Business Education

How to Turn Your Side-Hustle into a Full-Time Gig

If you want to turn your side-hustle into a full-time gig, you’re looking for two things: confirmation and actionable steps. Let’s begin with confirmation. If you’re earning a decent amount from your part-time gig (and you love doing it), then it’s definitely worth exploring going full-time. But, this obviously depends on how much you earn. Of course, if the second income is near or equal to your full-time job, then that’s solid confirmation. Now, let’s take a more in-depth look.

The Side-Hustle Economy

An astounding 44 million people have an active side-hustle, with 25 percent of millennials stating they earn an extra $500 per month, according to Bankrate.com. That, of course, is equivalent to about $6,000 per year gross, or approximately $4,500 net, after taxes. Such additional income can easily be used in a number of ways. For instance, putting a good portion of it back into the side business to grow it larger and larger.

With technology on their side and passion in their hearts, many individuals opt to start their own company while they’re working for someone else. But turning your side hustle into your primary occupation is not simple. It takes courage and faith to take the leap into entrepreneurship. —Business News Daily

Obviously, you can’t make the switch if that’s all you’re earning. So, you’ve still got work to do to get to make the leap. The good news is with today’s technology, you have a definite advantage. By simply making tweaks here and there, you can grow a small side-hustle into a replacement of your full-time income.

How to Turn Your Side-Hustle into a Full-Time Gig

Next, we’ve got to take a look at how to get from point A to point B. So, here’s some things to do to turn your side-hustle into a full-time gig:

Build it up, incrementally. If you really want to make the change, you’ll have to grow your side-hustle income. But, don’t try to rush it. Go with the ebb and flow so you don’t cause yourself unnecessary stress and feel overwhelmed. Small steps mean hitting realistic goals one at a time to get to an ultimate point.
Run the take-home earnings numbers. As you grow the side-hustle incrementally, be sure to stay vigilant (and pragmatic) about your net take-home income. In other words, factor in overhead, including tools, insurance, labor, rent space, advertising, and every single expense. Then, calculate what you actually net.
Save up your retained earnings. A good part of the process is to have some peace-of-mind. That means having extra cash in the bank (in your business account). Build up your retained earnings so you don’t fall prey to unexpected expenses.
Hire others to help out early-on. One huge mistake entrepreneurs make is to hold onto every little task. The way to beat this urge is to start with farming small things out and then eventually letting others do the bigger parts.

Have you transformed a side-hustle into a full-time gig? What other advice would you give? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How Small Business Owners Can Craft Irresistible Discounts and Sales that Standout from the Competition

