SMEs make up over 90% of the business sector in the UK, and 64% of the UK’s labour force wants to start a business. If you’re one of the 64% who’s looking to start a business and you currently have a side hustle that you think you could turn into something profitable, we’ve got the tips you need.
Get your finances sorted
Before you quit your day job, you’ll want to make sure you don’t have any major debts and that you have enough saved up for at least six-12 months’ of personal expenses. Creating a financial forecast will help you secure a business cash advance if your side hustle looks like it could make a profitable business venture.
There is no “right time”
If last year taught us anything, it’s that there is no ‘right time’. Last year thousands of people lost their jobs overnight, leading many to take the plunge and set up on their own business after years of waiting for the elusive ‘right time’.
Starting a business can be scary and if you succeed in an economic downturn, the only way is up! The adage of feeling the fear and doing it anyway, really does apply to taking the plunge with your side hustle.
Business admin takes priority
Just like your current 9-5 has its admin elements, so too will your side hustle. Being prepared for the boring stuff, the form filling, and keeping track of your accounts is imperative if you want your business to be profitable.
Make it look professional
Even if you’re still working out of your garage your customers don’t need to know that. Make your business look professional to the outside world and they’ll take you seriously as a business. An online presence is essential and setting yourself up on a review site like TrustPilot goes a long way too. Studies suggest that 91% of 18-34 year olds trust online reviews as much as personal recommendations.
Accept there will be ups and downs
It can be tempting to see leading brands and think they had overnight success, but when you make your side hustle your full-time business, you’ll soon realise there’s no such thing. There will be ups and downs and you may even have to change direction a few times before you really hone in on your business idea, but you will get there – so celebrate the wins and learn from the losses.