5 WAYS TO TURN YOUR SIDE HUSTLE INTO A BUSINESS

There are many ways to start on the path to entrepreneurship. Some people leave jobs to pursue it, ditching their 9–5 thinking they can do it better than the firm they left. Others start straight out of high school with a passion that began in middle school. In my experience, most people start their path through a side hustle. A side hustle is a hobby or side job you perform to complement income you may get from a regular 9–5. As a business strategist, I am a fan of the side hustle; however, far too often when I meet with prospective clients, they are still operating as a side hustle and have not transitioned over to a business. There is a fundamental difference between the two, and this is often the reason investors or banks shy away from providing funding. Anyone can slap a name on a building, but it’s the entrepreneur that creates a genuine business and gets away from the side hustle mentality.

1. LET BANK STATEMENTS GIVE WAY TO FINANCIAL STATEMENTS

Let’s say I come to your business and I ask for your financials. If you hand me bank statements, I’m going to say, ‘Thank you but I need to see your financials”. Bank statements are grand, but they do not give you an accurate depiction of what is going on in your business. If you are running a side hustle, they are fine but not for a company. There are many financial statements to use, but the three most people want to see are your…