Episode 124
Navigating the Transition: Side Hustle to Sustainable Business
The discourse presented in the podcast exemplifies the dichotomy between a mere side hustle and a legitimate business entity. At the outset, the hosts, Wes Wyatt, and his co-speaker, meticulously dissect the prevalent phenomenon of individuals engaging in side hustles, often for supplementary income or creative autonomy. However, they assert that only a fraction of these individuals transition into full-fledged business ownership. This transition, they argue, is not merely a question of ambition but is contingent upon recognizing pivotal signals that indicate readiness for advancement. The hosts emphasize that how one positions oneself significantly influences the perceived value of one's services, thereby affecting pricing strategies and growth potential. Central to their argument is that individuals must first learn to market themselves rather than merely the products they offer to evolve from a side hustle into a business. This fundamental shift in perspective is articulated through the notion that one's brand must evolve to reflect one's aspirations of business ownership rather than the current status of a side hustler.
Takeaways:
- The distinction between a side hustle and a business significantly impacts one's brand and financial future.
- To transition from a side hustle to a full-fledged business, one must measure their return on time rather than solely on monetary gains.
- It is imperative to define a decision threshold that is clear and measurable, facilitating the leap into entrepreneurship.
- Shifting from a tactical mindset to a strategic one is essential for sustainable business growth and market positioning.
- Marketing oneself effectively as a leader rather than merely a service provider is crucial for attracting clients and creating a lasting impact.
- Establishing systems and automation within one's business can lead to greater efficiency and the potential for passive income.
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Transcript
This is Market YOU First, it's time to learn to sell what you bring to the table, not what
Speaker:you're selling.
Speaker:This is Market YOU First.
Speaker:This is your host, Wes Wyatt.
Speaker:Hey everybody, this is Wes Wyatt and this is the Market YOU First podcast.
Speaker:Have you ever stayed up until 2am working on your side hustle and then wondered why
Speaker:you're dragging yourself to your day job the next morning?
Speaker:You're caught in the side hustle paradox and it's too successful to quit, but too busy
Speaker:to grow.
Speaker:And today we're going to be breaking down that crucial decision point where you're keeping
Speaker:your side hustle and building a legitimate business.
Speaker:So you might be asking yourself, Wes, why does this matter?
Speaker:Same thing as always, guys, this isn't just about semantics, okay?
Speaker:The distinction between a side hustle and a business affects every aspect of your personal
Speaker:brand and financial future.
Speaker:A side hustle gives you the extra income and creative freedom, but a business builds wealth
Speaker:and legacy.
Speaker:According to a recent study, a large number of Americans have side hustles, but only 12%
Speaker:of them transition to full-time and have an actual business that they own.
Speaker:Why?
Speaker:Because they miss key signals that indicate it's time to level up.
Speaker:Your personal brand is directly impacted by how you position yourself.
Speaker:So are you introducing yourself as someone who does a little photography on the weekends
Speaker:or as the founder of a boutique photography studio?
Speaker:The way you frame your work determines how clients value your services, so how much you
Speaker:can charge, and ultimately your growth potential.
Speaker:So here are three key takeaways that are going to help you with that, okay?
Speaker:So number one, measure your return on time, not just money.
Speaker:So side hustles typically pay you for your hours, all right?
Speaker:You're trading time for money.
Speaker:Businesses pay you for your systems, all right?
Speaker:Calculate your effective hourly rate by dividing your monthly income by hours worked.
Speaker:And if it's below what you'd pay someone else to do the same work, then you're stuck in
Speaker:a side hustle mode, okay?
Speaker:Create at least one system or automation this week that works without your direct involvement,
Speaker:okay?
Speaker:Think of it as if you were a plumber and you installed a toilet, every time somebody flushed
Speaker:it, you got paid, okay?
Speaker:Number two is define your decision threshold, all right?
Speaker:Set clear, measurable conditions for when you're going to make the leap.
Speaker:This might be consistent monthly revenue for three consecutive months, a specific number
Speaker:of clients, or a wait list of prospects.
Speaker:But the specific number matters less than having a concrete threshold.
Speaker:Write down your leap point and then track your progress weekly.
Speaker:Number three, shift from tactics to strategy.
Speaker:Side hustlers focus on completing tasks where business owners focus on marketing positioning,
Speaker:okay?
Speaker:So dedicate 30 minutes each week to strategic thinking instead of execution.
Speaker:Ask yourself, am I building something I can eventually sell or am I just creating another
Speaker:job for myself?
Speaker:Now when you Market YOU First and make this personal, the side hustle versus business question
Speaker:boils down to how you market yourself, not what you sell, okay?
Speaker:And that is what we talk about.
Speaker:Sell yourself, not your products, okay?
Speaker:Now in a side hustle, you're marketing your skills or time.
Speaker:In a business, you're marketing your vision and your approach.
Speaker:So look for social profiles, websites, and client communications.
Speaker:Do they position you as a helper or as a leader, okay?
Speaker:A service provider or a solutions creator.
Speaker:Your personal brand must evolve before your business can.
Speaker:So update your LinkedIn headline, your email signature, and your introduction script to
Speaker:reflect where you're going, not just where you are, okay?
Speaker:And the world is going to respond to how you position yourself long before you actually
Speaker:have the transition occur.
Speaker:Now here's a call to action that should help you with this.
Speaker:Take 15 minutes today to write down your business name, your mission statement, and your title
Speaker:on a note card.
Speaker:And even if you haven't fully made the transition yet, place it where you can see it daily.
Speaker:This simple act is going to program your brain to start thinking like a business owner rather
Speaker:than a side hustler.
Speaker:And if you have found any of this helpful today, please don't forget to like, share,
Speaker:comment, and subscribe.
Speaker:After listening to the podcast, go to weswyatt.com, scroll down to where you can put in your name
Speaker:and your email address, and get on those insider emails.
Speaker:We're going to provide you with all the tips, tricks, and nuggets that we find.
Speaker:If you have questions on that same page, you can go down to the thought bubble at the bottom
Speaker:right.
Speaker:That is the chat feature on weswyatt.com.
Speaker:I don't monitor that live, but I will get back to you very promptly.
Speaker:And last, but certainly not least, if you visit weswyatt.com forward slash disclaimer,
Speaker:you're going to get important context regarding this and all podcasts, posts, and info I provide.
Speaker:And thank you very much for being part of another episode of the Market Your First podcast.
Speaker:Until we talk next time, have a DYNAMITE day!
Speaker:You've been listening to the Market YOU First podcast.
Speaker:You are the most important thing you can sell.
Speaker:We hope you've gotten some useful and practical information from the show.
Speaker:Make sure to like, rate, and review the show, and we'll be back soon.
Speaker:But to find the show notes and everything about the Market YOU First podcast, visit
Speaker:marketyoufirst.com.
Speaker:On behalf of your host, Wes Wyatt, and the whole Market YOU First team, have a DYNAMITE
Speaker:day.
