It seems like everybody has a side hustle these days. Freelancing, selling, crafting, making, building, baking—you name it, and somebody’s making money from it.
What’s less common is turning these side hustles into full-time gigs. The risk and uncertainty is often enough to keep people pursuing their passions part-time.
So, when is the right time to take the risk and finally put your side hustle into place? What exactly would allow you to be your own boss?
Here are a few things to keep in mind when considering jumping into your side hustle full-time.
The biggest reason people keep their hustles on the side is the lack of financial security it brings. But with traditional jobs in a current state of flux, people are seeing more value in jobs that offer freedom and flexibility, not just financial wellbeing.
To make money from your side hustle, you’ll need funds to start. Do you have the resources to move your project from part time to full time? It’s a good idea to be as financially secure as possible before committing to such a big change, as it can take awhile to get everything established. You should be prepared to make less money before you start making more.
Look towards the next month, year, and five years. How much net income will you need to earn in order to replace your current primary income? Will your current business model work or will you need to change it?
If you’re still uncertain about your finances, consider working with an accountant who can answer any questions and make the transition from side hustle to full-time gig a much smoother one. Vexxit can connect you with your perfect professional match through a vetted network of accounting and finance professionals.
When you’ve grown and learned everything you can from your current full-time gig and find yourself less and less excited to wake up each morning and tackle the day, it might be time to take your side hustle to the forefront.
On the flip side, most side hustles start as a passion project. Are you going to enjoy doing/making/selling this thing when it becomes more and more of an obligation? Sometimes the answer is no, and perhaps then it’s best being left as a part-time project.
Starting a new venture means working extra hard, at least at first. Be prepared to work overtime for the first few months or years while your business develops and grows. Many people are attracted to the flexibility a side hustle offers, but it can also mean working many late nights and weekends.
It’s also a good idea to plan ahead: are you prepared to continue this project for the next ten or twenty years, or is it a short-term undertaking? This may affect your decision-making.
Finally, you should be certain that now is the best time to commit to your side hustle. This might mean there’s a whitespace in the market, you’re at a transition in your career, or you finally have the support and resources you need to launch your idea.