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5 Lessons I Learned Turning My Side Hustle Into a Full-Time Job

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Opinions expressed by Entrepreneur contributors are their own.

Last month, I took the plunge to pursue my business full-time. What had started as a fun project turned into a side hustle that is now my full-time job. Three years ago, I was planning my honeymoon and was disappointed by the lack of comprehensive information and the lack of websites dedicated to planning a honeymoon.

So I started HoneymoonGoals.com. Now the business helps over 1 million honeymooners plan their trips yearly and books over $15 million in annual sales for my partners.

Here are five lessons I learned while growing my side hustle into a full-time business.

Related: Your Side Hustle’s New Year’s Resolutions

1. Just start

All you need is an idea and a way to make money.

The next step is the hardest (which is great because everything else afterward will be easier). You need to start.

Start small and don’t be ashamed. Richard Branson has said, “A big business starts small.” You should be somewhat embarrassed by the first version of your product. But don’t be ashamed. You need to start somewhere. Every entrepreneur begins with something embarrassing.

You can start your side hustle with a simple website, a Facebook page or post a flyer. Anything to get the ball moving. Your first forway will be incomplete and not thoroughly thought out. You will make mistakes. That’s helpful. Use this desire to fix issues and improve the business to fuel the motivation to keep going.

2. Apply consistent momentum

“Rocket ships” are an overused analogy to startups. Spaceships are fast-moving, high-flying, and ambitious, much like venture-funded tech startups. I have worked at three VC-backed startups that all called themselves “rocketships” at one point or another. We can probably blame Sheryl Sandberg for saying, “If you’re offered a seat on a rocket ship, don’t ask what seat! Just get on.”

I think the better analogy between a rocketship and building a side hustle into a business is the constant thrust needed to reach escape velocity.

Rocketships get off the ground with enormous effort. They move slowly at first. But they apply constant thrust. As they get higher and start to escape Earth’s gravity well, the same thrust results in more and more velocity.

Treat your side hustle like a rocket ship. It will take the most effort to launch. It requires consistent effort to keep moving forward. For me, this meant daily work on my business for three years. It could be minor, like adding a new article, scheduling social media posts, or reaching out to a new partner. Daily actions built momentum. As time goes on, the momentum builds and you can reach your escape velocity.

Related: 5 Ways to Grow Your Side Hustle Into a Full-Time Income

3. Keep it simple

To be a successful business, you need to be in business.

That means not running out of money or ambition. Starting a side hustle is full of distractions. You can take your new business in a million different directions. You will need to decide which ones are worth pursuing.

To keep it simple, focus on the short term and narrow your efforts to things that:

  • Grow revenue.
  • Reduce expenses.
  • Provide value to customers.

This is an overly simple list. But it’s extraordinary how many entrepreneurs get distracted by unnecessary goals, building their personal clout or taking far too risky bets.

Focus on short-term wins that grow profits and make your customers happy. When your side hustle has growing profits and happy customers, you can quickly leap into running the business full-time.

4. Network early and often

Networking for your side hustle can be awkward.

You may only have an idea. You may have no customers. You may be embarrassed by your website. Don’t let it stop you. Connecting with people in your industry will likely open new doors for your business and accelerate your side hustle’s growth.

When I started my business, I worked at tech startups in product marketing. I was not a honeymoon expert. So connecting with other travel agents, my partner resorts and my customers (honeymooners) felt strange. While I felt like an imposter, I didn’t let it stop me.

Networking and connecting with people in this new industry was incredibly helpful in growing the business. It allowed me to become a honeymoon expert much more quickly and landed multiple win-win partnerships for the business.

Related: How to Make Your Side Hustle a Full-Time Business

5. Pursue big goals

When your side hustle is successful, will it be big enough to support you full-time? Many entrepreneurs start businesses that are too small to be anything more than an additional source of cash flow.

But if you want to go full-time on your business, you need to think bigger. In the case of my company, I aim to build the world’s No. 1 honeymoon planning website. When I started the site, this was a ludicrous goal. I had no customers or partners. But I set a big enough goal to be able to grow the website into a full-time business. Americans spend more than $60 billion annually on weddings and $12 billion on honeymoons — it’s a huge opportunity.

By pursuing big goals, I have a significant opportunity ahead of me now that I am working full-time on the business. If you set too small of goals, you’ll reach the finish line too soon.

