Thanks to the internet and the availability of multiple social media platforms, more and more Australians turn their hobbies into sources of income. According to a recent study, 25% of Aussies are already pursuing a side business online on top of their day jobs. On the other hand, the majority is looking at this avenue to earn more and eventually do what they love.
If you’re one of the many in the country who finds fulfilment in a side hustle, you may be wondering if it is an excellent time to take your passion to the next level and register a business. While starting a venture can be exciting and rewarding, the task can also be overwhelming, especially if you are unprepared.
How would you know if it is time to take the plunge? Consider the following signs:
Your Work is Receiving Attention
Receiving a couple of orders in a week after spending time promoting on social media is one thing. Having a stream of customers seeking you out and referring your products/services to others is a different ball game. The former is normal for any side gig, but the latter means you are starting to build a substantial following.
If your part-time venture continues to draw interest from people you do not know, even if you stopped promoting through your social media accounts, rejoice. Your hobby is ready to be a full-time business.
You Are Intrinsically Motivated
Running your own business can be exciting since you are the boss, and you have full control of the direction of the company. You call the shots. You are in charge.
However, having complete control means you are solely responsible for the results. It is a non-issue if the business is doing great, but you need remarkable strength to continue during challenging times. As such, it is best if your motivation for starting the business lies deep within your core instead of how much profit you are making.
The most successful entrepreneurs are intrinsically motivated. They love and believe in what they are doing that they continue to persevere without becoming disheartened.
If making money or receiving an external reward is your primary motivation to start a business, you need to reevaluate your plans. The corporate road can be bumpy. Thus, it would be best to have a solid foundation to stay grounded.
You are Financially Capable
You may have the spirit and the will to move forward, but if you are not financially ready, then it is advisable to wait and save some more money. Remember that you will have limited income once you quit your job and start the transition process.
Instead of expecting a steady stream of revenue at the onset, it is best to be cautious. Ensure that you have enough money in the bank to finance your personal and business requirements for a couple of months. After all, it would be doubly hard to focus on growing your business while worrying about making ends meet.
The signs above do not guarantee that you will be successful in your plans, but they are basic requirements that you need to satisfy to move in the right direction. If the signs above ring true to you, then you can start planning and learning all you can on how to register a business. Start by thinking about a spunky company name and visualize your road to success.
Author Bio: Julian Carter is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.