Considering taking your part-time venture into a full-time job? Transitioning from an employee to a self-employed small business owner can be intimidating due to the many uncertainties. Nevertheless, if you’re contemplating a full-time commitment to your part-time business, the crucial element is shifting your mindset.
In 2016, I quit my conventional job to freelance full-time, following about a year and a half of doing it as a side job. Money and organization made a significant contribution to my decision, but developing the right mindset was also critical. The way you think and feel impacts your words and actions directly. Therefore, it’s recommended to adopt an entrepreneurial mindset sooner to increase your chances of success once you fully commit to your part-time business.
Here are some vital mindset changes you need to think about as you aim to make your side business your primary income source.
MY IDEA HAS ALREADY BEEN VALIDATED
Does the thought of making your side business a full-time job frighten you? Understand that if you’re at a stage where you’re contemplating this shift, your idea has already been validated. Quite a number of people start a side hustle and fail to earn significant income. Thus, if you’re succeeding in your part-time venture, it indicates that full-time, your idea has larger financial potential.
Actually, I encourage people to try and earn from a side job first before establishing a fully-fledged business. This offers you an opportunity to learn and put your idea to the test. When I started as a freelance writer, it wasn’t long before I nearly surpassed my full-time job income, affirming my belief that I could do even better with a 40-hour work week dedicated to freelancing.
I WILL FOREVER GAIN LESSONS
One of the daunting aspects of planning to commit full-time to your side job is contemplating the possible consequences if things don’t go as planned. It’s vital to understand that all entrepreneurs make mistakes and face setbacks. Don’t perceive it as a failure, instead see it as a lesson that can help you improve your strategies.
Bonuses are saved for emergencies, buffer your checking account to shoulder unforeseen business costs and emergencies or slower months that might occur.
VALUE GENERATES MONEY, NOT TIME
Shifting your mindset from an employee to a business person entails breaking away from conventional thoughts about money. Most of us were taught that to earn money we needed a job, where we exchanged working hours for money. The more hours worked, the more money made. However, anyone who’s started a side job knows that time spent doesn’t necessarily translate to dollars earned. It becomes apparent that people pay for value and expertise, not your time.
Understand that while salaried employees see time as a monetary resource, as a full-time entrepreneur, you should prioritize creating value to earn money.
GETTING ASSISTANCE IS OKAY, YOU DON’T HAVE TO KNOW EVERYTHING
The words solopreneur or entrepreneur can be daunting, but transitioning to full-time self-employment doesn’t mean you have to do everything alone. Consider joining a group of like-minded people and gain assistance from a reliable accountant or guidance from an expert. You will always be learning and growing, so stay open to the journey that is small business ownership and entrepreneurship.
IN CONCLUSION, ADOPTING THE RIGHT MINDSET TO TRANSITION YOUR SIDE HUSTLE TO FULL-TIME
Your mindset significantly influences your success when undertaking a challenge like starting a small business or freelancing. Adopting the necessary mindset changes early prevents future unnecessary surprises. Be open to the journey, set realistic expectations, prepare your finances diligently, and establish a support group for a smoother transition.
