Most people who start a side hustle do so to bolster the income from their full-time job. It may be you’re paying off a loan or saving to buy an item, or you just want some extra spending money for the occasional vacation. When your side hustle picks up momentum, it can transform into a full-fledged business. That said, it’s important to look before you leap. If you’re going to abandon the safety of a full-time job to start working for yourself, it makes sense to double-check that you’re ready. Here are things you need to do before you make that decision.
You’re financially ready
It doesn’t matter what your side hustle is; chances are, you won’t be making a ton of money right from the beginning. In addition, many entrepreneurs need loans or investments to start growing their business. If you cannot get the needed loan or you are not financially buoyant, just stick with your job!
Your personal work Is gaining traction
Traditionally, many freelancers try to gain attention for their work through projects they complete for smaller clients. However, one way to know your side hustle is ready to go to the next level is when your passion projects are starting to gain attention.
You’re are a motivated self-starter
Once you start working for yourself, there’s only one person responsible for your results: you. That means discovering the most reliable ways of keeping yourself motivated for the long haul.
You know the basics of your business
If you don’t know how to actually run your own business, things will quickly fall apart. You must fully understand what your overhead costs will be, growth plans to help you expand at a sustainable rate and trends and shifts in your niche. The better you understand your market as a whole, the easier it will be to make a smooth transition.
You can promote your business seamlessly
Never forget that your side hustle is a real business. That means you’re going to need to devote a fair amount of time (and financial resources) to promoting yourself and your solutions. This is the only way you can get new clients. Promoting your business is not difficult. You have social media at your disposal to do this.
You’re missing out on new projects
As you gradually expand your side hustle, new clients might start reaching out to you, or your current clients might want you to do more work. Of course, it’s hard to take on additional work for your side hustle if you can only dedicate nights and weekends to it. If you’ve reached the point where you wish you could say yes to more projects and feel like you’re actually missing out on financial growth by turning them down, then the time has probably come for you to go full-time.
