Misc
How to Grow Your Side Hustle Into a Successful Business
Decades ago, launching a business meant risking your life savings to rent a storefront or to buy inventory – but today, technology enables many new ways to ease into a startup lifestyle without the chance of losing your shirt.
Ambitious people can use the gig economy to tackle opportunities in their free time, and developing a side hustle outside of your day job is a way to get a taste of entrepreneurship, as well.
Grow Your Side Hustle
But for some, a side hustle isn’t enough. Instead, they want to take that side hustle – their true passion – and grow it into a real career or business.
Today’s infographic from Quid Corner gives 10 steps on how to make that transition a reality.
Taking your passion and converting it into a successful venture is not an easy move – otherwise everyone would do it.
Instead, it takes hard work, knowledge, tenacity, and patience. Here are some key points worth considering as you grow your side hustle into something bigger.
10 Steps to Consider
1. Cover Monthly Expenses
It’s hard to replace your full monthly salary at the start, so aim to have your side hustle replace a set of monthly expenses at first. This will take some of the pressure off, and allow you to grow things organically.
2. Network
Meet with other side hustlers and learn from them. Develop strong relationships with the people that inspire you.
3. Find a Mentor
Studies show that small businesses with a mentor are twice as likely to succeed over a five year period.
4. Register
Eventually, register your business officially. This separates your personal and business assets, and it makes your side hustle more legit in the eyes of customers.
5. Pareto’s Law
With a new venture, there will be plenty of tasks to do. Pareto’s Law states that concentrating on 20% of these tasks (the most important) will generate most of your outputs (80%), so prioritize accordingly. See more on this mental model in a previous infographic.
6. Delegate
Delegate daily tasks outside of your core skillset. This will allow you to focus on your passion and what you uniquely bring to the table.
7. Automate
Use apps to automate repetitive tasks. You can schedule social media posts, track leads and conversions, run payroll, and manage inventory with apps – and much more.
8. Focus on Cash Flow
A whopping 82% of small businesses fail from cash flow problems. Therefore, this should be an important focus for any business owner.
9. Set Goals
Set long-term goals, and short-term objectives to achieve them. Use the SMART (Specific, Measurable, Achievable, Relevant, and Timely) framework to set near-term objectives.
10. Stop, Collaborate, and Listen
Collaborate with businesses that share your values, and learn from them at the same time.
Demographics
Mapped: Population Growth by Region (1900-2050F)
In this visualization, we map the populations of major regions at three different points in time: 1900, 2000, and 2050 (forecasted).
Mapping Population Growth by Region
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
In fewer than 50 years, the world population has doubled in size, jumping from 4 to 8 billion.
In this visualization, we map the populations of major regions at three different points in time: 1900, 2000, and 2050 (forecasted). Figures come from Our World in Data as of March 2023, using the United Nations medium-fertility scenario.
Population by Continent (1900-2050F)
Asia was the biggest driver of global population growth over the course of the 20th century. In fact, the continent’s population grew by 2.8 billion people from 1900 to 2000, compared to just 680 million from the second on our list, Africa.
Region | 1900 | 2000 | 2050F |
---|---|---|---|
Asia | 931,021,418 | 3,735,089,775 | 5,291,555,919 |
Africa | 138,752,199 | 818,952,374 | 2,485,135,689 |
Europe | 406,610,221 | 727,917,165 | 704,398,730 |
North America | 104,231,973 | 486,364,446 | 679,488,449 |
South America | 41,330,704 | 349,634,344 | 491,078,697 |
Oceania | 5,936,615 | 31,223,133 | 57,834,753 |
World 🌐 | 1,627,883,130 | 6,149,181,237 | 9,709,492,237 |
China was the main source of Asia’s population expansion, though its population growth has slowed in recent years. That’s why in 2023, India surpassed China to become the world’s most populous country.
Southeast Asian countries like the Philippines and Indonesia have also been big drivers of Asia’s population boom to this point.
The Future: Africa to Hit 2.5 Billion by 2050
Under the UN’s medium-fertility scenario (all countries converge at a birthrate of 1.85 children per woman by 2050), Africa will solidify its place as the world’s second most populous region.
Three countries—Nigeria, Ethiopia, and Egypt—will account for roughly 30% of that 2.5 billion population figure.
Meanwhile, both North America and South America are expected to see a slowdown in population growth, while Europe is the only region that will shrink by 2050.
A century ago, Europe’s population was close to 30% of the world total. Today, that figure stands at less than 10%.
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