If you’ve got a great side hustle going, you might be contemplating moving into it full-time. You might be excited at the thought of being able to fully dedicate yourself to a passion project or small business, but you may also be nervous about taking on an even bigger workload as a full-time hustler.
You will want to be sure that you’re ready to commit your time and energy before taking this step. If you need a bit more guidance, here are some signs that you’re more than ready to dive in.
Though you may not always notice them, there are several signs that you’re ready to make the jump from side hustle to full-time job.
One of the biggest signs that you’re ready to go full-time with your side gig is that you’ve started earning money. Whether you charge by the hour, make a flat fee, or have a system in place where you earn money after hitting certain milestones, this is an excellent sign that your business or startup can sustain itself if you go full-time. Moreover, if your income from your side hustle can cover all your living expenses, you’re in a good position to take the plunge.
If you’re ready but still in need of investment money, it’s essential to learn how to successfully pitch your idea to investors and secure funding for your business. Not only will this help ensure that you don’t lose everything, but it can also help in case of a slow-down or business emergency.
Another sign that you’re ready to take the plunge and go full time is that you’re getting a lot of attention from customers, your industry, or the media.
Advertising for short attention spans isn’t easy, so if people are taking notice, that’s a good sign. Some of your customers may even be urging you to take the next step.
If you find yourself lacking time to take care of your side hustle properly, then it might be time to step it up.
Even if you hire people to help you with your side hustle, there will come the point when it’s simply too much work for only part-time employees. If this happens, take action and go full time!
If you have a lot of competition, then chances are you’re doing something right. Though it may seem daunting to face off against established companies with deep pockets and lots of resources, having a lot of competition means you have a successful business on your hands.
You get to celebrate your victory for being able to hold your own against wealthier, more established companies. It also means that you have the potential to earn big money if you go full time with your side hustle. If there are several competitors in your field, consider learning key strategies to get ahead and stay ahead of your online competition, so you don’t fall behind!
If you’re tired of your day job (or lack thereof), it might be time to make a permanent change. However, sometimes you need to experience working for someone else to appreciate working for yourself.
Ultimately, if you feel more stressed out at your current “real job” than when you’re working on your side hustle, then it’s time to go all in.
Once you’ve decided that you’re finally ready to make the jump, there are certain steps you need to take.
Many people start a side business without having a clear idea of what they’re doing or without even making a logo for their brand. If it’s your first time going full-time, the last thing you want is to have no plan or direction.
A business plan will help you take all the right steps and avoid costly mistakes, such as hiring the wrong people or going after the wrong clientele. Moreover, a well-designed business plan can help you secure funding from various sources, such as a bank or venture capitalist.
It’s never a good idea to leap into entrepreneurship without financial preparation. Remember that you still need to pay bills, even if your side hustle is profitable.
Moreover, when deciding how to file taxes, there are various types of business entities you can choose from that might affect how you pay. For instance, if your business is an LLC, you are probably required to file a 1099-MISC form with the IRS at the end of the year, but if it’s an S Corporation, there are several other tax forms associated with this type of business entity structure.
To avoid burning out, set boundaries from the beginning. This way, you’ll have a handle on your schedule and work-life balance, even if things get busy with your new full-time gig.
Setting boundaries can look like a lot of things, depending on your personal preferences. For instance, you might want to set a time limit for working each day or even each week. Moreover, learning how to identify and overcome creative burnout healthily will help you avoid burnout in the future.
As your side hustle grows, so too should your overall business strategy. This means that you should take time to plan out the future of your business.
Don’t wait until your side hustle is a full-time job before you start thinking about scaling. Once you have a well-laid business plan and sufficient funding, it’s much easier to scale big time!
The next step is scaling to meet demand and adjust for:
Remember that it’s better to start slow and scale as you grow instead of going straight from a side hustle to a full-time gig overnight. Think about how you can best prepare for this transition so that you aren’t caught off guard when the time is right.
Once you’re ready to go full time, don’t do it alone. It may be difficult when personal and professional lives collide, but having support from friends and family when you go full time is essential.
If you’re thinking about taking the jump, make sure to properly prepare yourself for this huge undertaking. Do your research, get your finances in order, set boundaries, and ask for help when needed. When everything is said and done, if you continue growing, it’s probably time to go full-time with your business.
Natasha Ivanovic is a Vancouver-born creative writer that started her writing career as a freelancer while studying for her Master’s in Investigative Psychology. On the weekends, she writes short stories for her blog, TheLonelySerb, and cuddles with her bulldog, Bob.