Legitimize your side hustle

We’re living in crazy times. There’s really no other way to describe it. The security we may have believed to exist can be gone tomorrow. The reality shouldn’t make us afraid, but it should make us mindful of how we “butter our bread.” If we have side ventures that produce revenue, there’s no better time than the present to put a bit of structure around it in the event that the side gig needs to become the main one.

Name the baby

It’s time for the baby to grow up. Give the gig a name and form a business entity. If the gig only lives via social media sites owned and operated by a third party, consider securing a domain and hosting. What inventory or materials are needed to create the product?

What technology is necessary to offer the service?

Identify your expenses

How much does your gig cost to operate? Create a list of gig expenses.

Create a sales/business development strategy

We may have been casual about securing customers and clients but now is a good time to put a more formal strategy in place.

Know your risks

Even gigs come with risks. Depending on the industry and how you deliver your service or sell your product, you may have laws and regulations you need to comply with. There’s no gig exception. Know what laws and regs apply to your gig and what you need to do to comply with them.

Schedule a consult today to discuss how to prepare your side gig for prime time.