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If you want to expand your side hustle to full time, you’ll most likely need these basic business skills. … [+]
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There are many businesses that can be built for under $1,000, but those who dare to start often lack the basic business skills needed to scale quickly.
I use my experience from three side businesses to teach new entrepreneurs how to take a faster path to profitability. Before I quit my corporate job, here are the skills I learned that helped me become a full-time business owner.
Learn to manage daily tasks Responsible for small business customer service
An average of 4.4 million businesses are launched in the US each year. The COVID-19 pandemic has caused many to seek more flexible working hours. But directing your own schedule includes responsibility for assigning business tasks to yourself and others you work with.
In coaching people on how to leave corporate jobs, I’ve found that new entrepreneurs are often surprised by their inability to manage their time effectively. They don’t realize how dependent even highly paid executives who thought they were to be autonomous before they dived into entrepreneurship relied on their managers to dictate their workload.
Before launching her fashion retail business, she worked part-time at two local clothing boutiques for $15 an hour. I learned how to address a wide range of customer challenges when there was no exact procedure to follow. More importantly, I was able to track business owners and see how they delegated tasks to me and other employees.
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I’ve also seen them manage everything from bookkeeping to vendor management to physical product and space maintenance. When I was ready to start my own business, I knew how I needed to schedule my administrative time and how to maintain a structured daily schedule to ensure my business tasks were completed. rice field.
Practice selling with personal coaching in skills that are natural to you
KPMG We found that 75% of female managers across all industries experience it. impostor syndrome during their career. This state can be even more difficult for entrepreneurs, as they don’t have a mentor or manager to turn to when they are unsure of themselves.
According to a survey of 600 entrepreneurs by Kajabi,, 84% said they experienced imposter syndrome. I have seen many new business owners dread selling because of this sentiment, which creates fear about selling new products and services, and the ability to get feedback to quickly iterate. Losing it will have a particularly bad effect.
Before launching my full-time business, my years of HR experience gave me sales practice teaching others to write a resume, an easy skill for me. Impostor Syndrome really kicked in when I mistakenly assumed that others wouldn’t pay for this service and thought I was selling something that should have been offered for free.
Then I plucked up the courage and asked people to pay me a low price ($29) at first, but gradually increased the amount as I received positive feedback about the value of what I made. I have requested.
We ended up raising the price to $400 per session. Practicing how to sell resume services has helped me overcome my fear of being rejected by future clients. You can do the same by charging a small fee for the skills others ask for help, and use it to build your entrepreneurial confidence.
Mastering Competent Communication as a Paid Speaker
Studies around the world show that over 75% of adults have anxiety about public speaking. According to Psychology Today. As an entrepreneur, you will at some point, if not regularly, need to speak in front of strangers.
I’ve grown a six figure coaching and education business in speaking — Live, both in an in-person audience and in front of the camera — To promote my business on TV, YouTube and Instagram. Due to the popularity of social media, I’ve witnessed new business owners’ fear of public speaking potentially extend to putting out the marketing content they need.
When I started my side business teaching financial education, I was charging under $99 to teach classes online and speak in front of local nonprofits and small businesses. I wasn’t born human, so I showed up without any rehearsal, no system, no time limit. I behaved similarly in front of new clients. Instead of helping people solve their problems, I rammed about myself and fumbled with my own words.
Since 2020, I have given hundreds of speaking engagements and now charge thousands of dollars for keynotes and workshops. But more importantly, I became a paid speaker.
- Polish my message.
- Verbal communication becomes more concise.and
- Instead of chasing new customers, create meaningful content that attracts new customers.
A side job as a paid speaker is especially recommended for entrepreneurs with knowledge-based or service-based businesses. Even if you don’t want to be a full-time stage speaker, just getting paid more for speaking at events can greatly improve your ability to communicate competently and confidently with business people.