Nowadays everyone is an entrepreneur. Whether you’re a blogger or an enthusiastic crafter who sells their creations online, having a side hustle is a must-have in modern society. However, for a lot of people, this side hustle doesn’t receive enough attention or time to be considered profitable. It’s just a little bit of fun, as you would say.
However, when you decide to invest time and thoughts into growing your side hustles in a small business, it’s when you need to sit down and create a strategy. Indeed, developing a business requires a lot of preparation. Not all businesses react in the same way, therefore it crucial to consider your strengths and weaknesses. There’s no denying that a lifestyle blog, for instance, will follow a different growth strategy to a web developer who takes freelancing gigs on the side. So what’s the best approach to growing your business successfully?
More funding yes, but not for everyone
Ultimately, money is the secret to growth. It’s fair to say that applying for additional funding – you can find commercial lenders with smallbusinessloans.co – is by far the most obvious way of getting the infrastructure and support you need to expand safely. However, a commercial loan is not something to take lightly. You will have to justify your financial requirements and demonstrate that you can make the best use of capital for growth. More importantly, most lenders want to know that they can trust your business with their money, a.k.a. you have to show evidence of stability. Consequently, startups and low-key side hustles might struggle to borrow money. Additionally, there are situations in which more money may not deliver the growth you expect. For instance, you can’t grow your blog by only throwing money at it!
Attract more visitors to your site
Creative businesses such as blogs, for instance, need to build a follower base to grow effectively. The good news is that you may not need to make any financial investment besides what you’ve already made to get the business running. The bad news is that it takes a lot of work to build momentum online. Creative side hustles can benefit from an image-based channel such as Pinterest – Instagram is also a good alternative, but it doesn’t provide the advantage of creating timeless boards. Using Pinterest as a business profile can let you not only gain valuable insights into your pins performance but you can also reach out to a new audience through manual and vise pinning strategies.
Create a media buzz
The more people talk about you, the more they want to invest in your business – or buy from you. However, if you want people to notice you, you need to give them something to talk about. That’s precisely where media such as video blogs – see theendlessadventure.co for ideas – or books can be highly effective. Indeed, a successful vlog shares valuable content – whether it’s a practical tutorial or an informative piece –, showcase your personality and keep people hooked to the screen. Similarly, a great expert book – which you can publish for free via Kindle – can highlight your skills and promote your profile to the right audience.
Will getting a commercial loan grow your business? The answer is yes if – and only if – your business structure and strategy can benefit from the extra capital. But there are other solutions to grow your side hustle successfully!