Conclusion

Starting a side hustle is a great way to enter into entrepreneurship. Over the past three years, I have grown my side hustle into a full-time job. I started small, applied effort consistently over three years, focused on customer satisfaction to grow profits, networked aggressively in the industry and set big goals.

If you’re looking to turn a side hustle into a full-time business, remember the most challenging part is getting started. So get started and get hustling.

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Layoffs Abound, But These Major Companies Are Still Hiring

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This year started off with massive layoffs — from Big Tech to real estate and beyond.

But it’s not all bad news.

Though many industries continue to brace for more job cuts, some of the most well-known companies are still hiring, per Insider.

Related: These Are the 2 Reasons Apple Has Avoided Mass Layoffs So Far

Economists remain optimistic about the 2023 job market, CNBC reported, noting that blue-collar workers may have more job security than white-collar employees. ZipRecruiter chief economist Julia Pollak told CNBC that despite headlines about mass layoffs, many companies “are starved for talent and leaving money on the table because they can’t run at full capacity.”

Related: Layoffs Affecting 1,600 Tech Workers a Day on Average in 2023

See Insider’s full list of hiring companies and the number of jobs they’re looking to fill below.

Chipotle: 15,000 jobs

Boeing: 10,000 jobs

United Airlines: 2,500 jobs

Airbus: 13,000 jobs

Alaska Airlines: 3,500 jobs

Bloomberg: 1,000 jobs

Moderna: 2,000 jobs

Palantir Technologies: A few hundred jobs

Binance: 15%-30% workforce increase

Hudson Tunnel Project: 72,000 jobs

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6 Ways to Celebrate Black History Month beyond February

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Celebrating Black History Month is a great way to honor the significant contributions African Americans have made throughout history. However, to create a truly equitable workplace and ensure that our employees feel seen, heard and valued daily, it’s essential to recognize Black history as an integral part of American history throughout the year.

Research shows that workplace diversity positively impacts employee engagement and productivity. In other words, creating an environment of inclusivity for all employees isn’t just the right thing to do, but it also makes good business sense. An authentic celebration of Black heritage throughout the year can help companies foster understanding and empathy among coworkers from different backgrounds. Such a celebration also allows employees to learn more about their colleagues’ experiences, promoting a deeper sense of community and understanding.

Related: It’s Black History Month. Here’s How to Show Black Employees You Care.

By recognizing Black history all year long, companies can show their employees they care while demonstrating a commitment to creating an environment where everyone feels seen, heard, valued and respected. Celebrating Black culture is one way to ensure all employees feel included in the workplace, no matter what month it is.

Here are six ways to be a better ally and celebrate Black History Month beyond February:

1. Celebrate authentic Black history and culture

Make sure that all employees have access to accurate and current information about the African-American experience and contributions throughout history. Encourage employees to learn more about the accomplishments of African Americans in a variety of fields — from science and engineering to art, music and literature.

How to implement it: Provide employees with a list of books, movies and articles by African Americans that tell the stories of African Americans throughout history. As opposed to non-African Americans telling the stories about African Americans (which has been the norm for too long).

Related: Be Intentional About Diversity

2. Plan authentic events

Celebrate Black History Month by planning events that make meaningful connections to the African-American experience. Invite guest speakers to share their unique perspectives on Black success stories and create opportunities for employees to engage in dialogue about important topics such as race, identity and inclusion.

How to implement it: Engage in an open dialogue with employees about the types of events they would like to participate in, such as movie screenings, group discussions and panel talks. Use their input to plan engaging activities focusing on Black culture and history.

Related: Here’s the No. 1 Question White Leaders Ask Me About Black History Month

3. Show authentic support

Show employees that their contributions are seen and valued by celebrating their success throughout the year. From recognition awards to career advancement opportunities, ensure you’re actively engaging with all of your employees so they know their work is appreciated.

How to implement it: Highlight employee achievements in company newsletters and recognize them at team meetings. These small gestures can go a long way in making your workplace more inclusive for everyone!

4. Host educational events

Consider hosting educational events such as lectures, workshops and brown bag lunches that focus on learning more about the roots of Black history in America. Provide professional development resources and opportunities for employees to engage in meaningful conversations around race, culture, and inclusion.