October 18, 2023 No Comments

How Small Business Owners Can Craft Irresistible Discounts and Sales that Standout from the Competition In the competitive landscape of modern commerce, offering discounts and sales is a strategic way for small business owners to attract customers and boost sales. However, simply slashing prices is not enough; your discounts and sales need to stand out amidst the sea of offers customers encounter daily. Because of this, it’s necessary to explore the most effective strategies small business owners can use to make their discounts and sales not only noticeable but also irresistible. By implementing these techniques, you can increase closed deals, enhance customer loyalty, and ultimately, drive higher profits for your business. Ways Small Businesses Can Offer Enticing Discounts and Sales that Beat Out Their Competition Discounts and sales are a great way to attract new customers and increase sales. However, with so many businesses offering discounts and sales, it can be difficult to make your offers stand out. Here are a few tips on how to make your discounts and sales stick out over the competition: Offer unique discounts and promotions. Instead of just offering a generic discount, try offering a more unique discount that is relevant to your business and target audience. For example, you could offer a discount for first-time customers, a discount for students or seniors, or a discount for customers who refer their friends. Use creative marketing language. When promoting your discounts and sales, use creative and eye-catching language that will grab attention. For example, you could use phrases like “Limited-time offer!” or “Save big today!” You could also use images and videos to help promote your discounts and sales. Personalize your discounts and promotions. When possible, try to personalize your discounts and promotions for each customer. For instance, you could send customers personalized email offers based on their purchase history or interests. You could also offer discounts and promotions to customers on their birthday or other special occasions. Make it easy for customers to redeem your discounts and promotions. Your discounts and promotions should be easy for customers to redeem. Avoid using complicated codes or restrictions. You should also make sure that your discounts and promotions are prominently displayed on your website and in your store. Also, be sure to track the results of your discounts and promotions. It is important to track the results of your discounts and promotions so that you can see what is working and what is not. This will help you to improve your future discounts and promotions. More Discount Strategies Small Businesses Can Use While these methods are actionable and helpful, there are additional ways to make such offers enticing to new and repeat customers. Here are a few additional tips that can help you increase the number of closed deals and profits from your discounts and sales: Create a sense of urgency. When promoting your discounts and sales, create a sense of urgency by letting customers know that the offer is only available for a limited time. This will encourage customers to act quickly and make a purchase. Use social proof. Social proof is a powerful psychological phenomenon that can influence people’s behavior. When people see that others are taking advantage of your discounts and sales, they are more likely to do the same. You can use social proof by displaying testimonials from satisfied customers on your website and in your store. You can also promote your discounts and sales on social media and encourage customers to share their experiences with their friends and followers. Upsell and cross-sell. When customers are taking advantage of your discounts and sales, it is a great opportunity to upsell and cross-sell them on other products and services. For example, if a customer is buying a new phone, you could upsell them on a case or screen protector. Additionally, you could also cross-sell them on a wireless plan or accessories. By following these tips, you can make your discounts and sales stand out over the competition and increase the number of closed deals and profits. But, take the time to experiment to learn what works most effectively. Chances are there’s a combination that will yield the best results. With a little trial and error, you’ll discover what works and what doesn’t. Right now, you can get John Waters’ latest book for FREE! (Currently selling for $19.95 on Amazon). This inspiring book titled “Profit by Design: The Blueprint to Successfully Scale Your Business and Regain Your Freedom” is a must-read for business owners who want to do just that! Request your FREE copy in any of the following ways: By phone 602-435-5474 Visit Waters Business Consulting Group By email: Steve@WatersBusinessConsulting.com

Help! My Business Partner doesn’t Help Run Our Business!

May 6, 2021 No Comments

It’s said that the only ship that won’t sail is a partnership. Outside law and medical practices, few partnerships thrive, let alone survive. There’s a slew of reasons partnerships don’t work out. But, most entrepreneurs go into them because they’re optimists by nature. After all, it’s easy to imagine a worthwhile scenario, particularly when it’s someone who is trusted. However, many of these ventures fail and when it starts to go bad, it’s time to take action. The Most Common Challenges Partnerships Face The most common problems partnerships face are incompatibility, money issues, distrust, and then there’s a list of life events. These include death, drug abuse, disability, divorce, and other personal experiences. If that’s not enough, there’s always a divide between visions — one person wants to take the joint venture one way and the other, in another direction. In an ideal business partnership, everyone contributes their time and labor toward making the company a success. When a partner isn’t pulling her weight, it’s essential to address the problem before resentments develop and the business suffers. In many cases, simply having a frank discussion can resolve your issues. —Houston Chronicle Small Business What’s more, egos can also become a huge problem — especially when one person is the single source of inspiration. Or, disagreements about staff, expansion, and just about everything related to the operation and future of the business. How to Deal with a Lazy Business Partner Fortunately, there are ways to deal with a partner who becomes a bit lazy. If he or she is slacking off or just not producing whatsoever, there’s most definitely an underlying reason. Depending on the circumstances, you can try one or more of the following to deal with a lazy business partner: Have an honest discussion. Like it or not, you’re going to have to confront him or her, but not necessarily in a confrontational manner. Don’t go into the talk with a bad attitude, or even one of superiority. Any hint of a negative vibe will only serve to turn them off and not cooperate. Talk about your visions for the company and all the good things that will come out of working together. Then, listen carefully to what he or she has to say. Offer some temporary help. It could very well be that he or she is just going through some personal difficulties. Or, feeling a bit helpless and hopeless amidst the economic disruption. These are very common feelings and the good news is that they will usually pass. Offer him or her a little extra help and support, but put a time limit on it. Provide a little flexibility. If it is just a temporary situation and he or she will bounce back quickly, don’t let him or her get overwhelmed too soon. Instead, provide them a little bit of flexibility and that can really work wonders. Consider a total buyout. Obviously, not all circumstances will warrant staying in business together, there are most definitely situations that simply won’t work out, no matter how much effort you put in. So, explore your options to sever the business relationship, and a possible buyout scenario. What other suggestions do you have for dealing with a lazy business partner? Please take a few moments to share your thoughts and experiences so someone else can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

