Many hobbyist paths lend themselves to entrepreneurship, though the journey from side hustle to lucrative business can take time. The good news is, if your passion is a hands-on trade like cosmetology, there are countless ways to turn what you love into a career path. Regardless of your career of interest, consider this advice from Pink Banana Biz to get started!
There’s No Shame In Dabbling (or Side Hustles)
Launching your dream solo business as a side hustle is an excellent start. You can trial-and-error your way through the early business building and learn what works. Nasdaq confirms that one in three Americans has a side hustle, but how many are turning that hustle into a full-time business?
As you build clientele (and income), you can shape your business according to your vision. Also, working even part-time on your goals will offer a sense of accomplishment. There’s nothing like a payoff, large or small, to encourage you to keep pushing toward the next big goal.
Develop a Professional Online Presence
In any industry or niche, a professional online presence can elevate your business to the next level. If your creative strengths lie outside the digital realm, it makes sense to outsource this critical task.
Hiring a web designer ensures you’ll have a professional and user-friendly website. The great news is that you can find an affordable web designer through online job platforms. Review candidates carefully before hiring; look for reviews, references, and examples of completed jobs.
Level Up Your Planning and Project Management
Whether you’re working solo or hiring a team, project management will eventually need an upgrade. Software options like Trello and Zoho Projects let you plan remotely, automate tasks, and color-code crucial details. You can also assign work to your team — or set reminders to DIY your tasks.
It turns out that 84 percent of small businesses use at least one major digital platform. In your business, that could be appointment scheduling software, a mailing list platform, or even social media. Learning to harness technology can help make your business more efficient — and it can make you look more professional, too.
Supplement Your Experience with Formal Education
A 2020 study by the Kauffman Foundation for Trends in Entrepreneurship found that 51.4 percent of entrepreneurs have at least a bachelor’s degree. While a degree isn’t a requirement for entrepreneurial success, a professional credential could set you apart. And if you’re open to earning your business degree online, here’s a good option that gets you the knowledge and skills you need while allowing you plenty of flexibility so that you can learn at your own pace.
Remember, you already have a ton of valuable experience and industry know-how. Consider that a professional development course could confirm and reinforce those skills to your customer base and even teach you something new. As a project management guru, for example, enrolling in a professional development course on Scrum aligns with your strengths. Then, you’ll come away with an assessment that validates your skills and reassures your clients that you’re an expert.
Check All the Legal and Regulatory Boxes
Working for yourself can be rewarding, challenging, and lucrative. But a crucial difference between entrepreneurship and working as an employee is that you are responsible for meeting legal and regulatory requirements.
There are also tax implications for self-employed professionals, which can vary by industry. For example, many self-employed professionals can write off business expenses, effectively earning a tax “discount.” However, all self-employed workers are subject to federal tax requirements. Make sure to account for taxes and pay them on time to avoid penalties.
Growing a business takes time, effort, and dedication. Yet there are many ways to make life easier and entrepreneurship more lucrative. From adding to your skillset with professional development courses to employing technology to work for you, working smarter doesn’t always mean working harder. But the best advice for any entrepreneur is don’t wait — put your passion and business prowess to work now for a big payoff later.
Pink Banana Biz doesn’t ask your customers to come to us. Instead, we take your message to your customer, interacting with them where they engage most, on Twitter, TikTok, Instagram, Facebook and more. Call 323-963-3653.