93°F
weather icon Mostly Cloudy

Lester Romero: Taking your side hustle full-time

From selling designed products online to supplementing income with photography or driving for a ride-share service, the gig economy is changing the way people work and earn a living in Southern Nevada.

Proof of this is shown in a recent study from Intuit saying that 40 percent of U.S. workers will be freelancers in some capacity by 2020.

With the growing popularity of the “side hustle” in Pahrump, many people are considering how to take these gigs from supplemental income to the main stage. But making this transition means several considerations, including what the local market (and demand for your intended service) looks like, how to finance the growth of your venture, and what you want out of your business.

When I look at successful Pahrump small business owners I’ve worked with over the years, from the ones who started in their garage to those continuing a family tradition, a few key trends have emerged which can help those looking to transition their side hustle.

The first (and sometimes most challenging) is to objectively determine the scalability of your business and what transitioning it to full-time might look like. Doing this early is critical to make the road to a full-time career smoother. Once you’ve determined what the path forward might look like, here are some other key considerations as you transition your side hustle:

• Know your options for saving (and how to use them)

While funneling all income toward growing your business might seem paramount to success for some business owners, saving is also critical for tackling issues that may arise, reaching long-term goals, and improving your financial health. Replacing a broken piece of equipment? A vendor disruption preventing you from filling orders?

Having savings set aside for emergencies can make these scenarios more manageable. From understanding what types of tools might help you save money to best practices for tracking savings, knowing your options is a key part of your business’ financial success.

• Mind your cash flow

Managing your cash flow is critical to growth. The proof? A review of 101 failed startups in a recent CB Insights poll showed that 29 percent failed due to lack of cash. Achieving success in cash flow management means utilizing tools that can help you accurately forecast, properly plan, and consistently be prepared for challenges, which are all an important part of maintaining the growth of your burgeoning business.

• Know who you’re serving (and potential competitors)

Before you establish a business, you need to know your service area and our local Pahrump market. Knowledge of who your competitors are, what need you will be filling in the local area, and proper market analysis are all pieces of competitive intelligence that will improve your ability to successfully transition your side hustle to a full-time career.

• Remember the “why”

What might be the most important thing to consider in taking your side hustle full-time boils down to a simple question: why are you doing it? Beyond any strategies or logistics, it’s key to remember what your motivation is to take your side hustle to the next level and make it your full-time career. From flexibility with hours, to being your own boss, to filling a market need, maintaining your focus on the “why” makes turning “what I do on the side” into “what I do” a much more rewarding experience.

Lester Romero is small business leader for Wells Fargo in Pahrump. More tips and tools to manage your small business are at www.WellsFargoWorks.com

Don't miss the big stories. Like us on Facebook.
THE LATEST
Tim Burke: Reflecting on dads as Father’s Day nears

Being a father is a gift that not everyone gets to experience but for those of us who are lucky enough to be a dad, the role comes with a lot of responsibility in raising children. Moms rule the house and make everything work as a family unit, but dads play an important role in teaching their children how to become good adults.

Dennis Myers: Nevada Gov. Steve Sisolak cast a veto against the founders

In his veto of Assembly Bill 186, Gov. Steve Sisolak argues that he is speaking for the founding fathers (they were all men) in their cutting and splicing of the Virginia Plan and the New Jersey Plan at the constitutional convention when they were trying to placate not the small states but the slave states, most of which happened to be the small ones.

Tim Burke: Showing pride for newest graduates, reflecting on history

Life for this year’s Pahrump Valley High School graduating senior class will have quite a different immediate future in front of them than did those who were graduating during World War II.

Dan Schinhofen: Politics as usual with Yucca Mountain

The U.S. House of Representatives just released their budget and what a surprise, no funding to continue the licensing on Yucca Mountain, our national repository.

Dennis Myers: How the system was broken and why it continues

In May, the Nevada Senate voted final passage of a measure removing several sections from Nevada abortion law that are incompatible with the state’s voter-approved legal abortion statute.