If you're like most people with a side hustle, you didn't start it with the intention of making it your full-time job. But what if your side hustle has the potential to be more than just a hobby? How do you know when it's time to take the plunge and turn your side hustle into a full-time business?
Here are four signs that you may be ready to make the transition.
1. You have regular clients or customers.
If you’d like to quit your 9-5, solid income streamflow is needed, and that normally equates to regular clients or probably returning customers. It is important to build that relationship and put added value into your work to make your business thrive.
2. You're earning consistent revenue and pays you more than your day job.
This is the clearest indication that it's time to leave your 9-5. However, let’s face it, this is also the trickiest part as there are a few things you should consider first before taking the plunge. Take into account the various perks that your present employment provides, such as health insurance and a pension. You should compare the cost of each of these advantages to the profit (not income!) generated by your side hustle. It's time to make the switch if you can supply yourself with the same perks while still making a fair living. You should make sure that your profitability from your side hustle can help you pay everything + cover or surpass the benefits offered by your day job.
3. Your business is growing and attracting new leads.
Customers are frequently uninterested in little side hustles at first. If, on the other hand, your product proves to be a success and adds value to businesses, it may swiftly attract the attention of potential buyers. When you start turning down more work than you take, it's a clear indicator that your side hustle is turning into your full-time job.
4. You're passionate about what you do and believe in its potential.
Live your dream if you have a strong desire and belief in your idea and are prepared to put in the effort necessary to make it a reality. If you feel like the side hustle you are into gives you joy and satisfaction, then as cliche as it might sound, go for it! Even Confucius said, Choose a job you love and you’ll never have to work a day in your life. Pursue the happiness you're looking for! You may come to regret it if you don't.
The thing is in the end it is always your choice whether to take the plunge or not.
Passion, commitment, long, hard work hours, and sacrifices are all required to turn your side hustle into a full-time job. However, your efforts are rewarded since you're doing something you actually enjoy while still working for yourself and earning a solid living.
There is no such thing as a perfect time to make a change. Look for signals that the timing is appropriate, plan and research ahead of time, then jump when you're ready!
We believe in the potential of every business, and we want to help you make that leap (should you decide to). Give us a call today to learn more about how we can help turn your side hustle into a full-time career.
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