Side hustle

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Promoting your product on social media can seem like a difficult undertaking. Here are the ways you can effectively use these digital platforms for marketing.

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Most businesses use social media for marketing these days. Social media marketing allows businesses to reach their target audience and promote their products or services on various social media platforms.  

However, setting up an account on social networks and creating content is not enough. Marketing on social media is highly competitive and constantly changing. If you are a business looking to market your products, you must implement creative strategies for social media marketing to be effective. 

 Here are a number of ways you can promote and sell products on social media networks. 

Fill out all the details on your social media profile 

You should include the complete details about your business or product when signing up for social media accounts. 

For example, your Facebook page must include all contact details, store addresses or relevant links to your product’s website. This strategy should be applied to all social media accounts that your brand is on. 

Having complete details on your social media account will give consumers who are interested in your product access to more information about the brand and how it can add value to their lives. 

It is also important to practice cross-promotion on your accounts. On your Facebook page, link your social media accounts on other platforms such as Twitter and Instagram. On Facebook, you can add your social media handles in other accounts on your banner picture. 

If you have a physical store, make sure that customers are informed that you are active on social media. Get your employees involved. Ask them to promote your social media accounts to walk-in customers and to discuss the benefits of following your account. 

Run social media ads

By creating social media profiles, it is easier for customers that are initially interested in your product to find you on social networks.

However, the competitive nature of social media marketing has made it difficult for businesses to sustain their online reach. Changes in algorithms in social media networks such as Facebook, Instagram and Twitter have also affected marketing in these digital platforms. 

In 2018, Facebook announced that it changed the algorithm in the social media network on what content will be shown in users’ news feeds. The company expressed its desire to focus more on “connecting people and less about consuming media in isolation”. This meant that businesses have to implement strategies in order for marketing content to become more visible for target consumers. 

An effective strategy to improve your business’s organic reach (how many people you can reach by posting in your account for free) is to pay for social media ads. For example, paid Facebook ads can help you boost views on a post. This will increase the engagement on your page and bring your product more leads, which can be converted to sales. 

It is also important to ensure that the social media ads run by your page are shown to your target audience. You can take advantage of the analytic tools provided by social media sites that will help you reach users that may exhibit a pattern of online behaviour, interests or likes that may be in line with your target audience.  

Host contests on social media 

Conducting contests on social media networks is a good way to generate interest in your product. It will also allow you to promote a certain product without having to pay for advertisement.

Contests on social media platforms should be engaging. Make sure that the contest will be accessible to all interested individuals. It can be as simple as a giveaway contest. Giving free products or services usually catch the attention of your current followers or any new customers and will encourage them to join.

Here are some examples of effective Facebook and Instagram contests you can run: 

• “Follow us”/ “Like us” and share contests
• Photo or user-generated content contests
• "Tag a friend in a post" contest
• Generate a hashtag contest 

Establish confidence through product reviews

Recent studies show that product reviews have a big impact on how potential buyers view a product. According to the Spiegel Research Center, almost 95 percent of consumers read online reviews before purchasing a product. 

 Positive reviews and testimonials from existing customers are the best way for interested buyers to be more informed about what you are selling. They also serve as social proof that can build up confidence in your product. 

You can establish consumer trust in your brand by posting photos of your customers using your product. Some brands post user-generated stories and videos on how their product positively affected a buyer or user. 

Give deals and promo codes 

Sharing deals and promo codes to your social media followers can help drum up interest in your product. 

Provide deals that are exclusive to your social media followers to build up brand loyalty and strengthen your bond with them. 

You can also run flash deals that are time-limited or will only be available on certain platforms, such as in links in Instagram stories or in a Facebook post. Some brands offer personalised discounts on birthdays or create special promos for specific holidays. 

These special deals for social-only followers can help keep them engaged and interested in the content you provide. It also allows you to target a part of your followers depending on what kind of deal or discount you are offering. 

New customers attracted by your discounts may also repurchase your product and help promote it with their positive feedback. 

To learn more about digital marketing, explore nestegg today!

  

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Promoting your product on social media can seem like a difficult undertaking. Here are the ways you can effectively use these digital platforms for marketing.

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Selling your unwanted items is a practical way to declutter your home and earn extra cash at the same time. 

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Selling stuff has come a long way from garage sales in front lawns. There are a number of online sites and apps that can now be used as a digital marketplace to sell your items. 

