How to Start a Business: The Side Hustle Route
I shared simple steps to transition your side hustle into a full-time business. In this article, I am providing you with a guide for implementing the side hustle to full-time business steps.
If making the leap from side hustling to running a business full-time seems overwhelming, remember the saying, “Eat the elephant one bite at a time” when dealing with a large task, goal, or project.
- Industry & Market Research
- Sales and Marketing
- Financial Management
Function as a Business in 120 Days or Less
The following 120 Day Plan will help you implement essential business principles “one bite at a time” and below I’ve provided a 30-day planning outline for research, sales and marketing, operations and financial management.
The links to my previous articles in this series are below. I recommend you read them to put things in context.
Next, complete the 30-day planning outline for each business principle. Once you have completed the weekly tasks, your side-hustle will then have a business structure.
30-Day Research Planning
Week 1 – Create your research plan.
Week 1 – Conduct primary research (business owners, industry experts)
Week 2 – Primary research consumers
Week 3 – Secondary research industry
Week 4 – Secondary research market
30-Day Sales & Marketing Planning
Week 1 – Define sales & marketing goals
Week 1 – Define customers
Week 2 – Create marketing messaging
Week 3 – Create a sales & marketing plan
Week 4 – Implement sales & marketing
30-Day Operations Planning
Week 1 – Define Operations
Week 2 – Research apps, productivity tools, etc.
Week 3 – Research apps, productivity tools, etc.
Week 4 – Research apps, productivity tools, etc.
30-Day Financial Management Planning
Week 1 – Record revenue and expenses to date
Week 2 – Calculate the gross profit margin
Week 3 – Create cash flow projection
Week 4 – Set up a system to track revenue and expenses
In the final article in the series, I will show you how to create and execute your new business plan. Look for it soon!