How to Turn a Side-Hustle Into a Viable Business
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InterviewsAugust 3, 2020

How to Turn a Side-Hustle Into a Viable Business

Entrepreneur Chris South shares five critical considerations for making the transition from side-hustle to full-time business.

Making the leap from a side-hustle to a sustainable, full-time business is one of the most exciting and terrifying transitions an entrepreneur can make. Roi-AI CEO Chris South has done it — and in this piece he shares the five considerations he believes are critical to getting it right.

First, Dollars: don't leave your job until your side-hustle has generated sufficient revenue for several consecutive months to cover your living costs. Real revenue — not projected revenue — changes everything. Second, Scope: ensure your business idea has genuine growth potential beyond your initial target market. Third, Longevity: spend at least three to six months testing whether your interest is genuine and sustained, not just the excitement of novelty.

Fourth, Price Point: resist the temptation to undervalue your product or service to win early customers — it's far harder to raise prices later than to start where you need to be. And fifth, Framework: establish your accounting, website, technology stack, contracts and insurance infrastructure before you go full-time. The administrative burden when you're in the thick of running a business is far greater than when you have the luxury of time to set things up properly.

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Published
August 3, 2020
Category
Interviews

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