your new business rely on the internet or in-person transactions? Once you know what kind of business you want to start, it’s time to get moving.
If your business will rely on sales, then you’re going to need inventory. If that’s the case, sourcing and buying from wholesalers is the way to go it’s cheaper than retail, and there are plenty of options available online.
1. Find Customers
After identifying the services that you want to provide, you need customers who are willing to pay for them. This can feel overwhelming at first because there are so many options out there! But don’t fret—we’re going to break down some of those options into manageable chunks so that they’re easier digestible (and easier for us all!).
2. The Name And The Brand
First off, name your business something that’s easy to remember and says something about the brand. The best branding is memorable and tells people what they need to know about what your company does—without having to explain it.
Second, be sure your brand looks good visually. If you don’t have a great logo or style guide, it’s time to make one. You want customers to look at your branding and feel excited as soon as they see it.
Interested in the journey of someone who took the leap from a stable job to freelancing? Learn from the experiences of one individual who shares their story on why they quit their full-time job to start freelancing. Their insights might inspire you to take the next steps in your career.
3. The Business Structure
Set up the structure of your business and get everything organized before you start making products or services to sell. There’s nothing worse than having a finished project and then realizing you don’t have anywhere to put it!
4. Register Your Business With The State
Registering a business name is important, as it allows you to conduct business under that name in all 50 states and gives you exclusive rights overusing it so no one else can use it without permission from you first! If someone else has already registered their name with us they will have priority over yours, so make sure they don’t! You must file an application within 30 days after filing an application online
5. You Might Need A Website
You’ll also need a website for your new business if it will be online-driven. While some people choose to use free templates like Wix or Squarespace (and there’s nothing wrong with that!), if you want to stand out from the crowd a little bit more, then consider hiring a developer to create a unique website tailored specifically for your brand.
6. Define Your Business’s Unique Value Proposition (UVP)
Another important step in starting a side hustle business is defining its unique value proposition (UVP). The UVP should be the main reason why customers choose your business over the competition. For example, if you run a coffee shop, then one of your value propositions could be that all of your coffee beans are locally sourced from farms within 100 miles of the shop. This makes you stand out from other coffee shops because most coffee chains don’t offer this option.
7. Identify The Biggest Challenges You’ll Face And Prepare For Them
The biggest challenges that come with starting a side hustle business are lack of time and money, too much information and analysis paralysis, as well as self-doubt and fear. You can overcome all of these challenges by using your why as a guiding light—that’s what will keep you motivated when things get tough.
8. Don’t Forget To Do Your Taxes
Make sure that when tax season rolls around, you’re ready for it—you don’t want to be scrambling to find receipts or expenses when you’re supposed to be filing them away!
If you’re contemplating freelancing, a well-prepared start is essential. Dive into a beginner’s guide for getting started freelancing to gain valuable tips and knowledge for entering the freelancing world with confidence.
Advantage Of Starting A Side Hustle Business
Here are 6 advantages of starting a side hustle business:
1. Gain More Experience
If you’re looking to get more experience in your field, or even if you just want to try out another field entirely, launching your own side business is the perfect way to do it. You’ll get the chance to try new things and learn from them without being tied down to one specific job. And best of all? When you’re running your own business, you have the chance to make your own schedule, so you can still bring in an income while also getting more experience under your belt.
2. Learn New Skills
One of the best ways to develop yourself professionally is to try something new, and you will get plenty of opportunities to grow as a leader when you start your own business. You can identify gaps in your knowledge and then take classes or read books on those topics to fill in those gaps. Not only will this help you become a better manager, it will also make you happier and more confident in your abilities.
3. Meet New People And Develop Relationships
When you start a traditional business, you’re pretty much stuck with your family and friends. That’s great in some ways, but it’s also nice to get outside your circle sometimes. And when you start a side hustle, that’s exactly what happens. You get out of your comfortable little group and meet people from all walks of life—people who can help you grow in ways that wouldn’t have been possible if you hadn’t started your side hustle.
4. Generate A Second Income
Many people stay in jobs they hate because they need the money. But if you start a side hustle, you can make money doing something you love and then use this money to pay off student loans, credit card debt, car payments, a mortgage, or anything else that is keeping you stuck at a job you hate.
5. Improves Problem-Solving Skills
Running a business of any kind, no matter how big or small requires solving problems every single day. When you’re running your own business and wearing all the hats in that business, it’s even more true!
