Business plan / feasibility study writing to get from side hustle to Unicorn

business plan dubai, feasibility study dubai

Side hustles are great options for many people for a few reasons — they serve as an extra source of income, help you make ends meet or build savings for retirement. The money you bring in from a side gig can be used for various purposes, depending on your financial situation and future goals. Aside from financial gains, side hustles allow you to do what you enjoy and are passionate about, something your day job might lack. It’s common for professionals in the corporate world to switch paths and take on a new business endeavor that’s more tailored to their passions. Why Are Side Hustles Booming Right Now? The pandemic has prompted many professionals to reflect on their careers. Some decided to leave their jobs entirely and fully invest time and money into their side hustle. This contributes to what’s being coined as “The Great Resignation.”

However, it can be challenging to know if your side hustle is capable of scaling. You’re likely flooded with questions: Will this work? When do I quit my day job? Is this realistic for my financial situation? Signs Your Side Hustle Could Be a Viable Business Here are some telltale signs that your side hustle is ready to be taken to the next level:

  • You’ve identified a need in the marketplace, and you can meet customer demands
  • Your side hustle has taken on a life of its own
  • You are already profiting from your side hustle
  • You need a change from your day-to-day routine
  • You’re an authoritative force in your industry
  • You’ve built a reputation among your competitors

Of course, you could spend hours contemplating every small detail when deciding if your side hustle could be transformed into a real business. It’s also worth noting that how you speak about your gig can impact your perception of if it will be successful or not. For example, if you continue to call it a side gig, that’s what it will be. If you truly believe in the products or services you offer, you should consider calling it what it is: a business. Dreams only work if you do. Here are some signs that your side project may not be viable as a business:

  • It cuts time into your day job without being profitable
  • You create emotional reasons to justify why you have this side hustle
  • You lack consistency when working on your side gig
  • You’re not ready to put yourself out there
  • You’re not meeting an existing customer demand

The decision ultimately comes down to you and your financial situation. It’s best to have six to 12 months of saved income before you decide to take your side hustle to the next level. It may take that amount of time to earn profits from your business, and the last thing you want is to drain your savings. Financial security should always be a top priority for anyone entering the entrepreneurial landscape. Entrepreneurs need to be wise in their saving strategies to stay afloat if they experience any emergencies.

When you make the transition you need professional help from consultant Like Olmec Consulting 

Professional consultants can help with writing a well researched business plan in dubai or uae , feasibility study in dubai or UAE

Getting things wrong is not what you want to do in your venture.

Professional advise is always a necessity

So while we wish all the best for all the busy bodies out there doing their thing

it is advisable to get advise also

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