If you’re looking for ways to start your own business or develop that side hustle you’ve always wanted to pursue then don’t be discouraged because it is possible. Those that are consistent, plan well and manage their time can find success to the point it might even replace their full-time income. This article will go through the general steps it takes to take that side hustle to something fully-fledged, let’s take a look.

Learning the fundamentals of business is a step that many budding entrepreneurs don’t take seriously, especially those with an existing side hustle. When you start learning about marketing, sales, tax laws, accounting and more it will give you a solid foundation to start with.

Thankfully if you’re working full-time there are many opportunities to study online such as the MBA online from Southern Cross University among others. Just make sure you grasp the fundamental concepts before delving deeper into the world of business.

While you might have already started your side hustle it’s essential to research your niche or business ideas before going all out. Examining the marketplace is necessary in any endeavour so make sure you ask the right questions and choose something that not only suits your skills but also has demand and is a growing industry. This can be done through online research, examining other businesses that share similar characteristics.

It’s also vital to identify and assess the financial risks associated with your venture which can be anything from sourcing, to competition and even political climate.

The main point here is to not leave any stone unturned as you can never do too much research on potential ventures. Taking the time to research and understand the industry as well as your target customer base and their needs, will give you a better chance of success.

If you don’t have a solid roadmap and business plan then you’re bound for failure. Nobody builds successful businesses by accident and without objectives it can be very easy to lose track along the way.

I would recommend building a solid roadmap that includes all plans as well as allowing for any hiccups. You can reference this plan during your entire journey and add as many details as you need.

Also make sure that your objectives are also measurable and that you break down your plan into goals that include monthly, weekly and daily timeframes. It might seem like lots of details but compartmentalising your tasks takes a lot of the mental strain away and helps you focus on your day-to-day.

If you keep to this plan and iterate as you go along and remain consistent then it’s only a matter of time until you see success.

It can be very tempting to go all out and jump straight into the deep end when you’re starting in business. But with technology and the internet, there are more intelligent ways to do things. Many of today’s entrepreneurs can start small and experiment with testing phases.

This was much more difficult with the physical realm but not with the internet; it’s possible to market products without too much inventory to gauge interest.

This is done by posting products to market, creating websites and either running ads or using social media campaigns. The strategy is used to analyse customer interest in certain products through website data, clickthrough rates and other metrics.

There are also many other ways you can gauge interest in products but when starting this is probably one of the most cost-efficient.

No matter what you choose to do, testing your thesis before launching is wise because markets constantly change. Make sure you go through at least one period of testing before investing too much money and energy into your venture.

Now that you’ve taken the time to test your product or service, it’s time to launch your product or service to the wider markets. The most important part of this step is action. Too many entrepreneurs or new business owners spend all their time tweaking, overthinking and making everything perfect instead of taking action. We all have ideas but success comes to the one who acts on these ideas.

It’s not all about being perfect to start with, it’s just about getting momentum, no business was ever perfect from launch. You need to have a growth mindset and realise that the world is dynamic, meaning you’ll constantly be changing and improving over time. Making that initial launch may be the most daunting thing but it certainly will be worth it, so take the plunge and don’t look back.

We mentioned iteration earlier and the next step after launch is to monitor the business constantly. This will ensure that you are aware of any successes and failures meaning that you can change accordingly. Those who don’t keep track of progress are bound to fail as the business landscape is constantly changing with the environment and being profitable one month doesn’t mean you’ll be profitable the next.

Any strategy works whether that be using spreadsheets, accounting software or alternative systems. Just find the methods that work for you and as long as you can pinpoint those wins and losses then it should be enough. Keeping up with this data is critical and will ensure success over the long term.

The next thing that successful business owners do is keep the pulse on all new developments and trends in their industry. Some industries develop faster than others such as the tech space but everyone should be keeping up to date in some capacity.

Things like world events, technological changes and socio-economic developments can drastically change business so staying aware and mobile can keep you in the game.

By investing in your own continued education as well as having networks of information and knowledge you don’t only set yourself up for survival but you might just thrive over others who are not putting the same investment into their knowledge.

Starting a business isn’t accessible and launching one from a side hustle while also juggling different obligations can be arduous. But if you follow these steps diligently and make the right moves then you’re in the best position to replace your regular nine to five. Just keep consistent and success can be yours!