3 ways to turn your side hustle into a full-time job

Everyone wants a side hustle or two these days. Not only is money tight, but so are great opportunities; Inspired by the ease of online culture and the gig economy, it seems like a no-brainer for them to capitalize on. If you are reading here entrepreneur, you probably already have a side hustle or have a great plan. 2022 is behind us, so it’s time to consider what you want to do in 2023 Why not plan to make your side hustle more profitable, or even turn it into a full-time gig, be your own boss or start your own business?

Last year, a freelancer friend of mine, who already had a full-time job of her choice, decided to ditch the usual “lose weight, eat healthier, exercise more” resolutions and instead plan to take her freelancing to the next level. In 2022. He incorporated as an LLC and is now a small business owner (with some tax breaks), new and repeat clients, lots of projects on the horizon, and one employee. By breaking down the steps month by month, he could accomplish all of this without feeling bombarded by to-do lists.

Let’s consider what you can do with your side hustle in 2023.

Related: Start an Amazon Side Hustle and Make Extra Money

Make it a full-time business

Now, this is a big step that you probably won’t dive into right away. We don’t want to put your finances at risk or quickly throw you to the wolves. But what is the resolution for that? It’s not about changing from a side hustler to a business owner overnight; Your resolution may involve starting (or finishing) the steps necessary to make that business dream come true within the next few years. Considerations:

1. Do you really want to start a business? Do you love this job enough to do it every day? When I started my company, Hollywood Sensation Jewellery, my “why” — offering affordable, beautiful jewelry to inspire confidence in women — kept me going. Resolve to find the “why” behind your goals to see if it’s powerful enough to carry you into business ownership.
2. Can you make a living with it? Take a careful look at your finances, including benefits like vacation time and health insurance, and make sure your side hustle can eventually cover those bases. A good resolution is to draw up a business plan.
3. Are your finances in order? If you want to move into full-time freelancing or small-business ownership, you need to have a good understanding of your financial situation before taking on a second level of financial responsibility. Resolve to get your money in tip-top shape, pay off heavy debt, or organize a monthly budget so you know where all your money is going.
4. Can you upgrade your side hustle to the point where you can earn a living from it? Perhaps you need to shore up your skills and training. It’s a wonderful resolution – vowing to take a class or earn an accreditation or certificate.
5. Are there networking opportunities that will build your customer base? Join associations and online groups, spruce up your LinkedIn profile, and decide to make a certain number of connections each week or month.
6. How can you promote your freelancing? Join an online freelancing service like Fiverr or Upwork and build a portfolio of projects and clients who know you do good work. Building your brand on a site like this can take several months, and at first, making money takes a backseat to building a reputation, so it’s a great idea to start long before you jump from the side full-time. Making a couple of excellent connections can be great things. Resolution idea: Join a service, create a profile and apply for a certain number of jobs per day.

Related: 8 Easy Virtual Side Hustles for Extra Cash

3 Ways to Make Your Side Hustle More Profitable

Maybe you love your full-time job and your side hustle is just that. That’s right! You can still increase profitability and enjoy the growth of that additional income stream. Bonus: These pointers also work for anyone planning to go full-time, freelancing, or a small business.

1. Learn to market yourself. I can’t stress enough the importance of building a brand from scratch, but it doesn’t have to cost you. Marketing scales, and there’s a lot of great, free advice out there about it. Get online, and make sure your website and profiles are current and attractive. Take advantage of every bell and whistle available, like linking to your videos so customers can get to know you. Ask your current customers for reviews. Create a YouTube channel, connect to LinkedIn and network. You’ll be surprised how well people respond when you put your personality on your profile. Resolution Ideas: Update your profiles weekly, create an intro video or contribute regularly to relevant discussions.
2. Learn to manage your time. We’re all guilty of time-gobbling activities (second-watching, anyone?). If you’re serious about leveling up your side hustle, start with a resolution to figure out how much time you can spend doing it. It can be difficult; This means writing down what you do throughout the day and for how long, then being honest about how much you can change. Then take it slowly. Commit to spending a certain number of hours each week on your side hustle, then try to increase that number by one more hour each week. Mind your health and sanity – no one expects you to work 24/7. It’s about spending your time wisely, and if you love your side hustle, those extra hours can feel really great.
3. Look into increasing passive income. That’s the pot of gold at the end of the rainbow. Passive income can come from just renting out property or space you own, or it can mean you’ve done your part, but the profits keep coming. Can your side hustle afford an opportunity like this? For example, if you have the skills, you can write a book, create an online course, or post online how-to video series that attract enough viewers for advertisers. This is an exciting field where creativity is welcome, so resolve to discover where your passive income stream lies.

I hope this has inspired you to use the tradition of resolutions to jumpstart the next important steps in your side hustle. I wish you a happy, healthy and hustling New Year!