Living expenses seem to continually escalate, leaving many struggling to make ends meet on a singular income. This has led to the rise of the side hustle, a supplementary income generated through freelance work or by using unique skills.
If your side hustle is starting to demand more time and energy than your main job, or it’s something you feel more passionate about, you might be wondering if it’s time to turn it into your full-time occupation.
Before making that decision, consider the following:
1. YOUR SIDE HUSTLE INCOME IS SIGNIFICANT:
While many wish to earn a living doing what they love, it’s often unrealistic. Despite passion, you need to support yourself. A side gig only becomes more than a hobby when it starts generating profit. If your side hustle is consistently yielding an income comparable to, or more than your day job, it could be time to consider it as a full-time opportunity, provided it can comfortably cover your expenses and lifestyle.
2. IT CONSUMES MOST OF YOUR TIME:
As your side hustle thrives, it will demand more of your time, potentially leading to conflicts with your main job. It’s almost impossible to spread yourself thin across numerous ventures without one suffering. If your boss starts noticing neglect, it might be time to commit fully to your side hustle.
3. YOU’RE EFFECTIVE AS A SELF-EMPLOYER:
Running your own business involves more than executing your professional skills. You need to stay self-motivated and meet all self-set deadlines. However, if you manage your time effectively and prove competent handling your side hustle, you might be ready to become your own boss full-time.
4. YOU HAVE A COMPREHENSIVE BUSINESS PLAN:
Embarking on a business venture requires careful planning. Quitting your day job on a whim in favor of your side hustle isn’t advisable. However, if you have a detailed and executable business plan, which includes short and long-term financial projections, you are better prepared to venture into entrepreneurship.
5. YOUR BUSINESS FLOWS SMOOTHLY:
The viability of any business depends on consistency. Accumulating clients or establishing a regular project flow is challenging when starting a side hustle. Only once you’ve built a reliable client base should you consider making your side hustle your primary occupation.
6. YOU HAVE A BURNING PASSION AND ACCEPT UNCERTAINTY:
While a typical 9-5 job may provide comfort and predictability, stepping into the entrepreneurial realm involves risk. If you are truly driven to make your side business your full-time career, you must be willing to face uncertainty, fueled by your unwavering passion for your work.
In conclusion, shifting from a steady full-time job to managing your own business can be a risk-laden, daunting endeavor. However, if your side hustle is something you’re passionate about and it’s financially sustainable, it’s worth considering the transition. For many, these signs indicate that their side gig has the potential to become more than just a supplementary income.
Are you contemplating or have you successfully transitioned your side hustle into a full-time job? What were the challenges? Share your experiences.
