If you’re a part of the ever-growing population that doesn’t love their 9-5 job, it’s likely you’ve considered or embarked on a side gig. Typically, what people find themselves doing after hours is what they’re passionate about, and bringing in the additional cash doesn’t hurt, either.
But at what point will you flip the switch and make your side business your main business? It may feel like a big leap, but you aren’t the first person to jump. Think about it this way: People who currently do your side hustle as their full-time job were once in your shoes. However, the U.S Small Business Administration claims that only 66% of companies will make it to their two-year anniversary, 50% make it to five years, and 33% reach 10 years. If you’re ready to ramp up your passion from a 9-5, and you want to be a part of that 33%, consider following these steps.
Book a Flexible Coworking Space
Although working from home in your pajamas sounds like a dream, for some, their home presents too many distractions. Even if you have a designated office space, it’s easy to walk over to the couch and binge-watch Netflix. Over time, these continued distractions push your side hustle to the back burner.
Renting or leasing a coworking space may be the solution your side gig needs to step it up a notch. A good coworking space is comfortable yet professional. It inspires you to do your best work, rather than distracting you to do chores. Plus, a coworking space gives you a legitimate address (that isn’t your home) to put in your emails, business cards, and website.
One of the best parts of being in a coworking space is the networking opportunities. Working from home can be isolating at times. In such an office, you’ll be surrounded by other professionals and entrepreneurs. As you get your business started, it’s helpful to talk to other entrepreneurs who are in a similar spot or are a season ahead of you. You can ask them questions about how they tackled specific business challenges, or what they wished they knew when they were in your position.
Not only can you receive wisdom from fellow professionals, but you can also gain business and increase revenue. You might be surprised to find out they need your services or vice versa. Another networking opportunity is to barter services to help each other build your respective portfolios. A shared coworking space presents unique opportunities to collaborate that you wouldn’t otherwise have from home.
Improve Your Digital Footprint
In today’s day and age, if you don’t have a good website, you could be losing potential customers unknowingly. One of the first steps people take when considering a business is looking them up on Google. With little to no digital footprint, prospects may think your company is no longer in business or illegitimate. In short, your website depicts your credibility. Either way, they’ll quickly turn to your competitors who have polished websites.
The second step prospects take is looking for a company’s social media profiles. The best part for you as an entrepreneur is that it’s free. Although paying for advertising will get you new business faster, posting organically only requires your time and creativity.
Consider mapping out your social posts 2-4 weeks ahead with a content calendar. If you set up a business page on Facebook, you can schedule posts using the platform’s scheduling feature. This automatically posts your content, so you won’t have to think about logging on and manually posting.
When posting to social media, remember that you don’t want your content just to be all about your company. Offer tips, insights, and news that are relevant to your target audience. This helps build trust but also displays you as a thought leader in your industry.
Open a Business-Specific Bank Account
Did you know that 68% of business owners separate their personal and professional bank accounts? By keeping your cash flow in the same account, you could face some serious confusion when it comes to taxes and reporting.
Plus, the IRS sets forth strict guidelines for revenue you generate from a hobby versus a business. By using your personal bank account for your business cash flow, the IRS will assume that your side gig is exactly that, which means you can’t deduct certain expenses.
Your first step in making your side hustle feel more professional is investing in a coworking space. If you’re looking for a coworking office in the Marietta, Georgia area, contact us today. We provide 24/7 access, complimentary amenities, and flexible renting options for entrepreneurs like you.