Side hustles are soaring as Americans take on second jobs to afford the basics. According to Bankrate, more than 1 in 3 Americans earn money through side hustles, and the average side hustler makes about $891 per month in extra income aside from their main source of income.
Many side hustlers have turned their passions into paychecks. With enough success, transitioning that side hustle into a full-time career becomes an enticing possibility. But how do you know when it’s the right time to make the leap? And what factors should you carefully consider before making this significant transition?
Turning your side hustle into your full-time job demands honest self-reflection, careful planning, and a clear understanding of the challenges and opportunities that lie ahead.
Here are some key questions you should ask yourself and steps to take before deciding if now is the time to ditch your day job and embrace full-time entrepreneurship:
What Do You Want This Business to Become?
Before diving headfirst into this, take a step back and reflect on your vision. What do you truly want your side hustle to become? Is this venture something you see yourself scaling and growing over time, or is it something that fulfills a passion in a way that brings in income on your terms?
Just as importantly, what do you need it to be? Do you need this business to replace your current salary, or are you more focused on flexibility, freedom, or creative expression? Defining the core purpose of your side hustle as a full-time business will help guide your decisions moving forward.
Can You Handle the Demands of Entrepreneurship?
Entrepreneurship is often glorified as the ultimate escape from the monotony of a 9-to-5 job. But in reality, many business owners work more than ever in the early stages of their business. We’ve all heard the saying that entrepreneurs leave the 9-to-5 to work 24/7—this could very well be your reality, at least for the first few seasons of business growth.
Ask yourself: Are you prepared for that? Do you have the capacity to devote the time and energy required to grow your side hustle into a thriving, sustainable business? This phase often demands long hours, late nights, and unforeseen challenges. Full-time entrepreneurship is a commitment, and it’s essential to be honest about whether you’re ready for it.
Is Your Side Hustle Financially Sustainable?
Finances are often the biggest roadblock for side hustlers contemplating going full-time. If your side hustle has reached the point where it can replace your current income, that’s a clear indicator that you may be ready to leap. But you need more than just replacement income to succeed—you also need financial security.
Before quitting your day job, ensure you’ve stashed away a cash cushion for unexpected expenses or lean periods. Having a financial buffer will help cover personal expenses and allow you to invest in your business and withstand those inevitable ebbs and flows. Bet on yourself, but do it wisely. A solid financial foundation is essential for minimizing risk and easing your transition into full-time entrepreneurship.
Are You Already Spending More Time on Your Side Hustle?
A telltale sign that your side hustle might be ready to become your full-time gig is if you’re already dedicating more time to it than your day job. Those “fringe” hours—working early in the morning, during lunch breaks, or late at night—add up. Calculate how much time you’re investing in your side hustle already, and consider whether shifting that time to a full workday could amplify your results.
If the time commitment to your side hustle is already eclipsing your 9-to-5 responsibilities, consider making the transition seriously.
Will This Venture Bring You More Fulfillment?
Fulfillment is one of the biggest drivers for people to leave traditional jobs behind in favor of full-time entrepreneurship. But it’s essential to be cautious here. Are you drawn to making your side hustle your full-time career because you believe it will bring more personal and professional satisfaction, or are you simply unhappy in your current job?
Entrepreneurship comes with its own set of stressors, and if you’re simply looking to escape your current situation, you may find that dissatisfaction follows you. Before making the switch, identify whether your side hustle genuinely lights you up. If you’re confident it will bring you greater fulfillment, and the benefits outweigh the risks, then the leap may be well worth it.
Are People Asking for More From You?
One of the most promising signs that your side hustle has long-term potential is whether there’s demand for what you’re offering. Are clients or customers asking for more from you? Is your service or product consistently in demand? A growing business based on real customer needs and feedback indicates you’re ready to expand.
However, remember that business landscapes shift, technologies evolve, and trends change. The key to long-term success as a full-time entrepreneur is your willingness to adapt and take calculated risks. If you’re prepared to evolve with the market and believe in your offering enough to stay committed, even when faced with challenges, it’s time to trust your instincts and go all in.
Turning your side hustle into a full-time career is an exciting and life-changing decision, but it’s not one to take lightly. By asking yourself these honest questions and carefully weighing the financial, emotional, and practical considerations, you’ll be better prepared to make the transition confidently.
If the timing is right, and you’re committed to facing the challenges head-on, then embracing full-time entrepreneurship could open up new doors of opportunity, fulfillment, and success.
This post was authored by Corry and Melissa of The Business Reboot
The Business Reboot provides small businesses guidance and a framework to help diversify offers, generate more revenue, and increase meaningful impact. Co-owners Corry and Melissa are business coaches with over 35 years of combined experience on a mission to help business owners run successful businesses without compromising the integrity of their lives. From starting and growing thriving businesses to raising babies, moving a bazillion times, and enduring dramatic shifts in their entrepreneurial journeys, they have paved the way for success on their terms. Corry and Melissa are also co-hosts of The Business Reboot Podcast, made for female entrepreneurs looking to grow, pivot, scale, elevate and fall more in love with the business of their business! Reboot rather than rebuild!
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