Below are tips on how to sell your items online.

Make a list of the items you will sell

 Make an inventory of all items that you are planning to sell online. Determine if the item is in good condition and has value. Some popular items to sell include collectibles, exercise equipment, furniture and electronics. 

After selecting the items you are going to sell, you need to make sure that there is a market for them. Check online marketplaces if there are buyers looking for the items you are planning to sell. 

Another way to check if your items can be sold is by tracking similar listings on marketplace websites. If the items are quickly sold and listings are closed at a reasonable pace, you can be assured that your items are in demand. Higher demand will also mean that you can ask for a higher asking price than the average. 

Know the value of your items 

Be aware of the expected market prices of your items. Check some listings for the type of items that you are planning to sell. 

By knowing the price band of your items for sale, you will have an estimate of the total money you can make. It will also help you determine the next set of items that you can sell. 

Choose where to sell your Items

Selling stuff online can be difficult if you are not familiar with the different websites and apps where you can sell them.

These are the main factors to consider when deciding where to sell your items.

• Reliability – First, you must determine if the website offers all the services that you are seeking. Look for an online marketplace that is easy to navigate and use. It is also important that the website can be customised according to your preferences. Another factor to consider is if it provides proper customer support that can help you to deal with technical issues and queries relating to the website. 
• Cost – This refers to the fees collected by websites and apps when you list your items on their platforms or join as a member. Major websites, including Amazon and eBay, charge bigger fees but have a high traffic rate. If you are looking to quickly close a sale, these are the websites you should choose. If you are aiming to get a bigger profit from your sale, you can opt for a smaller website or free apps that charge lower fees. 
• Customer base – Another thing to consider is how many active buyers and sellers utilise a marketplace. A bigger customer base means more potential buyers. On the downside, a larger site or app will also mean a more competitive market. 
• Target market – Choose an app or website with the type of audience that will be interested in your product. You may use a marketplace that can sell any items or a site that has a specific target audience. You will also need to consider if the site provides buy and sell services at a local or international level. 

After taking these factors into consideration, here are some of the leading websites and places where you can begin selling: 

Facebook Marketplace and groups

Facebook Marketplace is a digital marketplace where users of the social media network can buy and sell items. You will only need to have a Facebook account before you can access this feature. 

There are no listing, membership fees or transaction fees on this marketplace. However, Facebook Marketplace does not have an established payment system. You will need to reach an agreement with a buyer on the payment method you are going to use for your transaction.  

Another way to sell items on the social media network is by joining Facebook groups. Join relevant groups and post your item listings so you can sell to members. For example, if you are looking to sell your used clothes and shoes, you should look for groups that are interested in second-hand fashion items. 

Due to the lack of a built-in payment system, transactions on Facebook Marketplace and groups pose some risks. While you can choose to have your items shipped, transactions on the site are mostly local and will require sellers to do face-to-face pick-ups. If you are looking to sell your products to international buyers, it might be better to choose another website. 

The site also does not provide seller protection like other sites, so you need to be careful of scams. 

 eBay

There is a lot of upside by choosing to sell your items on eBay. It is one of the world’s biggest online marketplaces, allowing you to sell your product to a global audience. With its wide range of product categories, eBay allows sellers to auction and sell almost anything except illegal or prohibited items.  

You can choose to be an individual seller or open up an eBay Store when you register for an account. Registration is available to anyone that has a credit card and will not require any fee. 

One major disadvantage of selling your items on eBay are the numerous fees the platform charges its users. This includes subscription fees, listing fees, final value fees and PayPal transaction fees. 

Amazon 

Like eBay, Amazon is known for being one of the biggest online marketplaces in the world. It has a wide range of product categories and even offers its own shipping service.

Amazon has marketplaces in a number of countries globally, which can help you sell your product to a bigger target audience. 

You can choose from two selling plans when you register on Amazon. You can “Sell as a Professional” or “Sell as an Individual”. Sellers are charged fees to be able to list their items on the platform depending on their selling plan. 

Under the Individual selling plan, Amazon receives 99 cents per item plus a referral fee, which is a percentage of the item’s total price. If you are selling media items, including video games and movies, Amazon will charge you an additional closing fee. 

The Professional selling plan requires sellers to pay a monthly subscription fee but removes the required 99 cents per item charge. 

Due to its popularity, Amazon is also a very competitive marketplace that will require you to put in extra effort for your product to be noticed. 

