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.
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.
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.
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.
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.
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.
Visualizing the Odds of Dying from Various Accidents
This infographic shows you the odds of dying from a variety of accidents, including car crashes, bee stings, and more.
Infographic: The Odds of Dying from Various Accidents
Fatal accidents account for a significant number of deaths in the U.S. every year. For example, nearly 43,000 Americans died in traffic accidents in 2021.
Without the right context, however, it can be difficult to properly interpret these figures.
To help you understand your chances, we’ve compiled data from the National Safety Council, and visualized the lifetime odds of dying from various accidents.
Data and Methodology
The lifetime odds presented in this graphic were estimated by dividing the one-year odds of dying by the life expectancy of a person born in 2020 (77 years).
Additionally, these numbers are based on data from the U.S., and likely differ in other countries.
|Type of Accident||Lifetime odds of dying (1 in #)|
|Motor vehicle accident||101|
|Complications of medical and surgical care||798|
|Accidental building fire||1,825|
|Choking on food||2,745|
|Drowning in swimming pool||5,782|
|Accidental firearm discharge||7,998|
|Bee or wasp sting||57,825|
For comparison’s sake, the odds of winning the Powerball jackpot are 1 in 292,000,000. In other words, you are 4000x more likely to die by a lightning strike over your lifetime than to win the Powerball lottery.
Continue reading below for further context on some of these accidents.
Motor Vehicle Accidents
Motor vehicle accidents are a leading cause of accidental deaths in the U.S., with a 1 in 101 chance of dying. This is quite a common way of dying, especially when compared to something like bee stings (1 in 57,825).
Unfortunately, a major cause of vehicle deaths is impaired driving. The CDC reports that 32 Americans are killed every day in crashes involving alcohol, which equates to one death every 45 minutes.
For further context, consider this: 30% of all traffic-related deaths in 2020 involved alcohol-impaired drivers.
The odds of drowning in a swimming pool (1 in 5,782) are significantly higher than those of drowning in general (1 in 10,386). According to the CDC, there are 4,000 fatal drownings every year, which works out to 11 deaths per day.
Drowning also happens to be a leading cause of death for children. It is the leading cause for kids aged 1-4, and second highest cause for kids aged 5-14.
A rather surprising fact about drowning is that 80% of fatalities are male. This has been attributed to higher rates of alcohol use and risk-taking behaviors.
Accidental Firearm Discharge
Lastly, let’s look at accidental firearm deaths, which have lifetime odds of 1 in 7,998. That’s higher than the odds of drowning (general), as well as dying in an airplane accident.
This shouldn’t come as a major surprise, since the U.S. has the highest rates of gun ownership in the world. More importantly, these odds highlight the importance of properly securing one’s firearms, as well as learning safe handling practices.
As a percentage of total gun-related deaths (45,222 in 2020), accidental shootings represent a tiny 1%. The two leading causes are suicide (54%) and homicide (43%).
Interested in learning more about death? Revisit one of our most popular posts of all time: Visualizing the History of Pandemics.
Technology2 days ago
Infographic: 11 Tech Trends to Watch in 2023
Politics2 weeks ago
Which Countries are the Most Polarized?
Energy1 day ago
Visualizing the Scale of Global Fossil Fuel Production
Markets4 weeks ago
The U.S. Stock Market: Best and Worst Performing Sectors in 2022
Energy2 weeks ago
Visualizing China’s Dominance in Battery Manufacturing (2022-2027P)
Technology5 hours ago
Infographic: Generative AI Explained by AI
VC+4 weeks ago
Join VC+ for 2023’s Global Forecast Report of Expert Predictions
VC+2 weeks ago
Access Our Exclusive Report and Upcoming ‘2023 Global Forecast’ Webinar on VC+