Many of us have started to create side hustles to make life that bit easier financially, or to pursue a passion that we aren’t ready to fully commit to. here we discuss how to turn fashion side hustle into full time business.
However, if you are in a position where you want to commit fully to making your side hustle more lucrative, then we have the perfect 4 tips to help you make the transition and adjust to life as a full-time business owner!
1. Speak With A Financial Advisor
The first thing you need to know when learning how to turn your fashion side hustle into a full-time business is to speak with a financial advisor. It is important to assess whether you are financially stable enough to make the change, as the last thing you want is to end up in debt or only be able to sustain the business for a month or two. So, speaking with a financial advisor is the best step forward.
Make sure you go to a well recommended financial advisor who is possibly associated with an established bank or financial institution, as they will be really experienced in looking at your finances and analysing how viable taking your business full-time is. Be realistic with yourself, because it is best to wait another 6 months and save up the money you need to make this work the first time, rather than starting and having to stop your side hustle completely. This is an essential first step that will make sure you are starting your full-time business in a strong position.
2. Have A Team In Mind
When you are committing to making money with your side hustle as a full-time business, it is important to have a team in mind. To begin with, you may not need any additional help, although it is important to think about the future and to establish who you might work with in the future. Start having a look to see what kind of people are out there, for example marketing people specialising in fashion, creative designers who can help with new clothing collections or potential employees with experience in the industry who can advise on the best supply chains.
You are probably very protective over your online side hustle but being open to new talent and different ideas can be such a blessing for your business. Even if you aren’t committing to it now, it is worth planning for when you expand, as it might happen sooner than you think!
3. Prioritise Business Admin
When you work on your own, letting business admin slip is really easy to do. However, it is time to prioritise the less glamorous side of the business and get all your admin in check. These things include getting business bank accounts, registering the company, and getting an accountant (specifically to help with your taxes). There are also plenty of other things like managing your expenditures, having a great functioning website (if applicable), and fulfilling orders with an efficient system.
Whilst turning your side hustle into a full-time business enables you to keep a passion for what you love which is amazing, to make sure that it can work long term, you must make sure that you prioritise the admin side of things as well as the more exciting side.
4. Make Sure You Are Filling A Void In The Market
The last thing you need to consider is whether the product you are selling is filling a void in the market. For example, if you sell full tracksuits, is there just one particular type that sells well? If yes, how could you expand your collection to make it more successful? Could you potentially sell additional products like jackets that will complement the tracksuits? Carefully thinking through your business model and how it will look moving forward is key.
Whilst side hustles might provide you with the additional income that you are looking for, it is a different story to make sure that the business makes enough money to fund you full time, as well as making a profit eventually. To do this, make sure that you do your market research to see the demand for the products and how that aligns with your expected revenue and profits. This is one of the best things you can do to give your business the best chance of being a long-term success.
Before you commit to making your fashion side hustle a full-time business, take the time to get it right. This will put you in such a strong position for the future to help you keep realising your dreams every day. Don’t forget the most important aspect: technology! A basic online presence for your side hustle such as an eCommerce blog would certainly help it gain traction.
- I am an Online Media & PR strategist at ClickDo Ltd. & SeekaHost Ltd. and a Blogger and Educator by Passion. I am also a contributor to many News, Business, Education and Lifestyle Blogs in the United Kingdom. I have completed a journalism summer course at the London School of Journalism and manage various blogs.
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