There is nothing bad about having a small hustle that puts some money into your pocket, but there is everything wrong with remaining that way as there is a limit to how far you can go. At some point, you must be able to convert your hustle into a proper business.
And in this article, I will show you how to get started in a few easy steps.
First things first…
The first thing you need is to crystallise your ideas. This will help you to be clear on the value you are bringing to the marketplace. Without a good and well-articulated value proposition, it becomes very difficult to get people to part with their money.
Have a Business Plan…
When this has been sorted out, then you move to the next which is developing a business plan. This doesn’t have to be some 80 something sheets of overworked books and analysis.
All you need to get started is a simple document that contains your value proposition, considers the threats, opportunities, strengths and weaknesses of the business you are planning to run and a simple illustration of how you intend to make and spend money in the business.
A business plan will help you to see if your proposed hustle could be a profitable venture worthy of your time, energy and effort.
Register your idea as a Full-Fledged Business
When this is out of the way, the next best thing would be to give your business a name and make sure that the name is available for you to use.
In registering your business, you can make it an enterprise where you will be the only director. This is advisable if you are the only one who wants to make decisions in the business.
If on the other hand, you are looking at something bigger where there will be more than one decision-maker, you might need to consider a Limited liability company limited by shares.
This way, you and the other partners you intend to start the business with will be legally protected and also have a more detailed legal agreement that would guide the interest of everyone involved.
And if for any reason you seek funding opportunities in the future, investors will always take a limited liability company more serious than a mere business name.
You might also consider patenting or trademarking your ideas or proprietary content to avoid theft of rights in the future.
If your business is in a restricted area such as law, medicine, schools, etc. you will need to get an operational permit before you can go into full -scale operation.
After business incorporation, the next thing is to get your TIN aka Tax Identification number.
This helps put you and your business in the good books of the government and also gives you the opportunity to pursue bigger deals as most companies will not listen to you unless you are a Vatable and taxable agent.
Get a Traceable Address
Now that you are here, the next thing would be to get yourself a base or location.
This doesn’t have to be anything or anywhere fancy. It could be a corner in your room or if you have more rooms, one of them could be furnished to serve as your office location.
And as soon as the physical office has been sorted, you also sort your online office. This would be by creating identifiable social media handles and a web address that will help people to easily locate you and your services on the World Wide Web.
Make Your Business Distinct…
When you have established your operational base, you then go hard on your PR, branding, sales and marketing.
These are the core things that will make a business to be known, liked, trusted and remembered in the market place.
If you don’t find a way to stand out and present your solution to people, you will struggle. This is the more reason why it is said that sales and marketing are the lifeblood of any business.
If nobody knows you, you won’t make any money and when you don’t make money as a business owner, you will not remain in business for long.
Now, Your Business Process…
The next critical thing is to put a process and system around your business so that you can do less with time.
I define business as legally protected systems and structures that deliver a solution to a large number of people at a profit.
To help you free your time to think and grow your business into something big, systems and structures are very important.
Then, cash flow! Cash flow!! Cash flow!!!
Get your cash flow management right. This you can do by having a book of accounts for your financial activities in the business. You will also need to separate your personal finance from your business finance to help you keep proper record and track of your business needs and growth.
When you have been able to think through these points and implement them, then you must have gone through the important process of turning your small hustle into a business with huge potential.
Best of luck.
To your #moneysense.