Ready to be your very own boss? Here’s how to transition from half-hearted “wantrepreneur” to a successful entrepreneur.
Whether you’re looking for a big career change or chasing lifelong dreams, embracing the side hustle can help get you there.
What’s a side hustle? It’s essentially your second job or freelancing. Sure, it’s not easy. You’ve got to make it work. Embracing the side hustle takes long hours and dedication. After all, you’ll be working on your side hustle after you’ve already put in your normal hours at your routine job. Keep your eyes on the prize and keep moving forward.
One way to progress is by starting small, with baby steps. For example, if you’re a writer but working in sales, you can start small by freelancing. Through freelancing, you can build your portfolio and network with clients at the same time. Eventually, your byline will grow and so will your professional network.
Although you should note that anytime you’re in business for yourself, you’ll have to pay taxes on your untaxed projects. It’s a big wake-up call for a lot of freelance entrepreneurs. Instead of asking yourself, “when is my refund coming,” there is a very real possibility that you owe the IRS. Plan ahead. Experts from the financial website the Billfold cite that the average freelancer’s taxes will amount to about 15 percent of their annual income. Start saving your pennies now.
Turn Your Hobby Into Dollars
Are you an expert baker? Maybe you love to snap photos. If you’ve got a hobby and you’re always working on a side project, turn that hobby into a lucrative career. According to U.S. News and World Report, photography, cooking and baking, writing, pet sitting and even bookkeeping can easily be turned into a second, or perhaps even full-time careers.
However, you have to be careful. You remember the old saying “You’ve got to spend money to make money,” right? At the start, you may have to invest in supplies, materials, product shipping costs, storefront rent or a website designer for an e-commerce site depending on your business goals and demands. These businesses expenses add up.
And while turning a hobby into a career can work for some, be cautious. It can take a while to take off. Consider launching your self-owned business as a side gig, rather than jumping in full-time. Once you’ve saved up, paid for business expenses and established an income, you can go gung-ho.
Work for a Company That Aligns with Your Values
Maybe going into business for yourself right now isn’t an option. Whatever the reason, that’s okay. You’re still allowed to chase your dream. In the meantime, search for a job or career with a company that shares your same values.
Choose a company or organization that gives back to the community or does good for others. You’ll feel good about what you’re doing every day. Plus, you can rest assured that you have a sense of security when you’re working for an established company, with consistent paychecks, benefits and more, which you may not have when you first go into business for yourself as an entrepreneur.
Do you have a hobby that could be turned into a full-time career?