Don’t go it alone
Guidance from a coach or mentor can smooth your path from side hustle to serious enterprise, according to Betty Andrews, founder and CEO of Hstl&Hrt.
A former social media consultant, she saw a gap in the market for an online platform and community to support and empower women, professionally and personally, and, in late 2019, began working on the venture full time.
“Some people say you need to go all in as soon as you can… but you need to have a clear strategy on what it’s going to take financially for you to be able to do that,” Andrews says. “If you have a coach, they can help you make an ‘exit plan’ from your career.”
Propelled by passion
The real trick is to find something you truly love doing. Do so and the rest is more likely to fall into place, according to Elev8 Podcast Studio director Nate Kellock. He sold his Sydney accounting practice in April 2020 to focus on a venture that was initially set up to market the firm’s services to small businesses.
“We started dabbling in podcasting two years ago and I soon found myself becoming a little bit of an equipment junkie, buying lights and cameras and switching decks,” Kellock says.
“Now the accounting firm is full of studio equipment, we’re pretty much recording content non-stop. We have a show for new businesses called The Starter Pod and people are asking about hiring the space.
“I hadn’t contemplated that as an option before but, all of a sudden, the lightbulb went on – that potentially there was a chance to make some money using our experience with podcasting to help businesses achieve their content goals.”
Feeling disenchanted with the accounting profession and relishing the creative aspects of podcasting made his decision to go all-in an easy one.
“Everything aligned,” Kellock says. “If you have a passion, you have to go with it. Jump in and just do it!”
Giving up a steady pay cheque for the vagaries of self-employment is a big step, but if you have a side hustle you’re truly passionate about, turning it into a full-time business can be financially and emotionally rewarding.
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