Side Hustle Starts To Grow
This blog has made its stance on side hustles pretty clear. They can be an extremely rewarding, fun and gratifying way to escape the tedium of your day job and regain control not just of your finances but of your future. Through your side hustle, you can break free of the constraints placed around your career development by your day job and pursue a path to full time entrepreneurship. Nonetheless, the transition from side hustle to full time business is one that required enormous consideration.
All too often a side hustle will become a victim of its own success. As demand for the products and services they offer increases, side hustlers come to realise that they no longer have the infrastructure in place to keep up with consumer demand while maintaining the same quality of service. As your side hustle grows you may find yourself needing…
Unless you run a dropshipping business which buys products from low cost outlets and markets them directly to the consumer on social media, it’s likely that you’ll keep your products in inventory. However, as demand increases you may find yourself running out of garage space, attic space, spare room space and before you know it your inventor is encroaching upon your living room.
At first it’s easy to keep track of your customers. You know who they are, you know what they buy and you know what they need. However, as your customer base grows it becomes harder and harder to recall the specifics that make your relationship with your customers so special.
Fortunately, there is software out there which can help immeasurably with this. Customer Relationship Management (CRM) solutions are an invaluable tool in ensuring a consistently high standard of customer service. No business is too small or too niche to need or use a CRM. They are a one-stop repository for all of your customer information and can be used to bring customers special offers, deals and promotions which are of value to them and allow you to bring that personal touch back to your customer interactions.
An extra pair of hands
As enterprising and resourceful as you are… You’re just one human being! Inevitably you’ll find yourself needing an extra pair of hands to share the load of your burgeoning enterprise. It’s up to you how you go about this. You can ask friends or relatives to chip in here and there on a casual basis. You can take out classified ads for part time staff or you can outsource certain parts of your operation to freelancers. Just don’t let your business burn you out by trying to do everything alone.
A bookkeeper and accountant
Last but not least, remember that all of your income from your side hustle is taxable income! In order to keep track of your income and expenditure and manage your tax liability and deductions effectively you may well find that you need the services of a bookkeeper and accountant. Sure, these represent a degree of overhead cost, but they’ll save you far more than they cost!