Bonanza  

Bonanza is a general online marketplace that provides a platform for sellers to connect with buyers globally. It boasts of being a “seller-centric” site where you can sell virtually everything. Signing up for an account is free and there are no listing fees on the website. 

Setting up a seller account or ‘booth’ on Bonanza is simple, and the site’s interface is user-friendly. The only mandatory fee on the website is a transaction fee that can be as low as 3.5 percent. 

However, the site’s fee structure becomes complicated as transactions are completed. Closed sales are subjected to several types of fees and charges. Aside from the transaction fees, sellers will need to take into consideration optional advertising and membership costs if they are planning to sell on Bonanza.  

Etsy

If you are looking to sell handmade goods and crafts, vintage items or collectibles, Etsy is the platform you should choose. It has a very specific niche audience and can help you get connected with potential buyers with relevant interests. Creating an Etsy shop is easy and is very easy to manage. The low listing fee is also appealing to sellers. 

 However, only limited items can be sold on the website. With such a specific range of items, the market is highly saturated and it can be difficult for your product to stand out. 

Provide complete details about your items 

No matter which platform you choose to sell your items on, getting buyers to notice your product listing is your main goal. 

Provide good photos of your products. It is also necessary to write a compelling and eye-catching description and title of the item you are selling. If possible, add specific details such as measurements and disclose product flaws. Make sure that the price of your items are competitive and within a determined price band based on the market. 

Lastly, make sure that your items are listed accurately. Being dishonest with your product listing can damage your reputation as a seller and may also hurt your chances of selling your items. 

Be responsive to queries and responses

Speed is important when trying to sell a product. Try to respond as quickly as possible to any  inquiries regarding your product listing. Providing customers with prompt and polite responses will increase your chances of closing a deal. 

Good customer service will also help you retain customers. Follow up on potential buyers and make sure that all queries about your products are answered. 

Stand firm on your prices

Some buyers will attempt to negotiate on the prices of your items. You will likely face hagglers that will pressure you into selling your items for a lower price. 

A way to counter haggling is by listing your items slightly above your desired sale price. This will allow some concessions between you and the potential buyer. However, if you have done your market research and know the correct pricing band for your items, stick to your price.   

For more tips on how you can earn money through side hustles, explore nestegg today!

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Selling your unwanted items is a practical way to declutter your home and earn extra cash at the same time. 

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There are a number of ways to monetise your photography. Below is a complete guide on how you can make money from your photos while showcasing your talent.

Write comment (0 Comments) " ["fulltext"]=> string(8064) "

Whether you are a hobbyist or a full-time professional, monetising your photography may seem difficult at first. 

This complete guide will help you learn about how you can sell your photos online. It will also discuss business ideas that will help turn your dream of earning money from your photography into a reality. 

Sell stock photos  

One of the best ways you can earn cash is by selling your photos to stock photography platforms.  

Despite the intense competition in stock photo sites, the demand for high-quality images is constantly growing. There is also a demand for all types of photos so you will not be restricted to a certain subject. 

There are certain photography genres that are more in demand compared with other subjects. This includes landscape, architectural, wildlife and street photography. You should check which pictures are highly in demand when you choose a certain stock photography site. 

Once an image is uploaded to stock photography sites, it becomes a source of passive income. You will not need to actively update the photos and as long as it is on the stock photo website, it can continue to be an opportunity for you to earn money. 

Popular stock photography websites include Adobe Stock, Shutterstock, Getty Images, iStock, Alamy, Etsy etc. These websites take a cut or commission whenever someone buys and downloads photos you have uploaded. As a contributor, there are also websites that let you take control of your works’ copyrights. Explore which website you think best fits your preferences and will be profitable for you at the same time. 

You can also choose to sell your photos on your own website. If you have your own site, you have full control of your photos. You can set your own prices and you receive 100 percent of your profit. 

Write a photography blog

Aside from producing good images, having a blog is one of the most important steps to take to make money from your photography. 

A photography blog is a good platform to showcase your best images. It will help you connect with your target audience and gain new audiences. Creating a blog will also be helpful in generating leads for your photography business and services. 

