You are a massage therapist, or esthetician or natural homemade product producer. Or you are a life coach, therapist going out on your own. You many be an artist, etiquette coach or run a skill short course. One thing you have in common? You all have a full time or part time job and these vocations are your side hustle. I'm all about the side hustle but what it is NOT is a hobby! And some of you are treating it as such...
Stop Treating Your Business As A Hobby
What do I mean by that?
Well, this means that your business is not a business in your mind. It's not a legitimate entity that is generating income and enabling you to fulfill your professional and creative potential. You may say, "oh it's JUST a side hustle, it's JUST a little something I do on the side to pay some bills off or generate some extra cash flow."
Cool. You have goals. The problem is, with that limited mindset, your business will only go so far. So how do we change this mindset to one of professionalism and productivity no matter what your goals may be?
Here are 7 tips for building a business mindset and keeping it.
7 Tips to Maintain a Business Mindset
Strategy. One thing a hobby doesn't have is a solid strategy. Go back to your business plan. Don't have a plan? Then create one. Your business plan should include at the very least:
Company Mission, Vision and Voice
Defined Brand Identity
Definition of your market, target audience and clientele
Financial budgets and potential funding
Marketing Strategy and Budgets
Specific Goals for growth
Set Clear Boundaries. Separation of personal and professional life. So I know this can be tricky as YOU are the business it can be so easy not to show up to work, it can be easy to say, “I don't feel like it today” however, do you allow whatever is happening at home to affect your performance at your day job? So why should you allow that with your company. Define your work ethic. Set boundaries with employees. Whilst a healthy, enriching environment is important, you are not friends. You are colleagues, behave as such in the workplace. Set up systems in place to ensure everyone is clear on what is expected of them and how they should behave in the workplace.
Place Value On Your Skills. You started out on this entrepreneurial journey because you believed in your vision, dreams and skillset. Don't devalue them by giving stuff away for free! The only things you should offer for free are a newsletter subscription, coupon or discount. CHARGE YOUR WORTH!
Show Up. Be on time to your place of work. Even if you are at home. Open on time, organize your day and schedule. When you arrange a meeting, be there. Dress for work…you can still be comfortable but dress appropriately to inspire focus and motivation. Use time management tools such as a Pomodoro Timer app. This has transformed the way I work. Each task is set at 25 mins, then I take a long or short break and get back to it until the task at hand is complete. Recently I have been improving so some of my tasks are completed before the 25 mins are up. It is a great way to combat procrastination too.
Do Your Paperwork. Do your research on what you have to file in your state or area to become a legitimate, legal entity. Treating your business like a hobby can be expensive if you are not on the ball. Use Quickbooks or a spreadsheet to report income and expenses. Again, have an accountant do it. YOU ARE A LEGIT BUSINESS, OPERATE LIKE ONE. If this is intimidating, which it can be, there is nothing wrong in hiring a professional or investing in a program such as LegalZoom. I used it to file my initial paperwork and it gave me a breakdown of what I had to do. The rest was research on the NY.Gov website.
Have Quarterly Reviews with Yourself. I usually check in with myself each quarter beginning and set my goals for the quarter. What are my goals client wise? This helps to maintain focus and motivation because let's be honest, it can be so stressful working for yourself that the focus can wane. We can become deflated running around like a headless chicken. Which brings me on to the next tip.
Look After Your Health and Wellness. It is important to ensure you are doing your best to look after you, mentally, emotionally and physically. After all, without you, there is no brand or business and entrepreneurship is not easy. Ask yourself: How much quality sleep am I getting? What do my nutritional habits look like? How is that imposter syndrome doing? Creeping back or shut tight into the abyss? What support do I need in this moment?
Your side hustle is your business, your brand, your creation and your legacy. You got started so you are already doing it.
If you are ready to improve your business mindset and start strategizing and designing your social media presence, contact me today!
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