5 Steps to Turn Your Side Hustle into a Business

A smooth and successful transition to a viable small business starts with some basics.

Professional dog walker walks multiple dogs on a city sidewalk.
(Image credit: Getty Images)

Whether out of passion or frustration, the pandemic has seen more people than ever get serious about their side hustle. In fact, according to recent figures from the U.S. Census Bureau, there was a 53% increase in new business filings in 2021 compared to 2019.

However, whether it’s interior design or decorative cakemaking, wedding photography or dog walking, how do you go about turning your side hustle into a real, viable business? Here are five steps to take in order to make the transition as smooth and successful as possible.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Stephen B. Dunbar III, JD, CLU
Director of Diversity & Inclusion, Executive VP, Equitable Advisors

Stephen Dunbar, Executive VP of Equitable, has built a thriving financial services practice where he empowers others to make informed decisions and take charge of their future. He and his team advise on over $3B in AUM and $1.5B in protection coverage. As a National Director of DEI for Equitable, Stephen acts as a change agent for the organization, creating a culture of diversity and inclusion. He earned a bachelor's in Finance from Rutgers and a J.D. from Stanford.