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How to shift your thinking to a business mindset

Nov 6, 2021



Hobbies, side hustles, second jobs – no matter what you call it, the idea of having an additional income stream is only growing in popularity. Recent research found that 48% of Australian adults have a side business or are planning to start one .

The early days of starting a side hustle can be full of excitement and passion as you start to see your dreams come to life. But to really set yourself up for business success over the long-term, it’s important to have the right mindset – one that helps you think of your side hustle as a business and not just another hobby.

Getting into this mindset means thinking like a business owner. Importantly, it doesn't always require a dramatic change in your attitude. Instead it’s about making a series of small shifts that will take you from enthusiastic hobbyist to fully-fledged business owner. Here’s how to start.

Hold yourself accountable
Hobbies can be incredibly fulfilling and creative, but oftentimes they are something you can enjoy when you want to, and skip when you don’t feel like it. By contrast, when you hold yourself accountable to your business, you commit to spending the time on it every week – no matter what. This is an important shift in thinking because enjoyment, passion and even commitment can go through peaks and troughs but when you stay accountable, you remind yourself and the world that you’re in it for the long haul.

Stay focused on your goals
This is another crucial area that separates a business from a hobby. One of the great joys of having a hobby is that you can simply see where it takes you and even venture into a whole new field if something catches your attention. When you have a business mindset, however, it’s important to stay focused on your goals. While it’s still possible to explore other ideas and approaches, everything you do should ultimately support your big-picture business goals.

Put processes in place
With solid business processes and systems in place, you’ll feel prepared for common scenarios and will be able to move through each step without second-guessing yourself or accidentally forgetting a crucial element. Processes also give you confidence in those moments when you might start to have self-doubts.

For example, you might have a process for responding to query emails from prospective clients; for presenting at an event; or for creating and scheduling your social media content. Ideally, all your processes will be written down – even when you repeat them so often, you could do them in your sleep.

Systems and processes may seem like something you'll need only when your business grows to a certain size. However, it’s actually easier and more effective to start putting them in place as early as possible – even when you’re the only person working in your business and will be doing each step of the process yourself.

Those early days are likely to be when you’ll have more time to devote to setting your systems up properly. Don’t worry, you can modify and adapt your processes as your business grows – just be sure to document any changes as you go.

Set up your financials
While we’re on the topic of business processes, don’t forget to set up good practices around finance. At a bare minimum, you should have a way to track all the income you make through your business plus any expenses that you incur. Decide where you will save invoices and how you’ll scan or file receipts. There are plenty of apps and software that make tracking income and expenses a breeze. Also speak to your accountant about any other information that you should keep to make tax-time easier.

Getting into these good habits while your business is still small can save you big headaches down the track. Plus, keeping your finances top of mind is further proof that you’ve already adopted a business mindset.

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1 Research was undertaken by ING and YouGov in February 2021 [https://newsroom.ing.com.au/1-in-3-prioritise-having-fun-and-doing-their-thing-as-the-nation-recovers-from-a-year-like-no-other/]

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