Living expenses just keep going up, and many of us are finding it tough to survive on just one income. That’s why side hustles have become so popular—extra money from freelance work or unique skills on the side can really help.
If your side hustle starts taking more of your time and energy than your main job, or if it’s something you feel really passionate about, you might be thinking about making it your full-time gig. Here’s what to consider before making that decision:
1. SIDE HUSTLE INCOME IS BIG: While it’s great to make money doing what you love, it’s not always practical. You still need to pay the bills. A side gig becomes more serious when it starts making a profit. If your side hustle consistently brings in as much or more than your regular job, and it can comfortably cover your expenses, it might be time to consider going full-time.
2. IT TAKES UP YOUR TIME: As your side hustle grows, it may start clashing with your day job, since it’s hard to juggle both without something giving way. If your current job starts to suffer, it might be a sign to focus fully on your side hustle.
3. YOU’RE GOOD AT BEING YOUR OWN BOSS: Running a business is more than just doing your job well. It means staying motivated and meeting self-imposed deadlines. If you’re already managing your time well and handling your side hustle competently, you might be ready to be your own boss full-time.
4. YOU HAVE A SOLID BUSINESS PLAN: Jumping into a business needs careful planning. Quitting your job just on a whim isn’t the best idea. But if you have a detailed business plan with both short-term and long-term financial goals, you’re better prepared to go for it.
5. YOUR BUSINESS RUNS SMOOTHLY: A business needs consistency. Getting a steady client base or project flow is tough initially. Consider making your side hustle your main job only when you have reliable clients.
6. YOU HAVE A STRONG PASSION AND CAN HANDLE UNCERTAINTY: A traditional 9-5 job offers stability and predictability, while entrepreneurship is risky. If you’re passionate about making your side hustle your main work, you must embrace the unknown, driven by your enthusiasm.
In summary, moving from a regular job to running your own business can be risky and intimidating. But if your side hustle is something you’re passionate about and it’s financially viable, it could be worth the leap. Many see these signs as indicators that their side gig could become more than just extra income.
Are you thinking about or have already turned your side hustle into a full-time job? What challenges did you face? Share your journey.