Here are the ways you can earn money through your blog:

• Advertisements: Through your blog website, you can advertise products and earn money without putting in too much effort.
• Affiliate programs: You can also collaborate with brands and companies through affiliate programs. Under this program, you will receive a commission for each sale made from promoting their product and services in your blog. 
• Product and gear reviews: If you have built up a reputation in the photography scene, there is a high chance that companies will compensate you for writing reviews about their products. Remember to write honest reviews to retain your credibility.

Companies and brands prefer to work with blogs that have a high traffic rate. Applying search engine optimisation (SEO) strategies to your blog’s website and promoting on social media are good ways to increase the traffic and engagement on your photography blog. 

Sell photography prints and products 

Selling photography prints may be the most preferred method by photographers of monetisation. It allows photographers to fully showcase their talent and has the biggest potential for profit. 

While selling prints on paper may be the most typical way to earn good money from photography, it takes more effort than the other methods. You need to be creative and look for opportunities to sell hard copies of your work. 

Photobooks and coffee tables are photography-based products that you can sell. Before creating them, you must have a specific niche. Having a niche will help you focus on the content that is relevant and consistent with your style. By building your reputation in a particular niche, your book will have more potential buyers. 

Using print-on-demand services like Blurb, Shutterfly and Lulu Xpress are good ways to test the demand for your works. If there is a strong demand for your products, you can choose to invest in increasing the number of books to print. 

After creating your photobook or coffee table, you can contact a local coffee shop or gallery that displays works of artists. Some of these establishments offer to showcase works of art for a commission for every sale made. You can also sell prints to companies or businesses that are looking to decorate their space with pictures. 

Promote and sell your images on social media. If you have an account, your followers might be interested in purchasing printed copies of your works.  

Another way to make money is to print your photos on physical products. Several websites and tools allow you to upload your pictures and print them on materials, including mugs, clothes and calendars. Ensure that the quality of the product is the same as the quality of your photos before mass producing them. 

Create and sell an e-book   

If you are a highly skilled photographer and you are an expert in the industry, writing an e-book is a good opportunity for you to monetise your photography. 

Creating an e-book will require you to undergo a long and difficult process. You will need to provide good content and photos and then sell it online. While it sounds time-consuming, a good e-book can be profitable for many years and can be a steady source of income if properly done. 

Before creating an e-book, understand what type of content to sell to your target audience. Your e-book should be informative and informational. The topic of your e-book should also align with your field of expertise in photography. 

A good book can boost your reputation in the industry, resulting in more brand partnerships and leads for your photography business. 

The success of your first e-book will also increase the likelihood of higher sales for your next e-book. 

Offer photography services 

There are plenty of opportunities to sell your photography as a service. There is a steady stream of jobs such as covering events, product photo shoots as well as fashion model shoots that involves the use of your photography skills for a certain rate. 

Most photographers opt to work as freelancers. If you are just starting out, you can list your service in freelance directories and websites. Freelancing also provides photographers a chance to build their network and meet potential clients. 

When attending networking events, always have a business card with your contact details. It should include a website or social media profile where a potential client can see your work. Your online profiles should be presentable and professional in order to leave a good impression and increase your chances of being hired or booked. 

Promote brands and companies through social media 

Brands and companies have started to realise the power of influencers when it comes to social media marketing. 

Instagram in particular is a good platform for photographers to promote their work. If your social media account has a big number of followers, you can be tapped by brands or businesses to promote their services or products with your photography. 

Work with brands that are in line with your niche. Also make sure that you are genuinely vouching for them and have tested their products personally. 

Conclusion

There are numerous opportunities for you to make money from your photography. Aside from your skills and talent as a photographer, your effort and hardwork will ultimately determine your earning potential.

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Below is a complete guide on how you can make money from your photos while showcasing your talent. 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There are a number of ways to monetise your photography. Below is a complete guide on how you can make money from your photos while showcasing your talent.

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Can you actually make money from surveys? We take a closer look if the rewards from this digital side hustle is worth the time and effort.

Write comment (0 Comments) " ["fulltext"]=> string(6686) "

Answering surveys is a great and easy way to make money online. Survey sites are virtually everywhere. You can earn rewards, cash or gift cards by answering surveys about almost every topic under the sun. You also have the freedom to choose with survey companies you can work with. 

Convenience also makes taking surveys an attractive side hustle. You can work from the comfort of your own home and you can do so in your preferred time.

The main question is how much money can you make from survey sites? Is the work involved worth the earnings from completing surveys?

Why are there online surveys?

