Millions of Americans have side hustles or part-time gigs they perform after their day job is over. For most of these individuals, these gigs are nothing more than creative outlets or flexible ways of making some extra cash.
But what if it’s time to turn your side hustle into a full-time job?
4 Signs You’re Ready to Go Full-Time.
Side hustles are often side hustles for a reason. But as you evaluate your situation, you may find that you’re extra stream of income is ballooning into a full-time revenue-producing venture. Here are some signs that focusing on your side hustle as a permanent gig may be wise:
1. Forced to Turn Away Work.
One of the biggest problems entrepreneurs face when they have a side hustle and a full-time gig is turning away work. They either have a lack of time or resources to dedicate towards new clients and, as a result, have to politely decline business.
Make a notation every time you have to turn away work. Add up the lost revenue and you may find that you’re actually missing out on a chance to increase your income. Transitioning to the side hustle full-time ensures you don’t have to turn away work.
2. Enough Side Hustle Income to Pay the Bills.
How much money are you making from your side hustle? Is it enough to keep up with your basic household bills? If so, switching is something to consider.
“While it may not be equal to the pay you’re currently getting from your full-time job, remember that when you start working on your side hustle full time, you will create momentum and get more and more work,” TheAmbitionPlan.com mentions. “This, in turn, will grow to bring you the income you’re currently getting from your full-time job. But you can’t do that unless you nurture your side hustle.”
3. Passion for Side Hustle Supersedes Full-Time Job.
Passion isn’t everything, but it certainly has a powerful impact on your success and longevity. If you’re burned out and bored with your full-time job, yet passionate and excited about your side hustle, this may be a sign that switching is a better long-term move.
4. You Feel Ready to Leap.
Sometimes you just know. You feel like you’re on the verge of something big, important, and meaningful. Assuming you have some safety nets in place, there’s something to be said for taking the leap. You won’t know what it’s like until you try.
Executing a Smooth Transition.
Once you decide that you’re ready to leave your job and chase after your side hustle full-time, there’s no turning back. However, don’t assume that this process is as easy as turning in your resignation and making it happen. It needs to be handled with intentionality and finesse.
For starters, you should get some help. Partnering with people who have experience building businesses will help you flesh out all of the details.
“From registering your business and obtaining licenses to understanding your assets and yearly tax deductions, there’s a lot to learn and master,” IncFile admits. “Having an experienced startup attorney by your side or exploring an online option such as Incfile can certainly be in your best interest when starting, creating and finalizing your business plan.”
It’s also wise to make sure you don’t burn any bridges when leaving your job. There’s always the chance that your new business could fail. You don’t want to find yourself in a situation where you have nothing to return to in the future. Be honest, firm, and respectful in how you go about it. If leaving will create a massive void for your employer, give them a heads up. Or perhaps you could slowly transition away from the business over a period of three to six months.
It’s also smart to prepare your finances as you transition. It’s always a good idea to have three to six months of household expenses set aside in a dedicated savings account. But if you’re going from a salary to self-employed income, you may even want a larger cushion.
Emotionally, be prepared for the stress of having everything placed on your shoulders. The first few months can be draining, but keeping things in perspective will help you keep your eye on the prize.
