Turn Your Side Hustle into a Money Maker

You’ve had a business idea brewing for a while.  You’ve even made some samples or delivered a few services and hey, customers really like you!  Are you wondering if now is the time to turn that side-hustle into a full-time venture?

If you’ve answered “Yes!”, then you are like 3.5 million other Canadians who owned a small business in 2021.1   The spirit of entrepreneurship is alive and well across the nation, especially since so many people are turning to small business to supplement their income, post-pandemic.

So where to start? That great business idea you’ve been testing on a small-scale needs help to grow if you want to make full-time income from it. Turning your side hustle into a money maker will take a little planning, effort, time and maybe even a few dollars.  Here’s the four-step formula to follow if you want to increase your chances of business success:

1. Begin by connecting with your local Community Futures office.  You’ll find them close to home because this nation-wide program is in all regions of rural Canada.  Community Futures provide business loans, advice and support to help entrepreneurs start their businesses on the right foot.  They have a ton of information, resources and guides, all for FREE!  Plus, you’ll be connected to business programs, can talk with a business coach about your plans, and have a knowledgeable network to lean on when you need a listening ear and some sound business advice. 
2. Learn about the entrepreneurial lifestyle. Becoming a business owner means that you call the shots – what an opportunity to run things the way you want to!  But it also means that you take the risks, put in the extra hours, talk with difficult customers and deal with problems as they arise in your business.  Are you ready to make that trade-off?  In a recent survey of small business owners, it was reported that business owners worked an average of 50 hour per week.2  Do your personal goals and your preferred lifestyle fit with entrepreneurship?  Take the Entrepreneur Assessment Quiz to see how you rate.
3. Write about your business plans. You wouldn’t leave on a holiday without planning your route, listing what to pack and finding a sitter for your faithful fish Goldie.  It’s no different in business start-up!  You’ll need a solid plan to pave the way to success.  And that’s where Community Futures comes in again.  They have FREE tools to help you plan every step of your entrepreneurial journey, and advice to assist along the way. Start planning your business idea today!
4. Find your supports to make it happen.  Share your ideas with your close network.  You’ll be amazed at how far a bit of strategic communication can take you.  No entrepreneur goes it alone, and you’ll have questions that others will need to assist you in answering.  Planning out your business idea will put you in touch with insurance agents, bookkeepers or accountants, and maybe even a lawyer.  You’ll also want to talk about start-up financing with your local lender.  Connect with Community Futures for options that will suit your specific start-up financing needs.  They really are a one-stop business resource centre!

Following these four steps will bring you closer than ever to turning your business dream into a reality.  You’ll have a great business plan and the team at Community Futures in your corner to help make your business start-up a success.  It really is a perfect time to turn that side-hustle into the money-maker you’ve always dreamed it could be! 

Sources:

1. Dojchinovska, Anastasija, “21 Groundbreaking Canadian Entrepreneur Statistics for 2021”, Reviewlution, August 11, 2022.
2. Philip-Lye, Chandra, “How much time small business owners really spend on their business”, Apollo Insurance, April 8, 2022.