There are numerous reasons why people start a side project. Maybe you just want the extra cash or want to finally work on a job that you love. Regardless of the reason, there's been a long history of side projects, like Gmail and Twitter, that have become successful businesses on their own.
But, how can you become one of these success stories?
Start by following these 9 steps and begin turning your side project into a legit business.
1. Find a problem and solve it.
For example, Joel Gascoigne started Buffer a side project because he wanted to be able to easily and conveniently schedule tweets multiple times a day.
Photographer Benji Wagner noticed that there weren't outdoor products for the young generation of surfers, snowboarders, skaters, and couch surfers that were also affordable. So he launched Poler Stuff.
Both Buffer and Poler Stuff realized that there was a true need for their products and services, along with having a target audience. Their ideas were simple to implement as well, which meant they didn't have to spend a lot of time perfecting their ideas.
2. Test the water.
If you only have one of two yards to do, then you may have to think of a different business and keep mowing lawns as a way to pick-up some extra cash in the meantime.
3. Start marketing your business.
Old school tactics like yard signs, flyers, or ads in local papers worked if you're a local business like that landscaping example. However, we live in the world of digital marketing, so that's where you should focus your efforts.
The first place to start is to obtain a blog and website. The best way to go about this is picking a domain, purchasing it on a site like GoDaddy, and set-up WordPress. Today, though, the process is a bit simpler with companies like Weebly.
Whatever path you chose, the idea here is that you start blogging so that you can demonstrate your knowledge and provide value to your audience. You can also use your site as a portfolio to showcase your work whether you're a web designer or landscaper.
- Write guest articles on leading industry publications or websites.
- Host a podcast or webinar.
- Publish an eBook or Whitepaper.
- Create infographics or instructional videos.
- Be active on social media.
- Get listed on leading online review sites.
4. Pickup clients as a freelancer or presell products and services.
If you're tinkering around with creating a product or service, then start preselling these items on your website or through crowdfunding. Not only will this validate that there's a market, it gives you a chance to earn money that you'll invest back into the company so that you can launch.
5. Define your idea of success.
6. Cross your t's and dot your i's.
- Choosing an available business name.
- Applying for an official business structure like a sole proprietorship or LLC.
- Registering your business name in your state.
- Applying for any applicable permits.
- Obtaining a Tax ID number.
- Knowing what taxes you'll have to pay.
7. Scale correctly.
Grow slowly and gradually, but steadily. This business model is a tactic that has worked for numerous companies that began as side projects. Take Craigslist, for example. Craig Newmark started it as a side gig in 1995 and didn't turn it into a real company until 1999.
8. Avoid burnout.
- Establishing boundaries like the hours that you work and the hours you don't
- Asking others for help.
- Establishing goals and priorities.
- Building long-term relationships.
- Using productivity tools.
- Exercising and eating healthy.
9. Don't burn bridges.
Why? Because what are you going to do if your side project doesn't pan out as a full-time gig? You don't want to have any bad blood with a former employer in case you have to ask for your old position back or ask for a reference in your new job search.
9 Tips For Turning Side Projects Into Legit Businesses was originally published on Due Cash blog by John Rampton.