If you’re someone who has found success by growing your side gig, then it may be time to transform that passion project into a full-time business. theBLOQparq (tBp) supports every individual’s aspirations and we understand taking those next steps toward committed entrepreneurship can feel daunting. Luckily, we have some tips to make the transition a bit smoother!
Creating A Business Blueprint
Stepping out into the great unknown can be overwhelming, but by creating a solid business plan, you can build a sense of security. Your plan should outline your financials and how to scale for growth in the future. This process will allow you to identify key strengths, weaknesses, opportunities, and potential threats – also known as a SWOT analysis. It’s also imperative to You’ll also want to track current financial benchmarks, ensuring you can cover your cost of living expenses once you’re flying solo.
Mastering Time Management
Understanding the commitment of full-time business ownership means having an idea of the actual number of hours you’ll need to invest. If you are employed at a current job while preparing to transition your side gig into a “this is the real deal” gig, be prepared to skip the after-work happy hours with coworkers. Long days and missed weekend outings are typical in the growing pains part of the process. Although it can feel overwhelming and exhausting at times, the fulfillment that comes along with being your own boss is an extraordinary payoff.
Slow And Steady…
Starting small is the way to go when expanding your side gig into a full fledged business. It can be tempting to make large investments and overspend, but this is the time to evaluate what the logical first steps should be. The benefit of your passion project’s evolution is you already have viable proof that success can come without huge bells and whistles. The return on smart, timely investments tend to be better for businesses in the long run.
Source: Academy of Management
- Online or In-Person Tutoring
- Freelance Writer
- Social Media Manager
- Online Course Creator
- Nutritionist or Health Coach
- Voice Acting
Regret Is Worse Than Failure
There will never be a perfect time to quit your day job. Making the decision to dedicate yourself entirely to becoming a full-time entrepreneur is equal parts exhilarating and unnerving. The one thing you can count on with certainty is that you’ll never know if you don’t try. It may be cliche, but it’s also the truth. If your part-time gig has shown progress and promise, and you’re meeting your financial milestones, you have every reason to be confident in making the leap.
When the time arrives for you to officially enter the world of business ownership, tBp will be ready to support your vision. Every entrepreneur and idea will find a place to thrive with our innovative coworking spaces and customizable micro-retail and office units. Our passion for providing a central hub of growth and support is unwavering, and we look forward to welcoming you when you are ready to join the tBp movement and create your own legacy.