How to implement it: Invite experts in the fields of African American studies or Civil Rights to speak to employees about the history and legacy of Black people in America.

5. Incorporate inclusive resources into training

Include inclusive language, images, historical facts, etc., into all existing workplace diversity curriculums and training materials. Such a universal approach will help employees become more aware of the impact that race, gender and ethnicity have on daily workplace interactions.

How to implement it: Incorporate examples from Black history into existing diversity training materials such as videos, readings, and case studies. Ask employees for feedback about which resources would be most useful for learning more about Black history and culture.

6. Develop authentic mentorship programs

Invest in mentorship programs focusing on developing collaborations between African American employees and their colleagues of other ethnic backgrounds. Establish safe spaces where everyone can share their experiences openly and without judgment.

How to implement it: Create an inclusive environment through team-building exercises, cross-cultural conversations and networking events. Facilitate dialogue among employees of different backgrounds and encourage them to share their insights and ideas.

Celebrating Black History Month is an important way to remind everyone of the contributions African Americans have made to our society over the last several hundred years. Yet it’s also important that we recognize these achievements throughout the year in the workplace. By incorporating authentic resources into the workplace, employers can create a more inclusive atmosphere for all employees — no matter what month it is.

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3 Growth Stocks to Buy Now Before They Heat up

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The gradual decline in inflation and decelerating wage growth might prompt the Fed to slow the pace of rate hikes this year, which might help growth stocks to stage a recovery. So, fundamentally strong growth stocks Salesforce (CRM), HF Sinclair (DINO), and Box (BOX), which look poised to soar in the near term, might be ideal buys now. Keep reading.

December’s Consumer Price Index (CPI) fell 0.1% for the month, in line with the Dow Jones estimate, marking the largest month-over-month decrease since April 2020. Moreover, the Labor Department reported that employers added 223,000 jobs in December 2022, reflecting a slowdown from the pace of job creation seen earlier in the year.

Also, average hourly pay, which had been increasing at an annual rate of 5% in September, fell to 4.6% in the month.

The sky-high inflation and the Fed’s aggressive interest rate hikes to tame it have affected growth stocks significantly last year. However, the easing inflationary pressures and declining wage growth signals that the Fed’s rate hikes are having their intended effect, which might prompt the Fed to slow its rate hike pace.

The Fed is widely anticipated to deliver a 0.25 bps rate hike in its next meeting, a step back from a 0.50 bps hike last month.

Furthermore, as per Fundstrat Global Advisors co-founder Tom Lee, US stocks will surge back toward record highs in 2023 once the Federal Reserve signals that it’ll ease up on its monetary-tightening campaign. Lee also said that he expects the S&P 500 to steadily climb to hit 4,800 points this year.

Given this backdrop, fundamentally strong growth stocks Salesforce, Inc. (CRM), HF Sinclair Corporation (DINO), and Box, Inc. (BOX) might be ideal buys for solid returns this year.

Salesforce, Inc. (CRM)

CRM provides customer relationship management technology that brings companies and customers together worldwide. The company’s service offerings include Sales, Service, Marketing, and Commerce. The company provides its services through direct sales, consulting firms, systems integrators, and other partners.

The company’s forward Price/Book multiple of 2.79 is 32.8% lower than the industry average of 4.15.

During the third quarter that ended October 31, 2022, CRM’s total revenues increased 14.2% year-over-year to $7.84 billion. The company’s gross profit increased 14.5% year-over-year to $5.75 billion, and non-GAAP income from operations increased 30.9% year-over-year to $1.78 billion.

The consensus EPS estimate of $1.36 for the fiscal fourth quarter ending January 2023 indicates a 62.3% improvement year-over-year. The consensus revenue of $8 billion for the same quarter represents a 9.2% year-over-year growth. CRM has an impressive earnings surprise history as it has surpassed the consensus EPS and revenue estimates in each of the trailing four quarters.

Also, the company’s revenue and levered free cash flow have grown at a CAGR of 24.1% and 21.8%, respectively, over the past three years.

The stock has gained 26.7% over the past month to close the last trading session at $167.97.

CRM’s POWR Ratings reflect its promising outlook. The stock has an overall rating of B, which translates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.

It has an A grade for Growth and a B for Sentiment. Within the 138-stock Software – Application industry, it is ranked #27.

