The working approach has changed with time and people these days no longer have to rely on a 9-5 job to make a living and build a successful career. There are many ways to earn a living like, creating your own company, selling products and providing valuable services to customers from anywhere in the world.
There is no better time than now to start an e-commerce business and let us tell you, many people have already taken their side gig off the runway along with their regular job.
But, turning your e-commerce side gig into a real business is easier said than done. A blend of luck, strong promotional strategy and motivation is what you need to turn your dream into reality.
Apart from that, there are a number of tools, such as podcasts, blog posts, social media and other resources to help you create an e-commerce shop while you hold on to your day job. But, even with these tools, is it really possible for you to turn your side gig into a profitable and sustainable full-time business? Of course it is, but it’s definitely not a piece of cake!
In order to help you stay a step ahead in turning your side gig into real business, we have listed some tips and ideas that most successful entrepreneurs have taken in stride and made it work for them!
· Choose Something Different
It is not easy to run an ecommerce business with similar products in the market because people will not rely on your product or service easily if someone else is already offering it. It’s not necessary that all the side gigs will be great as a full-time business, so you must opt for something that you are good at. But it should be scalable as well so that you can grow your business and earnings with time.
Turning your side gig into a real business not only requires your time, but also your attention and efforts to perform tasks that will deliver results. Of course, a team of dedicated individuals will also be required to help you out with the tasks. If you’re juggling your side gig with a full-time job, you don’t need us to tell you that it takes a lot of work to run a business. If you don’t have enough time and the necessary skills to manage every aspect of your business; you should hire someone to help you expand it.
· Maintain The Balance
To successfully turn your side gig into a real business and become a successful entrepreneur, you have to find the balance between being thoughtful and executing ideas before giving it a kick-start. We often hear from successful entrepreneurs that every action has to be executed perfectly – be it brand, product, packaging, website or customer service in order to be successful in your venture. But, many of those big-brained and successful people have forgotten their actual path to success. It is a proven fact that many successful entrepreneurs started out from scratch and so can you.
Making your side hustle a real-time business or building a brand is about finding the perfect balance between perfection and doing things without breaking stuff. If you’re not doing things right it means you’re going too fast and if you do everything with perfectly, that means you’re going too slow. We know maintaining this balance is difficult, especially if you’re new to entrepreneurship. So take advice from experienced and seasoned entrepreneurs and mentors to ace at it.
· Build Networks And Keep Bridges Intact
If you really want to turn your side gig into a real business then the most important step is to build and grow networks. If you don’t build connections with clients and customers then no one will recognise you after a certain time has passed. Have an ongoing relationship with them along with a solid network of people who can help you get referrals to grow your business or partner together for a project. You never know when someone that you’ve worked with in the past will be in a position to help you in the future.
There are many ways to build networks and meet others in your industry. Read blog posts related to your business, engage with them on social media, join a group or community to reach out to such people. Also, you can attend several group discussions and events related to your side gig or even go to local meetups. Building a strong network with people will really help you grow your business over time.
· Be Specific About Your Needs
Earning money from your side gig is not the only thing; you also have to invest some of your earning back into it by outsourcing. Find out the fields that need to be filled to grow your business without your involvement. For example, if there’s anything that you don’t like to do or just aren’t good at then hire someone who can do that easily.
Your involvement in your business is very important, but if the business cannot function without your presence; you have created a more stressful job. By outsourcing your earnings in such things you can focus on the bigger picture and help move your side gig along. To fill your needs, you’ve to find investors who are interested in your side gig and approach them with a business plan that will make them invest into your venture.
Even if you’re unable to get funding from investors, try to find some ways through which you can increase your revenue. We know it’s not easy to give up control of something that you’ve created but when necessary, outsourcing can really help grow your side gig and make a smoother transition to a full-time business.
· Chase Your Earnings
The biggest factor that can stop you from turning your side gig into a real business is money. At first, it can be difficult for you to leave your comfort zone and step into an ecommerce side gig completely. But, once you decide to push yourself, it’s completely worth it. You have to first ascertain how much money you need to run your business successfully.
While you wait for the earnings to come from your side gig, it’s important to have a side plan for emergency funds. Find the amount of money you need to keep it on track, and then start tracking your income each month and setting goals. Setting clear goals for earnings can help in motivating you to start implementing strategies that will increase your profit.
Once you start tracking your earnings, you will focus more on increasing it and make sure that you’re saving a reasonable amount as well. The business income may vary from month-to-month, so you have to save up a sufficient amount of emergency fund.
· Plan Further And Stay A Step Ahead
E-commerce business is an extremely saturated and competitive industry; you cannot just sit on the chair and let it run itself. You have to think ahead and prepare yourself to survive. In e-commerce industry, there is no such thing as a sustainable competitive advantage, every successful niche or product will inevitably attract competitors over time. So you have to plan further and prepare yourself for such things.
According to Linda Bustos, Cofounder of Edgacent, “As an entrepreneur you should ensure that your plan and strategy continually stays ahead of the curve, or plan for a quick exit strategy when your business is at its peak.”
If you find yourself stuck somewhere with your side gig and want to take it to the next level then take help from a coach or a mentor. They can help you set realistic goals and hold you closer to them. But, choose a coach or mentor who has experience in your niche because he might be able to offer his valuable personal experience and insight regarding your struggles and visions for your business.
Running an e-commerce side gig in this modern time is not easy and turning it into a real business is more difficult than that. But, by implementing the right strategies and ideas, it’ll not only help you set up a business, but also ensure its efficiency. Consider the tips mentioned above to kick-start your e-commerce side gig and turn it into a real business!