You may think that getting paid to take a survey is not a legitimate side hustle. After all, who and why would anyone be willing to pay you for your opinion and thoughts?

In reality, consumer feedback is valuable to a lot of companies. These surveys are usually run by market research companies that are hired by businesses to learn your opinion on ads, products, services and other business-related topics that require input from customers. 

Consumer feedback helps these companies to adjust their products and services before they are released to the public. The information gathered from surveys may also impact the way a new product is developed and how it will be marketed. 

In the long run, the success of a product or a service will mean more profit for a company. This is why companies are willing to give you rewards when you take the time to complete a survey. 

How to take online surveys

If you want to get started with taking online surveys, you will need to do the following steps:

Explore which company to sign up with   

There are many kinds of paid survey sites looking for people to take their surveys. Some surveys include advertising effectiveness surveys, brand recognition surveys, product appeal surveys or surveys about a particular service. 

Make sure that the company you are working with is legitimate and will pay you for your time and effort. Do your research on which sites are scams and which ones are verified, either by other users or by resource websites. 

Aside from research, there are some red flags to look out for when choosing companies to take surveys for. Before you sign up, check the company’s privacy policy in the contract. Some companies gather respondents’ personal information only to sell it to malicious parties. If there is no stated privacy policy or if it says that the company can share your information openly, avoid answering surveys for this website. 

Also steer clear of companies that ask you to pay before answering surveys. Remember that legitimate websites will always be willing to shell out money to get the information they need and they will not ask to be paid.  

Create your profile

You will be required to create a separate profile for every company you complete surveys for. After registering, you will be asked to answer a series of questions. 

It will require some patience, but be sure to fill out each profile as completely and accurately as possible. Each survey is created for a certain demographic, so it is likely that the company will not send you a survey unless you are part of the target sample population that they are aiming to get insights from. The number of available surveys will be based on the type of focus groups market research companies would like to research for. Sometimes, you will receive free product samples to test and review.   

Receive surveys

Majority of survey sites will send you their available surveys through your email address. Some surveys will readily be available for you to take because you are one of their target demographic based on your profile. For other surveys, you will need to answer pre-survey questions to ensure that you are part of their target respondents. 

For some online survey sites, you will need to first-hand test the products and services of companies before filling out the corresponding questionnaires. 

Complete surveys 

On most websites, you will be asked to answer questions to complete a survey. It can be as easy as answering multiple-choice questions or it can be typing out long-form answers to certain questions. 

In order websites, you can earn by watching videos or playing games then answering a survey provided to review them.  

Collect your rewards

The type of rewards you can receive from company survey websites can greatly vary. In some survey sites, your earned points from completing surveys can be used to redeem cash or other perks and rewards. Meanwhile, some companies will directly transfer money to your PayPal account upon completing a survey. Some companies will offer additional incentives if you refer a friend for a survey. 

These steps can drastically differ from one survey site to another. Before signing up, make sure you understand all the processes involved when taking surveys. 

How much money can you make from surveys?

Is taking surveys worth it? How much you make will be based on which companies you sign up with, how many surveys you take, and what demographic you are part of. Monetary survey rewards can range from less than $1 or over $20. However, most survey websites pay in the lower range. Some websites don’t give cash and will only allow you to redeem coupons or gift cards from your earned points. 

While your earnings from taking surveys can accumulate over time, realistically you can’t make a full-time living on taking surveys. The amount of time spent to finish surveys (which can vary drastically from a few minutes to an hour) also makes it unsustainable as a side hustle as it will eat a lot of your time for a small amount of money. At most, the money you earn can leverage your spare time to earn some extra cash which you can use for your hobbies or small investments. 

People who are part of the gig economy recommend looking into side hustles that can help you earn a significant amount of money for your time. It’s better to spend your time on side hustles that are growing in demand and are more profitable, such as being a rideshare app driver or being an Airbnb host. 

Looking for the right side hustle for you? Explore nestegg to learn more.  

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Can you actually make money from surveys? We take a closer look if the rewards from this digital side hustle is worth the time and effort.

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If transitioning your side gig into a full-time business is one of your financial goals, here are tips to make this dream into a reality.  

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Many people dream of quitting their nine-to-five jobs and working on a venture that they are passionate about. A significant number of Australians have taken the first step towards achieving this by taking on side jobs in their spare time. According to the latest figures, over 1 million Australians have taken on “side hustles” or extra work outside of their regular full-time jobs.

