Monday, January 22nd, 2018
Having a side hobby can be a fantastic outlet. However, making the leap from side hustle to full hustle can be overwhelming. There are costs to consider, outside opinions to silence, and confidence to gain.
Young Women in Business, a community network dedicated to women helping women become empowered leaders and foster their success, held a panel event discussing this very topic.
Four young women were invited to tell the stories of their entrepreneurial journeys and what it took to get them there. Here are four tips from the panellists for budding entrepreneurs who are looking to turn their passion project into their full-time career.
1. Don't Wait Until You're 100% Ready
The general consensus among the panellists was that there's never a 100% perfect moment to start a business, so don't wait for one. Chances are you've been thinking about your potential business idea for quite a while already. It may even be something you've been doing for years.
Mary Young, Toronto based fashion designer and owner of Mary Young Lingerie, said she was sewing clothes for her dolls since childhood, so she always had that creative impulse. For some, it's a particular passion that you feel the need to pursue. For others, it's the desire to leave a dissatisfying job to do something else. Either might be a sign that it's worth considering taking your passion full-time.
2. Don't Be Afraid to Seek Out Financing
A common problem in this business is finding the start-up capital to get your project off the ground. The panellists agreed that you need to save before you can get started. Renish Kamal, CEO of Fidget Toys Ltd. took a more proactive approach in her life, and encouraged entrepreneurs to seek out grants and investors, to enter competitions, and to pitch your idea, essentially speaking it into existence.
3. Don't Let Outside Opinion Get in the Way
Venturing into this type of work, you're bound to be met with your fair share of obstacles. A common one? The naysayers in your life. That could mean parents, friends or competitors. Whoever it is, there will be people who tell you that you can't do this, feeding into your self-doubt. Paloma Lev, founder of The Negotiation Program, teaches her clients how to boost their confidence. She said that if you truly want to see your business succeed, you have to quiet those voices and don't let the negativity of others stifle your growth.
4. Find Your Balance
Victoria Stacey, creator of Florals+Teacups, and newest entrepreneur of the panellists, stressed the importance of a good work-life balance. She said that whether you're photo-shopping until 2 a.m. and sleeping until noon, or in a co-working space everyday from 10 a.m. to 6 p.m., work-life balance is crucial. There are no rewards for overworking, and it could lead to burnout. Prioritizing things like rest, leisure, family and friends is just as important as reaching your goals.
Whatever your passion project may be, trust that you'll find a way to turn your #sidehustletofullhustle.