Things you should know before making your side gig a full-time business.
If you’re happy that you turned into a profitable side hustle that continues to grow you have to remember that only taking action will create change in your life and it may be time to consider taking it on full-time. So many people reach this point where they’ve taken on smaller side gigs just to earn a little bit of extra cash whether they want to save up for a vacation hard to have their student loans some soon find their side hustles growing from making hundreds to even thousands of dollars a month and they consider taking them on a full-time basis. We talked to some experts and they were happy to see if you do nothing tomorrow that you did today nothing will change and they fully encourage people to quit their day jobs and take on their side hustles on a full-time basis
It’s important to remain passionate and confident in your product. You can continue to slowly grow your business, avoid that and over time take steps rather than risky leaps towards turning it into a full-time profitable business. For example one of the most famous entrepreneurs of the automobile industry was Henry Ford he started building cars when he said working for the Edison company Steve Jobs and Steve Wozniak were working different jobs quality Packard when they launched Apple. These are just one of the thousands of examples of side hustles that were taken into the broader sphere.
The Academy of Management Journal conducted a study where most side hustles that are grown slowly are less likely to fail than ones that are taken on a full-time basis. Once you make this decision to switch from a hobby to a full-time business this is not something you can do lightly you need to ask yourself a series of questions to ensure that you’re capable of sustaining the business and more importantly, that is capable of making enough money for you to survive here are five things that experts believe you should think of before you make this step
#1 Is this something that you really want to do?
Too many women shy away from running their own full-time businesses whether managing employees, opening store friends, hiring the expanding, and scaling. This is something that for some known reason they don’t want to do. However, we would like to encourage more women to Chase their dreams and find a vision of what they believe to be successful and instead of helping someone else cross the finish line and start doing it for themselves
So your side also starts to grow and your family and friends are encouraging you to expand and take risks that you’re not ready for. The most successful approach at this point is to define in your own terms what is success to you whether you know what to do or what level of revenue you’ll be happy with regardless of your industry background or the size of your team make a decision that you’re happy with and stick to it
#2 Don’t take your side hustle on full time until it has comfortably replaced your primary income source
And so you’ve built your side hustle to the point where it feels like you now have to fall time jobs this is not a negative it’s actually a good sign because that you’re at the point where you have a decision to make juggling both is no longer realistic. Decide to ramp up your side gig at this point and continue to work on a full-time basis. The stress can quickly be overwhelming and you’ll soon be consumed by early mornings, long weekends, and late nights. Your passion for your side hustle may disappear.
If you find yourself shying away from extra work because you have too much to do when your business is hot enough to take the next step
#3 Do you have financial projections?
Give me a side hustle is not reasoning enough for you to live on. Imagine if you could spend the 30 to 50 hours a week you do and your full-time job focuses on this business too, how much more could you potentially earn. It’s not always possible that you will be guaranteed a more sizable return but you could keep this side gig and start a one in a similar niche.
I remember talking to a young entrepreneur who was working 10 hours a week on her side hustle and when her business started earning her over $15,000 a year she automatically assumed that if I quit and start working 40 hours a week I’ll suddenly start making $60,000 a year, unfortunately, this is not always the case. She did manage to boost her income to $30,000 a year but I convinced her that opening a side hustle providing a companion product to her existing client base would be far more profitable than trying to search for new clients for her existing services. Within 2 years she’s added 10 new products to her list of services and has now comfortably made $120,00 a year. It’s not a full-time game and she’s taken on a Virtual assistant to help. Smart financial decisions are essential to the future success of any side gig.
Since the world is full of freelancers instead of taking on full-time employees why not take on contractors on this can save you significantly on social security taxes health insurance expenses on even 401K contributions. How’s your business continue to scroll maybe you should take on full-time employees I still have an increased level of loyalty towards your products and brands and maybe better in the long term for customer service point is once you build your revenues high enough to make your business sustainable sleep will no longer be as terrifying and switching from your full-time dependency on other company to make your side hustle your primary source of income is something that will be far more sustainable
#4 Open a business account
One of the first signs that your side hustle is not ready to replace your primary source of income will be when you open your first business account with your bank. Now entering the realm of real business if you have extensive savings and remain debt-free you will be able to find additional finance if you need to expand your business further. Business savings accounts are final as they’ll be a firm barometer to the success of your future business decisions
#5. Learn to work smart, not hard
Just because you’ve quit your full-time job and you’re now focused on your side gig as your primary source of income it doesn’t mean that you have to spend every waking minute on your business. Yes your time will be in more demand and you can put more physical and mental strength into the success of your side gig but you should also learn to diversify him folks your energies on different aspects of the business do things that you couldn’t do previously because you simply didn’t have the time and look at Labor-saving activities such as
- Automating your social media accounts
- Hiring virtual assistants
- Look to streamline your processes
So you finally decided to take your side hustle into a full-time gig the most important thing to do at this point is to remain focused on the success your part-time gig is now your sole source of income you need to act like the boss I need to talk like a full-time job taking your foot off the gas isn’t it an option but it’s also important to understand that it may take time to expand your side a little bit further so you should look at maybe other side hustles that can complement your existing business plan
Here are 5 side hustles that can easily complement your income
Using Gazelle to resell smartphones
Gazelle is an excellent way to sell used smartphones if you can find access to cheap Samsung or iPhones or any other high brand device you can quickly turn a profit on gazelle that can help you build a profitable side gig
Become a social media manager
You can be guaranteed and some small businesses in your locality have no concept of how to use Twitter, Snapchat, Instagram, or Facebook. Many of them are being charged for my online social media. If you have to use the confidence to walk in the door and look good for your services to manage their accounts for a smaller fee than they are paying currently.
Get your skills online
You miss different ways to monetize on existing skillset for example if you have decades of experience in a specific field you can start creating tutorials on the likes of Udemy or YouTube there is a respectable income to be made once you deliver a service that helps keep people interested and engage offering free tutorials can help you provide open a side gig that can quickly encourage viewers to be up so old on different services and products that you might offer.
“The future belongs to those who believe in the beauty of their dreams.” –Eleanor Roosevelt
“Tell me and I forget. Teach me and I remember. Involve me and I learn.” –Benjamin Franklin
“You will face many defeats in life, but never let yourself be defeated.” –Maya Angelou
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