A side job (informally known as a side hustle or a side gig) is a type of employment taken on by an individual in addition to their full-time employment. And with the recent boom in the gig economy, it’s expected that more people will take on the challenge of pursuing one’s passion on the side while continuing to be employed in a daytime job.

A side hustle is a financial opportunity you shouldn’t easily dismiss. Dr Steven Enticott, a Melbourne-based expert and entrepreneur, said that many Australians are missing out on opportunities to earn extra income due to myths and misconceptions surrounding side hustles. He said that people “wrongly believe that it’s really hard to get a business idea off the ground and that it can’t be done without quitting your day job and spending bucket loads of money”. 

Starting a side hustle should be no problem if you are really determined to find an additional income stream. Contrary to the popular belief, Dr Enticott added that “anyone can start a side gig in Australia and boost their income”. If you don’t know where to start, you can read about some insanely profitable skills you can learn online here. 

If you’re an Uber driver, graphic designer, a social media manager, or even running a part-time online business, multiple projects can easily turn into your main source of income if you decide to put in the work and the needed hours. 

But for most people, turning their side hustle into a full-time business is a risk they can’t afford to take. While the side-hustle-turned-business scheme isn’t for everyone, the good news is that you don’t have to quit your job and take a leap into the unknown. At least, not immediately.  

The prospect of growing your business from your side gig is intimidating. But it can be achieved with strategic planning and solid commitment. So, what do you need to do to turn your side hustle into your full-time business? Here are some tips.

1. Don’t rush to start your business

A number of people rush to quit their daytime job to be a full-time small-business owner. Experts advise to spend time freelancing first before turning your business idea into reality. On average, side hustlers who became business owners are estimated to have worked in the gig economy  for 19 months before quitting their full-time job, specifically to make their side gig their primary source of income. At this stage, you should focus on earning experience and building up your reputation first before you can make the shift to full-time self-employment. By working on your idea as a side hustle for a few months or a year to gain some traction, you’ll give yourself the opportunity to increase your income to a level that’s the same (or even higher) compared with what your day job is paying you.

2. Make a plan for financial stability

Starting a business requires a significant amount of money. Additionally, it’s intimidating to replace your job salary right out of the gate. A recent survey showed that it took side-giggers-turned-business-owners three years of being a full-time entrepreneur before they earned the same annual income as their last full-time job. To help your transition, you can start by covering one expense at a time with side hustle money. Don’t forget to track your expenses and create a budget to hold yourself accountable. If you’re not good at tracking your expenses, try working with a financial adviser to help you on your journey. 

3. Identify a niche

Businesses are more likely to succeed if they develop a speciality, so try to identify a gap in your target market. Your niche should also align with your interests so you can avoid experiencing burnout. Successful entrepreneurs exhibit high levels of enthusiasm for what they do, and this passion is what helps their business weather difficult times. 

4. Build your brand’s online presence

Not sure if your business idea will pan out? Test the waters by creating a social media account for your side hustle. Not only will this help people know about your product or service, it can also help you build up a solid clientele base. By collecting positive customer reviews and building a loyal network of followers, you will have a good foundation when you finally make that shift from a side hustler into a full-time business owner. To learn more about how you can use social media platforms for marketing your business, read here. 

5. Study, study, study

While you may be good at your side hustle, you need to have basic knowledge of accounting, marketing and branding to run a business. These gaps in your knowledge can result in your whole operation tanking. Do your due diligence by reading online resources or taking courses on these subjects.

Another good idea would be to find a mentor who can provide you guidance and insight. Seek out advice from someone who has experience in your industry or niche. A mentor can help you set realistic goals and hold you accountable. Mentors can also share in your challenges, boost your confidence and help you adapt to change. 

6. Improve time management skills

You should expect to put in a lot of time to successfully transition to going full-time with your business. Prioritise your tasks and create a reasonable schedule. Tackle the workload in small manageable steps. Focus your time and energy on tasks that impact your goals. You can choose to delegate daily tasks outside your core skills to help you with small but time-consuming tasks.

 7. Manage your risks

Almost all small-business owners will tell you that every business has its risks. But good entrepreneurs know they need to protect their assets. Protect your income and the value you’ve built in your business by getting insurance. A small-business insurance can protect you against the financial impact of a claim or a lawsuit. 

