Are you ready to take the plunge? Is it time to take your side hustle full time? There are a number of profitable side hustles that help you earn extra cash on the side, but when is it time to make your side-gig your full-time career?
A reported 45% of Americans have a side hustle, and this number is only rising. More and more people are making their side hustle a full-time career, but is this the right choice for you?
In reality, sometimes you have to take a hint from the startup mindset and just go for it. But before you do, make sure you know exactly how to take your side hustle full-time before you take this next big step.
1. Change to a Business Mindset
Are you thinking of your side hustle as a hobby? While it’s true that many people monetize their hobbies, you’ve got to adjust the way you think about this gig.
Simply put: stop treating your side business like a hobby.
If you want to take your side hustle full-time, you need a business mindset. Your side gig needs to be treated like a “real” job. This means you schedule your time to work on your business, make sacrafices, and put it first.
This can be hard, especially in the first few months. However, this is only a temporary chapter in your life. If you want your side hustle to become a full-time job, you need to be ready to put in this work.
2. Be Honest About Your Finances
Next, it’s time to take a close look at your finances. If you want to take your side hustle full-time, make sure this is actually realistic.
Unfortunately, not all side hustles make good full-time businesses. This is a hard pill to swallow, but it’s also a necessary one.
If you’re generating only a few hundred dollars a month, you might need to wait a bit longer before you invest in yourself as a full-time business. You’ll need to consider all of the costs. This might mean greater taxes, affording your own health insurance, paying for an office, space, and so on. Is this somethingi you can afford.
More importantly, you’ll need a financial safety net. Do you have the funds to catch yourself if you fall? To support yourself and your family while you get your new business on its feet? Have a real talk with yourself and a financial expert about whether this is the right step for you.
3. Invest in Your Business
You won’t get to the top alone. If you try to do everything yourself from the start, you’re not using the right entrepreneur mindset.
You’ll need to invest in things like tools, programs, and possibly even assistance. What exactly you’ll need depends on your budget and how quickly you want to scale, but it’s essential you invest in the right tools.
There’s no such thing as cutting corners in the world of business, especially when you’re first getting started.
4. Update Your Schedule
If you think you’re ready to take your side hustle full-time, you’ll need to update your schedule. When you’re scaling your side hustle, it might feel like you no longer have time for yourself.
While it’s true you have to make sacrifices for your business, you also need to put yourself first at times.
Self-care is essential, especially when you’re grinding away at a new business. Luckily, this doesn’t have to be complicated. Scheduling personal time a few times a week helps you create that work-life balance you’ve been dreaming of.
5. Make a Year Plan
Finally, you’ll need a schedule for success. This should include a full year plan to take your side hustle full-time. Set real goals for your business. Where do you want to be in 30 days? A year from now?
No goal is too big—or too small.
Be realistic but ambitious.
Make a plan that takes your side hustle off the ground, whether you’re working your full-time job in the beginning or going all-in. Your year plan might change, but it’s good to know exactly where you’re going.
When you’re in the thick of it, it’s easy to get lost along the way. To keep your side hustle on track, be clear with your plan from the start.
Ready, Set, Launch Your Business
Transitioning your side hustle full-time is no easy task. It’s something that many people let hold them back. Starting a full-blown business takes more than a push. It’s takes the right planning and know-how.
Before you go full-time with your side hustle, pay close attention to these tips above. From there, it’s time to ready, set, launch your business.