Are you one of the millions that are ready to join the great resignation? If you have a side hustle, that could be your ticket out of the corporate world and into solopreneurship.
Charles Alexander is a small business coach who focuses on helping entrepreneurs get focused so that they can beat the odds of small business failure. If you are ready to learn how to take your side hustle and turn it into a full-time business then press play now.
You will want to hear this episode if you are interested in…
- How Charles got where he is today [1:22]
- How to switch from side hustle to full-time [9:00]
- What causes businesses to fail [16:31]
- Create leads [23:40]
- Start cheaply [36:48]
- The money questions [41:35]
Follow these steps to turn your side hustle into a full-time business
If you are ready to take your side hustle to the next level, you need to focus on making sure your business will succeed. Listen to Charles Alexander explain 5 tips that will help you turn your side gig into a legitimate small business.
- Set a goal – where do you want your business to take you? Make sure that you have a measurable goal in place. If you can’t think of one, then replacing your current income is a good starter goal.
- Get your finances in order – Before jumping into full-time solopreneurship, make sure that you have a personal budget in place so that you can create your cash flow projection. You need to have a strong understanding of your finances before you can quit your full-time job.
- Communicate with your family – Before unexpectedly dragging your family into your dream, make sure they understand what you’re getting them into first. Small business owners often forget to communicate their plans with family which can lead to issues. Honestly communicate with your loved ones to let them know how you plan to reach your goals and what sacrifices may need to be made along the way.
- Don’t start without a plan – You wouldn’t begin building a house without a set plan, and you don’t want to start your business without a plan either. Lack of planning is a major reason that many small businesses fail.
- Treat marketing as a priority – It is important to find your niche so that you can find the right way to connect with your potential clients in a way that speaks to them. Once you identify your niche it is time to start finding clients. 25% of your time should be spent on marketing. To ensure that you are spending enough time on marketing, schedule this time on your calendar.
- Delegate effectively – Delegate anything that you don’t enjoy doing so that you can focus on your priorities and make money. Create a system flow with clear explanations so that you can hire someone else to take care of the task. With clear instructions and a set time to do it, you can clear your plate so that you can focus on making money. Listen in to hear how you can effectively delegate tasks that you don’t want to be doing.
Resources & People Mentioned
- BOOK – The Solopreneur’s Money Manifesto by Gabe Nelson
- BOOK – The Happiness Advantage by Shawn Achor
- BOOK – The Millionaire Next Door by Thomas J. Stanley
- Episode 10 – Create a Morning Formula to Supercharge Your Life with Buddy Rathmell
- BOOK – Miracle Morning by Hal Elrod
Connect with Charles Alexander
- YourCharlesAlexander.com – Make sure to grab the ‘How to Turn Your Side Hustle into a Small Business’ Checklist
- Your Charles Alexander on LinkedIn
Connect With Gabe Nelson
- FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
- EMAIL: Gabe (at) GabeNelsonFinancial.com
- Follow Gabe on LinkedIn
- Follow Gabe on Twitter: @GabeNelsonCFP
- Follow Gabe on Facebook
- Follow Gabe on Instagram: @GabeNelsonCFP
Subscribe to Solopreneur Money
Audio Production and Show notes by
PODCAST FAST TRACK