While the mantra of turning passion into profit is not new, the journey of reshaping professional paths by transforming side hustles into full-fledged businesses is an evolving narrative. Alicia Lyttle, CEO of Internet Income Jamaica and an AI corporate coach, and Shani Duncan Falconer, senior corporate manager at JMMB, shared invaluable insights during JMMB’s Elevate 6.0 on Saturday, guiding aspiring entrepreneurs on this transformative journey.

“Changing over to a full-time business requires a mindset shift. You need to have a growth mindset and understand that you’re moving from your 9 to 5; you’re now growing into running your side hustle as a proper business,” said Duncan Falconer.

Before delving into financial intricacies, she advises entrepreneurs to evaluate their SMART goals and scrutinise whether transitioning aligns with their income expectations.

“On paper, is it doing well?” she questions, emphasising the need to break down financial aspects before proceeding.

The transition from a side hustle to a thriving business involves strategic planning, with Duncan Falconer underscoring the significance of registering the business at the Companies Office to ensure the business name’s eligibility before making business cards and even a website.

“Search the name that you want; don’t make these little mistakes that cost you money,” she advises.

She further emphasises the importance of registering as a limited liability company. By doing so, a business will obtain its Tax Compliance Certificate (TCC), a crucial document for tax compliance. However, if a business opts for a sole-trader structure, obtaining a TCC becomes imperative. This certificate, she notes, plays a vital role in facilitating the opening of a business bank account. Addressing concerns about taxes, she acknowledges that many small businesses fear registration due to a lack of information about tax payment requirements. However, she says if the business is not generating any income, there will be no need to pay taxes.

“What you’re going to do is file nil because you haven’t started making money yet, but it allows you to open your business bank account early without showing financials,” she explained, providing clarity on the procedure.

As the business grows, there will be a need to acquire more financing to acquire more resources. As such, it is encouraged that entrepreneurs separate their personal and business funds. Duncan Falconer suggests paying oneself a salary from the business, maintaining a clean financial record, building a digital footprint, and facilitating loan applications with valid pay slips reflecting annual earnings. Marketing is another factor in business growth, and both Lyttle and Duncan Falconer advocate leveraging platforms and recommend establishing a presence on high-traffic platforms like Fiverr or Upwork to offer services directly.

“People are coming to these platforms with their credit cards out looking to pay someone to do a service for them,” says Lyttle.

Lyttle dismisses the notion that starting a business means being the “head cook and bottle washer”. Instead, she underscores the significance of investing in proper marketing to build credibility. Lyttle suggests leveraging websites for affordable services and encourages entrepreneurs to overdeliver, emphasising that exceeding expectations is the key to success.

“Never deliver just on the services you promise; overdeliver. If you’re not willing to overdeliver, then get out of business because you have to be the one that gives more than is expected, and that’s how you win,” said Lyttle.