Beyond the POWR Ratings just highlighted, you can access additional CRM grades for Value, Momentum, Stability, and Quality here.

HF Sinclair Corporation (DINO)

DINO is an independent petroleum refiner that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel, and other specialty products.

Its forward non-GAAP P/E of 3.80x is 53.8% lower than the industry average of 8.23x. Its 0.27 forward non-GAAP PEG multiple is 59.6% lower than the industry average of 0.68.

The company pays $1.20 annually as dividends, which translates to a yield of 2.81% at the current price. Its four-year average dividend yield is 2.99%.

DINO’s sales and other revenues grew 126.2% year-over-year to $10.60 billion for the third quarter that ended September 30, 2022. Its adjusted EBITDA increased 267.9% year-over-year to $1.50 billion. The company’s adjusted net income increased 368.2% year-over-year to $982.90 million, while its adjusted EPS rose 257.8% year-over-year to $4.58.

Street expects DINO’s revenue to increase 106.6% year-over-year to $37.99 billion for the fiscal year 2022. Its EPS is expected to rise 789% year-over-year to $14.96 for the same year. The company has surpassed the consensus revenue estimates in all of the trailing four quarters.

Moreover, the company’s net income and EPS have grown at a CAGR of 39.1% and 33%, respectively, over the past three years.

The stock has gained 9.7% over the past month and 61.8% over the past year to close the last trading session at $56.90.

It is no surprise that DINO has an overall rating of B, equating to a Buy in our POWR Ratings system.

It has a grade of A for Growth and Momentum and a B for Quality. It is ranked #10 among 93 stocks in the B-rated Energy – Oil & Gas industry.

In addition to the grades stated above, we’ve also rated DINO for Value, Sentiment, and Stability. Get all DINO ratings here.

Box, Inc. (BOX)

BOX provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device.

On January 10, BOX announced that BETC, a global communications, marketing, and advertising agency, have chosen BOX’s secure content management capabilities to power collaboration and accelerate processes around content management.

Sebastien Marotte, President of EMEA at BOX, said, “We’re delighted to support BETC in powering the next generation of creative content for their prestigious clients. We look forward to our continued partnership as BETC continues to expand its use of Box and develop its Content Cloud journey.”

In terms of forward non-GAAP PEG, BOX is currently trading at 1.36x, which is 14.8% lower than the industry average of 1.60x. Its forward Price/Cash flow multiple of 16.32 is 11.2% lower than the industry average of 18.37.

BOX’s revenue increased 11.6% year-over-year to $249.95 million in the third quarter that ended September 30, 2022. Its gross profit rose 15.2% year-over-year to $185.46 million. Also, its EPS came in at $0.03, compared to a loss per share of $0.12 in the year-ago period.

Analysts expect BOX’s revenue to rise 9.9% year-over-year to $256.48 million in the fiscal fourth quarter ended January 2023. Its EPS is estimated to grow 42.6% year-over-year to $0.34 in the same quarter.

Its revenue and levered free cash flow have grown at a CAGR of 15.1% and 29.1% over the past five years.

The stock has gained 22.4% over the past year to close the last trading session at $31.99. It has gained 10.1% over the past month.

BOX’s strong fundamentals are reflected in its POWR Ratings. It has an overall B rating, which equates to a Buy in our proprietary rating system.

It also has an A grade for Growth and Quality and a B for Value. BOX is ranked #6 among the 78 stocks in the Technology – Services industry.

Click here for the additional POWR Ratings for Stability, Momentum, and Sentiment for BOX.

Consider This Before Placing Your Next Trade…

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Yes, some special stocks may go up. But most will tumble as the bear market claws ever lower.

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You owe it to yourself to watch this timely presentation before placing your next trade.

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CRM shares were trading at $168.63 per share on Wednesday morning, up $0.66 (+0.39%). Year-to-date, CRM has gained 27.18%, versus a 5.98% rise in the benchmark S&P 500 index during the same period.


About the Author: Kritika Sarmah

Her interest in risky instruments and passion for writing made Kritika an analyst and financial journalist. She earned her bachelor’s degree in commerce and is currently pursuing the CFA program. With her fundamental approach, she aims to help investors identify untapped investment opportunities.

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The post 3 Growth Stocks to Buy Now Before They Heat up appeared first on StockNews.com

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