My conversation with Kylie Hodges today will help you transition your money making side hustle into a full-time business. We will be discussing the two main questions you have to ask yourself when it comes to transitioning, and the four arenas of business.
IE 234: How to Transition Your Money Making Side Hustle into a Full Time Business with Kylie Hodges
It can feel overwhelming to think of transitioning from a side-hustle to being a full-time business owner. You might feel under-equipped.
Hopefully, today’s episode will help you realize that you are the right person for the job and that your person is just waiting for you to step into the role.
Kylie Hodges is a business coach who works specifically to help other coaches stop waiting on their business to build itself. She pushes them to make the money they want and create the impact that matters the most to them.
What Do You Really Want to Do?
There are two questions that you have to ask yourself in order to determine what you can do easily while still making a lot of money:
- Who do I want to help?
- What problem do I want to solve?
Those two questions, when they intersect, allow you to narrow in on what you want to do when it comes to growing your side-hustle into a full-time business. This can apply to product-based side-hustles but will work much faster for service-based businesses.
Service-based businesses are knowledge-based. In other words, what you have to share with people is the way that you make money.
The gift of being an influencer is that you already have a built-in audience. You are not starting from zero.
If you are a blogger or influencer and don’t know the answers to those two questions, ask your audience and then sift through their answers.
When it comes to creating your content, ask yourself about the value of each piece of content.
If you have a piece of content that provides a ton of value and could be stretched out over a longer period, consider monetizing that content in a different way.
Working on Commitment and Responsibility
If you want to turn your money-making side hustle into a full-time successful business, you have to own it and commit to it.
As a business owner, you can feel overwhelmed when it comes to committing to something for 3 months or 6 months, or one year. But if you are half-in, half-out, you will begin to spiral. You may feel guilt and shame over the lack of progress, which will only leave you feeling defeated.
You have to take responsibility for growing into the business owner you want to be. Think differently about the way you are engaging with people and the way you prioritize your time.
You have to step out of the role of content creator and into the role of business owner. This will require you to function as a CEO and less like a freelancer.
These are mindset shifts that you will have to work on. Take time to sit with a sheet of paper and write down what it looks like for you to transition from being a freelancer to a real CEO. Discover what habits you need to learn in order to function as a business owner.
Commitment and responsibility are absolutely necessary when it comes to transitioning from running a side-hustle to running a full-time business.
The Four Arenas of Business
Transitioning from a side-hustle to a full-time business is like a dance. It is always in motion.
There are four different arenas to this:
- Pricing and packaging (what you want to sell and how you can sell it)
- Marketing (creating content and your elevator pitch)
- Sales (finding your #1 fan and asking questions to solve their problems)
- Self-management (assess your behaviors and label them as helpful or hurtful)
There is no specific time to just zone in on one of these four arenas; you have to be balancing them all at once. It will feel a little wobbly and awkward at first as you learn how to put time into each of these categories every single day.
If you know that these are the four important arenas of business, it can be a way to eliminate any overwhelm. It helps you to get focused on the essentials of your business.
Many of you feel like your person is not ready to buy from you because so much information is available for free on the internet. But people are willing to pay, even at a higher price point, in order to have someone they trust work with them and remove any information they don’t need.
Your person is waiting to work with you, you just haven’t provided them with the opportunity yet.
Resist the Urge to Problem Solve
When it comes to reaching out to your person, whether that is via email or a phone call, approach every conversation with a sense of curiosity.
You want your person to feel like you care about them and what they need. Ask them questions. Learn what their problem is and what they need help with.
Ask yourself how you can serve this person best. If you could solve their problem immediately over the phone, would that serve them best in the long wrong? Probably not.
Channel your answer and resist the temptation to be an immediate problem-solver. Develop awareness. Your person needs to be aware of their problem and aware of what they would like their life to look like.
On those sales calls, raise awareness. Don’t be worried that you won’t have a chance to solve the problem after that call. Raising the awareness within the person is what will draw them back to you for help to solve the problem.
Honor Your Calendar
You get to call the shots for how your days go. This doesn’t mean cramming as much as possible into one day, it means doing the most important things each day.
This might mean spending 20 minutes every day on marketing or only 20 minutes every Wednesday on marketing. You get to choose what your days look like. You don’t have to work a full eight-hour day every single day to run a full-time successful business.
Creating your calendar provides you with the opportunity to schedule things in advance. It gives you the ability to make things work. If you are a mom and have young children, you can sit down with your partner and talk about what days and times will work for you to get things done.
Again, it is your business. You call the shots. Do what is best for yourself. Don’t compare yourself to the other influencers and business owners that you see. Their goals are not your goals.
Focus On Yourself and Your Goals
It is not your responsibility to do anything other than living your life the way you want to. Comparison truly is the thief of joy. Everyone’s business journey is their own.
The person with grown kids who works a full-time business that you are comparing yourself to might have regrets from when their kids were toddlers. Don’t focus on others and what their journey looks like. Only focus on your own.
Everything in this life is temporary. You get to choose what your goals are and focus on those, knowing that your values for you and your family are what matter.
The Roadmap to Your Dream Business
Kylie has a freebie that goes into even more information on the four arenas of business: The Ultimate Roadmap to Uplevel from a Side Hustle to a Dream Business. It highlights the four arenas and then helps you understand the main tasks you need to check off the list.
This is a great guide to keep on your desk to help you map out your workdays and know which arenas you need to focus on.
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