8. Set long-term goals with short-term objectives

Understand what your long-term goals mean on a daily basis. For example, if you want to boost your annual income by 25 per cent, how many clients do you need to cater to per day?

To create short-term goals for long-term success, experts advise you to think SMART:

Specific: Be clear, concrete and detailed about what you want to achieve. 
Measurable: Set milestones and determine how you’ll measure success. 
Achievable: Plan small, manageable steps within your resources.
Relevant: Align your goal with where you want your business to go. 
Timely: Motivate yourself with a challenging but realistic deadline. 

9.  Ensure a smooth cash flow 

Reasons for business failure vary, but according to the latest data from the Australian Securities and Investments Commission, the top cause for small-business owners closing shop is inadequate cash flow or working capital.   

What can you do to better control the flow of cash through your business? Put solid strategies in place for collecting payments and maintaining cash flow to make sure your venture won’t suffer the same fate. Another strategy is to also control the speed at which you spend.

10. Register your business

Make it official by registering your business. This will help separate your professional and personal assets. It will also allow you to build credibility with potential customers. 

Conclusion

If you have already taken the initiative to take on a side job on your extra hours to earn cash doing something you are passionate about, you are halfway to making your side hustle a success. While the prospect of leaving your full-time job to be fully self-employed may be intimidating, these tips could help you be on your way to becoming a successful business owner. 

 

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If transitioning your side gig into a full-time business is one of your financial goals, here are tips to make this dream into a reality.  

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How can you turn your side hustle into a successful business? If transitioning your side gig into a full-time business is one of your financial goals, here are tips to make this dream into a reality.

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Many people dream of quitting their nine-to-five jobs and working on a venture that they are passionate about. 

A significant number of Australians have taken the first step towards achieving this by taking on side jobs in their spare time. According to the latest figures, over 1 million Australians have taken on “side hustles” or extra work outside of their regular full-time jobs.

A side job (informally known as a side hustle or a side gig) is a type of employment taken on by an individual in addition to their full-time employment. And with the recent boom in the gig economy, it’s expected that more people will take on the challenge of pursuing one’s passion on the side while continuing to be employed in a daytime job.

A side hustle is a financial opportunity you shouldn’t easily dismiss. Dr Steven Enticott, a Melbourne-based expert and entrepreneur, said that many Australians are missing out on opportunities to earn extra income due to myths and misconceptions surrounding side hustles. He said that people “wrongly believe that it’s really hard to get a business idea off the ground and that it can’t be done without quitting your day job and spending bucket loads of money”. 

Starting a side hustle should be no problem if you are really determined to find an additional income stream. Contrary to the popular belief, Dr Enticott added that “anyone can start a side gig in Australia and boost their income”. If you don’t know where to start, you can read about some insanely profitable skills you can learn online here. 

If you’re an Uber driver, graphic designer, social media manager, or even running a part-time online business, multiple projects can easily turn into your main source of income if you decide to put in the work and the needed hours. 

But for most people, turning their side hustle into a full-time business is a risk they can’t afford to take. While the side-hustle-turned-business scheme isn’t for everyone, the good news is that you don’t have to quit your job and take a leap into the unknown. At least, not immediately.  

The prospect of growing your business from your side gig is intimidating. But it can be achieved with strategic planning and solid commitment. So, what do you need to do to turn your side hustle into your full-time business? Here are some tips

1. Don’t rush to start your business

A number of people rush to quit their daytime job to be a full-time small-business owner. Experts advise to spend time freelancing first before turning your business idea into reality. On average, side hustlers who became business owners are estimated to have worked in the gig economy  for 19 months before quitting their full-time job, specifically to make their side gig their primary source of income. At this stage, you should focus on earning experience and building up your reputation first before you can make the shift to full-time self-employment. By working on your idea as a side hustle for a few months or a year to gain some traction, you’ll give yourself the opportunity to increase your income to a level that’s the same (or even higher) compared with what your day job is paying you.

2. Make a plan for financial stability

Starting a business requires a significant amount of money. Additionally, it’s intimidating to replace your job salary right out of the gate. A recent survey showed that it took side-giggers-turned-business-owners three years of being a full-time entrepreneur before they earned the same annual income as their last full-time job. To help your transition, you can start by covering one expense at a time with side hustle money. Don’t forget to track your expenses and create a budget to hold yourself accountable. If you’re not good at tracking your expenses, try working with a financial adviser to help you on your journey. 