5 Effective Ways to Increase Team Motivation

March 15, 2018 No Comments

Team motivation. It’s an ongoing challenge in some organizations. Team motivation is actually more about the role of management than employees themselves. In fact, a study by Harvard found that the majority of companies demotivate their employees. Now, that sounds strange at first but it’s completely sensible. So, let’s take a look at both team motivation and employee demotivation. Why Employees Lose their Motivation According to the Harvard Business School Working Knowledge, a full 85 percent of employees’ morale decreases after just six months on the job. (That survey included a whopping 1.2 million team members from 52 Fortune 1000 companies.) Perhaps most surprisingly, that same study reveals it’s actually management which is squarely to blame for the loss of motivation. There are a number of benefits to having highly motivated employees in your ranks but for business owners, all roads eventually lead to the bottom line. High levels of employee motivation are intrinsically linked to high levels of employee engagement, which is something that organizations are paying much more attention to these days, and with good reason. —Business.com That’s an incredible fact. And, it means you’re probably (albeit unwittingly) inflicting more damage than you are creating a productive workplace. It’s all about the dynamic between employees and managers, when it comes down to it. 5 Effective Ways to Increase Team Motivation So, how do you motivate your employees? What do you do to keep them upbeat and ready to tackle the next challenge? It’s really not that difficult. Team motivation just requires a bit of self-awareness and a few changes in your day-to-day work life. Here are five effective ways to increase team motivation: Forgo useless meetings. Did you know the average company wastes 3.8 hours every week holding truly unproductive meetings? That’s a significant amount of time that could be otherwise spent much more wisely. So, only invite the necessary people and keep the meeting on-track. Don’t micromanage. Micromanagement is one of the biggest demotivators in the workplace. One survey even reveals 38 percent of employees would actually prefer performing unpleasant activities than deal with a micromanaging boss. Provide them with a pleasant environment. There are a number of ways to create a more pleasant work environment. For instance, allowing pets at work. Or, giving employees more flexibility with their work hours. Simply put, the more pleasant the environment, the more happy your employees and that’s good news for everyone. Quickly forgive mistakes. Everybody makes mistakes. It’s just part of life. And, it doesn’t help to ruminate over an error. It’s also unhelpful to go so far as to punish an employee for a mistake. Forgive mistakes quickly and move on with a healthy dose of encouragement. Pay employees what they’re worth. Here’s a disturbing statistic — 26 percent of productive employees report they’d leave their companies for just a 5 percent pay increase. The lesson, of course, is to pay your employees what they are worth. How do you motivate your employees? What methods make your team members more effective? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Turn Your Side-Hustle into a Full-Time Gig

The Side-Hustle Economy

How to Turn Your Side-Hustle into a Full-Time Gig

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How Small Business Owners Can Craft Irresistible Discounts and Sales that Standout from the Competition

Help! My Business Partner doesn’t Help Run Our Business!

5 Effective Ways to Increase Team Motivation