by Roger Chen, Senior Vice President of Asia Region, GoDaddy
The Year of the Pig is upon us and symbolizes luck, wealth and good fortune. If you’ve been hesitant about scaling up your side business, let 2019 be the year you take the plunge. For many, one job is already more than enough. But if you’ve managed to make some income with your side hustle, you could be ready to step up.
In a 2016 survey by GoDaddy, 72% of the 500 respondents in Singapore planned to embark on their entrepreneurial endeavours full-time while the remainder planned to keep it to a side project. Whether you are intending to transform your side business to a full time one or keep it aside, here are some tips on scaling it up:
Time Management is Essential.
It is easy to fall into a pattern of returning home after a long day’s work, kicking off your shoes and becoming a couch potato until your drooping lids give out and you enter dreamland, only to be rudely awakened the next day by your alarm and a repetition of the cycle begins.
However, to help expand your side business you need a lot of dedication, perseverance and time. Every minute is precious especially on the weekdays and you’ll need to set aside chunks of time to ensure some work goes into the side business each day to help scale up.
Avoid wasting time on activities that may be considered mindless to you, and instead focus on things that can help your side business grow. You may want to spend more time on building your business idea, focus on your customers and your products, your online presence and your potential competitors. You may want to set up a daily schedule down to what time you wake up and be strict about sticking to it!
Save up to invest.
To truly scale up a business you may want tobe prepared to invest some money in it. Be it in equipment if you’re running a photography business, research trips if you’re getting into the food and beverage scene or even in a new employee, virtual assistant or tool to help you manage certain aspects of the business.
Research how much it will cost and start a savings plan to dedicate some of your salary to the business. While penny-pinching might be tedious at first, in the long term you might reap some handsome rewards that will make it all worth your while.
Websites Work Wonders.
While you might be tempted to run your business solely on social media or think that setting up a website is too much of a hassle, do resist the urge to skip this step! The benefits of having a website are manifold, including: controlling your content; gaining credibility from looking more professional; and making it easier for people to locate you. You could also add in a blog where you share content articles about your business ideas which could propel you into becoming an opinion leader in the industry.
Building a digital presence can be easily done with tools like GoDaddy Website Builder which acts as a one-stop tool to help with website building, and is integrated with domain name registration, security protection and SEO.
Stay Connected with Past Clients.
Past clients are a great way to potentially gain more work and open new doors, just make sure that you treat each client well from start to end, and make sure they are happy with your service and product.
Create reminders on your phone for you to get in touch with a past client every few months. Touching base often will help you stay top of mind whenever the client has a suitable job opportunity. In addition, they might help connect you with other prospects.
Expand Your Network.
As a business owner running a tight ship, you’ll need to tap on your own network to help grow your business. To do this effectively, you should be proactive about expanding your network. Try to look for relevant connections on LinkedIn and make it a point to meet one new person each week that could either help you with your business or link you with the right people.
You could also tap on complementary businesses to join forces. If you’re selling bags for example, try to tie up with someone doing accessories or clothing. The power of collaboration may surprise you and introduce a steady flow of new customers.
With these tips in place, you can help to be on your way to expanding your side hustle in no time!
Roger Chen, Senior Vice President of Asia Region, GoDaddy, is on point to build a market-leading position for GoDaddy in Asia and China by delivering compelling end-to-end experiences supported by world-class go to market activities offering SMB solutions and platforms. He has over 20 years of professional experience in Asia & US, focused on internet product development, marketing, consumer hardware, and network.