3. Identify a niche

Businesses are more likely to succeed if they develop a speciality, so try to identify a gap in your target market. Your niche should also align with your interests so you can avoid experiencing burnout. Successful entrepreneurs exhibit high levels of enthusiasm for what they do, and this passion is what helps their business weather difficult times. 

4. Build your brand’s online presence

Not sure if your business idea will pan out? Test the waters by creating a social media account for your side hustle. Not only will this help people know about your product or service, it can also help you build up a solid clientele base. By collecting positive customer reviews and building a loyal network of followers, you will have a good foundation when you finally make that shift from a side hustler into a full-time business owner. To learn more about how you can use social media platforms for marketing your business, read here. 

5. Study, study, study

While you may be good at your side hustle, you need to have basic knowledge of accounting, marketing and branding to run a business. These gaps in your knowledge can result in your whole operation tanking. Do your due diligence by reading online resources or taking courses on these subjects.

Another good idea would be to find a mentor who can provide you guidance and insight. Seek out advice from someone who has experience in your industry or niche. A mentor can help you set realistic goals and hold you accountable. Mentors can also share in your challenges, boost your confidence and help you adapt to change. 

6. Improve time management skills

You should expect to put in a lot of time to successfully transition to going full-time with your business. Prioritise your tasks and create a reasonable schedule. Tackle the workload in small manageable steps. Focus your time and energy on tasks that impact your goals. You can choose to delegate daily tasks outside your core skills to help you with small but time-consuming tasks.

7. Manage your risks

Almost all small-business owners will tell you that every business has its risks. But good entrepreneurs know they need to protect their assets. Protect your income and the value you’ve built in your business by getting insurance. A small-business insurance can protect you against the financial impact of a claim or a lawsuit. 

8. Set long-term goals with short-term objectives

Understand what your long-term goals mean on a daily basis. For example, if you want to boost your annual income by 25 per cent, how many clients do you need to cater to per day?

To create short-term goals for long-term success, experts advise you to think SMART:

• Specific: Be clear, concrete and detailed about what you want to achieve. 
• Measurable: Set milestones and determine how you’ll measure success. 
• Achievable: Plan small, manageable steps within your resources.
• Relevant: Align your goal with where you want your business to go. 
• Timely: Motivate yourself with a challenging but realistic deadline. 

9.  Ensure a smooth cash flow 

Reasons for business failure vary, but according to the latest data from the Australian Securities and Investments Commission, the top cause for small-business owners closing shop is inadequate cash flow or working capital.   

What can you do to better control the flow of cash through your business? Put solid strategies in place for collecting payments and maintaining cash flow to make sure your venture won’t suffer the same fate. Another strategy is to also control the speed at which you spend.

10. Register your business

Make it official by registering your business. This will help separate your professional and personal assets. It will also allow you to build credibility with potential customers. 

Conclusion

If you have already taken the initiative to take on a side job on your extra hours to earn cash doing something you are passionate about, you are halfway to making your side hustle a success. While the prospect of leaving your full-time job to be fully self-employed may be intimidating, these tips could help you be on your way to becoming a successful business owner. 

 

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["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#5983 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5736 (3) { ["data":protected]=> object(stdClass)#5739 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5738 (3) { ["data":protected]=> object(stdClass)#5741 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#5980 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5740 (3) { ["data":protected]=> object(stdClass)#5743 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5742 (3) { ["data":protected]=> object(stdClass)#5745 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#5981 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5744 (3) { ["data":protected]=> object(stdClass)#5747 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5746 (3) { ["data":protected]=> object(stdClass)#5749 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#5976 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5748 (3) { ["data":protected]=> object(stdClass)#5754 (1) { ["options"]=> object(stdClass)#5752 (2) { ["options0"]=> object(stdClass)#5751 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#5753 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5750 (3) { ["data":protected]=> object(stdClass)#5756 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#5979 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5755 (3) { ["data":protected]=> object(stdClass)#5758 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5757 (3) { ["data":protected]=> object(stdClass)#5760 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#5989 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5759 (3) { ["data":protected]=> object(stdClass)#5762 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5761 (3) { ["data":protected]=> object(stdClass)#5764 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(83) "/earn-money/side-hustle/10-tips-to-turn-your-side-hustle-into-a-successful-business" ["image"]=> string(29) "/images/basic/default-new.jpg" ["image_alt"]=> string(13) "default image" } }