The Money Coach

5 THINGS YOU MUST DO TO TURN YOUR SIDE HUSTLE IDEA INTO A BUSINESS

Wed, 12 Dec 2018 08:05:45 +0000

If you’ve ever tried to turn your side hustle idea into a viable business and not managed to reach the finish line, you are not alone. The truth is that a lot of people want to quit their 9 to 5 but not a lot of people actually do it!

To put things into perspective, I recently saw a statistic that shocked me. Roughly 82% of people who start a business, fail within four years because of cashflow problems!

But WHY is it like that? Why is it so hard to make enough coin to make your side hustle your main thing?

I’ve worked with tons of people and pretty much all of them struggled with what I call Failure to CEO Syndrome. The Failure to CEO syndrome is something all side hustlers tend to experience and it goes a little like this:

I absolutely love doing X!

So, I’m gonna turn it into a business.

Ah! I need to figure out how much to sell this for. Lemme see what other people charge.

Oh! Let me get some inspiration from this influencer!

Geez, I think I read somewhere I need some branding!

Oh wait! FB ads is what I’m missing.

So, you start thinking about planning again but don’t have a clue where to start.

Seem familiar? This happens a lot, especially for side hustlers. What can you do about it? I’ve got 5
things you can do right now if you want to make your side hustle your main thing.

STOP looking at what everyone else is doing.

I get it. You’re not familiar with how to navigate the entrepreneur space. You see some people that look like that have their stuff together. So, you want to do what they’re doing or better yet you want to buy what they’re selling. Because it’s going to change your business. There’s a difference between inspired action and inspired procrastination. If looking doesn’t inspire you to take coin collected action, stop looking.

Build a team of advisors to help you stay in growth mode.

(Some you may need to pay for)

Develop a solid business plan.

Let’s be honest, if you don’t have a plan to make a profit in your business, you have a hobby. Ensuring that your business makes a profit requires planning.

Know your magic number – the number you need to hit to quit your 9 to 5.

Next to profits, the magic number is BAE (Before Anything Else). This number makes everything else makes sense.

Monitor the numbers that matter.

Every business is different, so the numbers that matter will be different too. Here are three common numbers that matter in every businesses: 1) your break-even point, 2) economics of one unit and 3) the operating cash flow.

If you do those 5 things, your side hustle WILL become your main thing. It’s a process I’ve taken new and seasoned side hustlers through and every single one of my clients end up making more profits by following my process and working with me personally.

Sure, you can do this alone but if you are really serious about making your side hustle your main gig, you can’t keep doing the things you’ve done before. You must try something different if you want to stop the Failure to CEO syndrome.

Sign up to beta test my Do More: Procrastination to Planning live masterclass. It’s my exclusive training for side hustlers ready to make fast forward progress toward kicking their 9 to 5 to the curb.

Need a side gig to start with? Check out this article of 50 Ideas for a Side Hustle.

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Hello world!

Thu, 08 Jun 2017 20:42:17 +0000

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Don’t miss our next event

Tue, 10 Mar 2015 09:57:52 +0000

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A day at the office

Tue, 10 Mar 2015 09:56:38 +0000

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Just a simple post

Tue, 10 Mar 2015 09:53:01 +0000

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