5 Tips for Making the Leap From a Side Business to a Full-Time Startup |
Looking to turn your side project into a business you run full-time? Here’s what experts recommend.
BY CHRIS MORRIS @MORRISATLARGE
Photo: Getty Images
For some people, side hustles are a way to earn a little extra money. But for those who aspire to start their own business, they’re a chance to test drive ideas that could become something much bigger than an evening or weekend endeavor.
Some very familiar tech companies got their start as side projects, including Groupon, Twitter, Craigslist and Instagram (which began as Burbn, a location-based app for whisky lovers). And, in some ways, it’s easier for today’s gig workers than it was for those founders to advance a side business into a fully-fledged startup. Here’s how experts suggest you make the transition.
Being excited about transforming your side gig into a full-time startup is a good thing, but Shark Tank star and FUBU founder Daymond John warns that you also have to keep one foot planted firmly in reality. Do the math. Know how much you’ll need to make in sales to generate a profit that will match the salary of your current full-time job. It can slow the launch, but it ensures the transition will be smoother. That’s exactly what........