Mumpreneurs: steps to turning a side hustle into a successful business

Mumpreneurs: steps to turning a side hustle into a successful business.

Did you know that over 40% of people in Britain are working side hustles from home? 

With digital tools making it easier than ever to set up an extra income source, it’s no surprise that there’s been a steep increase in the number of people cashing in on their skills. 

From one-off marketing jobs in the gig economy to selling home-made items at a local London market, there’s plenty of potential to pursue your passion while still making time for your little ones.

mumpreneur

But, if your hustle is starting to grow, you might be considering turning it into a fully-fledged business. Before doing this, make sure you know how to lay the right foundations for a successful scale with these tips. 

What’s Already Working?

Side hustles can be a great way to test out a business idea without the commitment. When you see that your plans are working, you have a solid customer base, and you’re earning repeat business (if that applies to your model), it’s a sign that you’re onto a winning idea. But what’s driving that success?

As you move from a small venture to a bigger business, pinpoint the areas that are already working. For example, you might be winning over customers thanks to your low costs thanks to very few overheads. How can you maintain that price moving forward? Or, perhaps it’s the product itself, in which case can you expand without losing all-important value?

If you’re not sure why it’s working, ask your existing customers. You have a pool of your target market already accessible, so learn what you can about their purchasing decisions (and why they choose you over competitors) to drive the direction of your business. 

Have You Got the Time?

Turning a side hustle into a small business can be pretty time-consuming. From more hours spent chasing leads to an up-tick in customer service demands, have you got the time to make it work?

Usually, scaling a side hustle means freeing up time elsewhere in your life. For mums, that might mean spending more money on childcare or cutting back on hours at work. In other words, it usually costs more to find the time you need. 

It’s good to note, though, that moving from a side hustle to a business doesn’t have to be done in one big jump. You can take a more iterative approach to growth, embarking on smaller steps that require fewer extra hours in the day to slowly build up to a full-time gig.

Take Your Marketing to the Next Level

When you’re running a side hustle in London, you probably have a relatively small, manageable customer base. To take your idea to the next level, you need to create a marketing strategy that fuels growth and reaches a wider audience. 

We’ve put together some cost-effective strategies that are must-haves when scaling.

Build Local Reviews

Around 70% of consumers read between 1 and 6 reviews before making a purchase, so customer feedback should be a crucial part of your marketing strategy. The more positive reviews you have, the likelier you are to win over new customers.

There are two approaches you can take to build up a bigger collection of positive reviews. The first is with a review management tool, like Magic, which automates the work involved to save you time. Or, if you have more time than money, you can take the DIY approach and encourage reviews by:

  • Marketing review incentives (like a discount for every new customer review)
  • Sending emails after purchases to invite reviews
  • Adding  QR codes to receipts to make leaving reviews easier
  • Responding to existing feedback

Create a Website

Every business needs a website. If you don’t have one already, cash in on the branding perks and boost your online presence by creating one for your growing side hustles. A well-designed site will:

  • Attract new leads
  • Convert leads into customers
  • Create better customer relationship
  • Bolster your branding
  • Build credibility and authority.

Get started with this guide, as well as a web host and drag-and-drop website builder, like Wix or Squarespace. Or, if you don’t have an eye for design, outsource the work to a web developer with a portfolio that matches your aesthetic.

Jump on Social Media

Social media is one of the best marketing methods when you’re on a budget. With the ability to create business profiles without any costs, it’s a popular method for scaling side hustles and provides plenty of opportunities to expand your marketing strategy as your business grows.

To see the best results, choose platforms where you have an existing target audience. For example, YouTube is the most popular platform amongst the Gen Z market, while millennials tend to prefer Facebook. There’s plenty of research out there that dives deeper into how people use social platforms, too, enhancing the targeting of your strategy.

Join the Local Business Community

A lot of modern marketing revolves around digital techniques, but don’t forget the traditional methods of getting your brand out there! As a side hustle in London, you have a thriving business community on your doorstep.

Look around to see if there are any events that suit your business model, from networking groups to local markets. These can help you solidify your brand amongst your local community and tap into an audience that already exists. 

Optimise Your Financing 

One of the top reasons why businesses fail is a lack of financing. To expand your side hustle without jeopardising your revenue, get on top of your money. 

This includes creating budgets for your scaling plans. Look at your income and existing/future expenses to get a grasp on your cash flow and understand more about how much you need your business to earn to stay in the green. 

It’s a smart time to look into funding, too. If you can’t finance your growth plans yourself, look into options like crowdfunding, bank loans, and private loans from friends and family to give your hustle the boost it needs to become a business.

Do You Need Employees or Outsourcing?

Turning your side hustle into a business means upping the amount of work you do. If you’re concerned you don’t have the time to do this yourself, you can make it easier by hiring employees or outsourcing to specialist agencies.

For example, if you’re not used to marketing on social media but want to cash in on the benefits, a social media manager is a must for a professional profile. You could either hire a social media manager to work in-house or look for a social media management company as an outsourced option. 

An employee gives you access to someone who’s focused entirely on your business, with opportunities to train them to take over more roles. But, you’ll have to consider changes to your insurance and tax, as well as paying for sick leave and holidays. 

Outsourcing is often a simpler option for those new to running a business. It gives you access to trained, specialist staff who already have the right tools and software to provide your business with top-quality services. You don’t have to worry about payroll or employer insurance, either, and can tailor your level of management to suit your budget.

Final Thoughts

When you’re thinking of turning a side hustle into a full-time successful business, take your time to understand what that involves. Hopefully, these tips give you the knowledge you need to get started, with plenty of proactive research laying the foundations for a successful business. 

 

For more lifestyle and business advice for mums, be sure to join the London Mums community

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