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How to Grow Your Side Hustle Into a Successful Business

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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.

How to Grow Your Side Hustle Into a Successful Business

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.

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Entrepreneurship

Navigating Uncertainty: Leadership Accountability in Times of Crisis

This infographic explores five key behaviors that CEOs and executives should adopt in order to demonstrate leadership accountability in times of crisis.

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In the face of adversity, leaders may struggle to manage their teams effectively.

Before the COVID-19 outbreak, over half of all professionals globally worked remotely at least 2.5 days a week. This has since increased dramatically, with 88% of organizations now insisting their employees work from home and implement social distancing.

Leaders must adapt to a more flexible workplace and create a culture of accountability so that their organization can successfully weather the COVID-19 storm.

Leadership Accountability in Uncertain Times

Today’s infographic, from bestselling author Vince Molinaro, reveals the five behaviors that leaders can adopt in order to provide thoughtful navigation through uncertainty.

leadership accountability in times of crisis

>> Join Vince Molinaro’s Community of Accountable Leaders

The Impact of Leadership Accountability

As the workforce pivots to remote working arrangements, the benefits of flexible working policies are coming into sharper focus.

Research shows that these policies can lower overhead costs, reduce commuting times and increase employee satisfaction—in addition to attracting top talent. Moreover, the shift to working remotely could boost the U.S. economy by $4.5 trillion annually by 2030.

But achieving these benefits requires accountability from everyone in an organization, and in an increasingly virtual world, that can become difficult to manage.

Challenges Facing Leaders Today

Leaders are already subject to an array of challenges that they must overcome, such as:

  • The pressure to differentiate: Leaders feel an unrelenting pressure to innovate and help their organizations stand out in a sea of ruthless competitors.
  • Executing the strategy: Leaders must align the organization to ensure employees are clear about what needs to get done to execute priorities seamlessly.
  • Leading transformational change: With so many moving parts, constant change across several aspects of a business can be difficult for leaders to manage.
  • Creating enduring value: Customers, boards, and shareholders have high expectations for leaders in exchange for their loyalty.
  • Building future talent: Leaders must build and nurture the next generation of leaders in addition to managing the day-to-day.

These mounting pressures can have a detrimental impact on a business leader’s performance, so it is crucial that they get the support they need now, more than ever.

The Characteristics of Accountable Leaders

Truly accountable leadership is the only way an organization can weather uncertainty in a world that has been upended. Research reveals that among the strongest performing companies, accountable leaders consistently demonstrate five behaviors that set them apart from others.

  1. Hold others accountable for high standards of performance
    Good leaders make mutual expectations clear by consistently reinforcing what is important, and what employees should prioritize in their roles.
  2. Tackle tough issues and make difficult decisions
    Technology is hugely beneficial, but it should never replace the human element. Picking up the phone or having a Skype call is more immediate and personal, especially when it comes to problem solving and making tough decisions.
  3. Communicate the strategy across the organization
    Leaders must ensure that employees have complete clarity in terms of the company’s vision to do their jobs effectively. Creating a set of well-defined goals can help people stay engaged and decrease their stress levels.
  4. Express optimism about the company and its future
    Many employees can feel isolated and disconnected in the virtual world, so leaders must provide support, positive energy, and a sense of hope for the future.
  5. Display clarity about external trends in the business environment
    Finally, it is critical to help employees make sense of the current situation right now. Leaders must provide honest and transparent communication in a way that manages fear, stress, and anxiety. This encourages employees’s determination to help the organization succeed.

Leading The Future

As we embrace the unknown, it is clear that leadership accountability will become more important than ever.

In fact, it has become a crucial element for future-proofing organizations in times of crisis or drastic change. Perhaps more importantly, it is necessary for encouraging teams to emerge more connected and resilient than ever before.

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Entrepreneurship

How Leadership Accountability Drives Company Performance

What impact does leadership accountability have on the performance of an organization? As it turns out, a lot.

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Leadership accountability

Leadership plays a big role in determining the success of an organization.

Effective and accountable leadership can help propel a company forward. On the flip side, a failure to live up to the expectations of leadership can have cascading and lingering effects across an entire organization.

Bridging the Leadership Accountability Gap

Today’s infographic, from bestselling author Vince Molinaro, is a revealing look at the impact that leadership accountability can have on an organization.

Leadership Accountability

Pre-order Vince Molinaro’s new book, Accountable Leaders

The Value of Leadership Accountability

The majority of people within organizations understand the value of leadership accountability – yet, in practice, many leaders fail to deliver on that promise.

A global survey of over 2,000 HR leaders and senior executives revealed that a mere 27% believed they had a strong leadership culture. Two-thirds of those surveyed believed that leadership accountability is a critical issue within their organization, while only one-third are satisfied with the degree of leadership accountability demonstrated at in their workplace.

What impact does this leadership accountability gap have on the performance of a company? As it turns out, a lot.

The Critical Link Between Accountability and Performance

Once survey responses were organized into three distinct categories – low performers, average performers, and industry leaders – interesting trends began to emerge.

Companies in the “industry leaders” category were far more likely to have a culture of leadership accountability. In fact, industry leaders were twice as likely to have clearly established expectations for their leadership team than respondents in the average or lower performing categories. These high performing companies were also far more likely to:

  • Have formal succession programs to help identify high-potential leaders
  • Have practices in place to foster more diverse leadership teams
  • Implement development programs to effectively build the capacity of leaders

Industry leading companies had leadership teams that ranked higher in a number of key areas. Leaders at high performing companies were far more likely to:

  • Understand customer needs and desires
  • Understand external trends affecting the business
  • Demonstrate a high level of emotional maturity
  • Demonstrate passion for executing on the company’s vision

In many of these areas, the gap between industry leaders and the other categories is significant, which presents a compelling case for embracing leadership accountability as a core value.

Building a Strong Leadership Culture: Questions to Ask

The first step to building a culture of leadership accountability is self reflection. Here are questions leaders can ask to help assess how their organization is doing:

  1. Is leadership accountability a critical priority in your organization?
  2. Has your organization set clear leadership expectations for leaders?
  3. Do you believe your leaders at all levels, are fully committed to their leadership roles?
  4. Have you built a strong and aligned leadership culture across your organization?
  5. Does your organization have the courage to identify and address mediocre leadership at an individual and team level?

Answering “no” to any of the questions above means there’s an opportunity to develop a more accountable and effective leadership team.

Only three things happen naturally in organizations. Friction, confusion and underperformance. Everything else requires leadership.

– Peter Drucker

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