6. Get Out Of Debt Or Save More Money
You can use your side hustle to pay off debt, build up an emergency fund, or save up for a big purchase like a home or car. Or maybe you want to take a vacation, but aren’t sure how you’ll pay for it.
The Disadvantage Of Side Hustle Business
Here are 8 disadvantages of starting a side hustle business.
Curious about the emotions and challenges freelancers face during their journey? Read about what it feels like to become a full-time freelancer to understand the highs and lows that come with embracing the freelance lifestyle.
1. Your Job May Suffer
Starting a side hustle business is great, but it may mean you have less time for your full-time job. If you’re not careful, this can lead to poor performance at work which might get you into trouble with your boss.
2. You’ll Need To Find Gigs And Clients
Unlike a 9-to-5 job, you’re not going to wake up and have work waiting for you. You’ll need to get out there and find the work yourself. This takes time and energy that you might not be ready to give up.
3. You’ll Need To Manage Your Time Wisely
If you decide to start a side business, you’ll have to be able to manage your time wisely. And that can be difficult if you already have a full-time job, as well as other commitments such as family, friends, and hobbies. You may need to learn new skills, such as how to say “no” and stop procrastinating in order to make this work for you.
4. You Could Lose Interest In Your Day Job
The stuff you have to do every day at your regular job might seem twice as boring when you compare it to the exciting new venture you’re working on.
5. Your Work-Life Balance Could Suffer
You have to find time to work on this project outside of your full-time job, which can be challenging. At times, it can feel like you’re working two full-time jobs at once, which can take a toll on your mental and physical health. This is especially true if you don’t have a plan for how to manage your time, but even those with the best plans can end up falling behind.
6. It Will Take Some Investment Upfront
Whether you need to buy inventory or pay for web hosting or advertising, there will be costs associated with getting your business off the ground.
7. You Might Fail
Failure is a natural part of any endeavor, but it can be especially painful when you’re first starting out. You might set up your business only to find that no one wants your product or service—and that can be really discouraging!
8. Your Income Will Be Unpredictable
There is an element of unpredictability to your income when you’re starting out. It’s not easy to predict how quickly your business will take off, and how much money it’ll make. You’re starting with no customers and no reputation, and it takes time to build both.
As you venture into your side hustle, you might need to outsource some tasks. Check out the ultimate guide to hiring a freelance writer on Upwork to ensure you make informed decisions when seeking professional writing services.
Takeaway
While it’s true that freelancers are able to work from anywhere with anyone, this doesn’t mean that freelancers shouldn’t still have their own business or be in control of the business side of things. Being a freelancer is only one aspect of being an entrepreneur. Freelancing can be nice for those who are looking for flexibility, though if this is why you became a freelancer, be sure to also prepare yourself properly so as not to lose sight of your future.
Further Reading
Side Hustle Ideas: 50+ Ways to Make Money on the Side Learn about various side hustle ideas to explore additional income streams and achieve financial growth.
44 Ideas for Starting a Side Business Looking to start a side business? This article provides 44 creative ideas to get you started on your entrepreneurial journey.
Top 15 Freelance Business Ideas for Beginners Discover 15 freelance business ideas that are perfect for beginners aiming to succeed in the world of freelancing.
FAQs
What will I do if I don’t have any customers?
If you don’t have any clients yet, consider these steps:
1. Try reaching out to your network. You probably know more people than you think!
2. Think about other ways to get the word out—try posting what you do on social media, or write a blog post about your services.
3. Join a coworking space where you can meet other professionals looking for your services!
Is it hard to start a side hustle?
It can be! The best thing you can do is to find something you’re good at and that people are willing to pay you for, and then focus on that.
Why should I start a side hustle?
Side hustles are amazing because they allow you to develop your creativity and earn money at the same time. There’s no pressure—you can quit if you want to, or change course if something isn’t working. And you get to learn new things about yourself and what it takes to make your dreams happen.
How do I manage my time between my full-time job and my side hustle?
This can be tough! The best idea is to consider how much time you realistically have available after your full-time job, and then figure out how much of that time you want to spend on your side hustle. Schedule it just like any other appointment in your calendar, so it’s a commitment that you keep.
What should I do if I want to quit my full-time job and work my side hustle all day long?
Don’t do it too quickly! What we recommend is to take some time to understand your new business and if it is worth you quitting your day job.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.