Thinking about turning your part-time gig into a full-time job? Making the leap from being an employee to running your own small business can be scary due to all the uncertainties. But if you’re seriously considering taking your part-time venture full-time, the most important thing you need to do is shift your mindset.
In 2016, I left my regular job to freelance full-time after doing it as a side hustle for about a year and a half. Money and organizing my work played a big part in my decision, but having the right mindset was just as crucial. Your thoughts and feelings directly affect your words and actions, so it’s a good idea to start thinking like an entrepreneur early on to boost your chances of success when you go full time with your side business.
Here are some key mindset changes to think about as you aim to make your side business your main source of income.
MY IDEA HAS ALREADY BEEN VALIDATED
Feeling scared about making your side business your full-time job? If you’re even considering this step, it means your idea is already working. A lot of people start side hustles and don’t make much money from them. So if yours is doing well on the side, it probably has the potential to do even better full-time.
I always suggest people try making money from a side hustle before diving into a full-on business. It gives you a chance to test and refine your idea. When I first started freelancing, it didn’t take long before I was almost making as much as my full-time job. That gave me the confidence to believe that dedicating a full 40-hour work week to freelancing could bring in even more.
I WILL ALWAYS LEARN LESSONS
One of the scariest parts of going full-time with your side hustle is wondering what will happen if things don’t go as planned. It’s important to understand that every entrepreneur makes mistakes and has setbacks. Instead of seeing these as failures, view them as lessons to help you improve your strategies.
It’s smart to save for emergencies, keep some extra money in your checking account to handle unexpected business costs, and be prepared for slower months.
VALUE GENERATES MONEY, NOT TIME
Shifting from being an employee to a business owner means letting go of the traditional ideas about money. Most of us learned that you need a job to earn money, where you trade hours for dollars. But as anyone who’s started a side hustle knows, the time you spend doesn’t always translate directly to money earned. People pay for the value and expertise you provide, not just your time.
While salaried employees see time as their main resource for earning money, as a full-time entrepreneur, you should focus on creating value to make your income.
GETTING HELP IS OKAY, YOU DON’T NEED TO KNOW EVERYTHING
The idea of being a solopreneur or entrepreneur can be overwhelming, but going full-time with your own business doesn’t mean you need to handle everything by yourself. Join a group of like-minded people, get help from a good accountant, or seek advice from an expert. You will always be learning and growing, so stay open to the journey of small business ownership and entrepreneurship.
In conclusion, your mindset plays a huge role in your success when taking on a challenge like starting your own business or freelancing. Making the necessary mindset changes early can help you avoid future surprises. Be open to the journey, set realistic expectations, prepare your finances well, and build a support network to make your transition smoother.