10 Signs You're Ready To Turn Your Side Hustle Into Your Main Gig & How To Make The Transition
10 Signs You're Ready To Turn Your Side Hustle Into Your Main Gig & How To Make The Transition
Ready To Ditch The 9 - 5?
Turning a side gig into a main hustle is a dream for many, but how do you know when it's the right time to leap? Passion is just one part of the equation; you also need to make sure your business is sustainable and scalable, which requires financial stability, market demand, and support. Here are 10 signs you're ready to turn your side hustle into your main gig and 10 steps for making a successful transition.
1. You Have Consistent Clients
Having sporadic clients or customers may be fine for a side hustle, but not if you're thinking of going full-time. Make sure to create a client base that is going to provide you with consistent income.
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2. Your Side Hustle Income Rivals Your Paycheck
If your side hustle income rivals or exceeds your 9 - 5 paycheck, you're already financially sustaining yourself from it. Just imagine how much you could earn if you focus on it full-time.
3. You Have Built Up An Emergency Fund
Transitionary periods can be stressful and don't always go as planned. Having a financial cushion will give you the peace of mind you need to continue on your path.
4. It Makes You Feel Passionate & Fulfilled
One of the main reasons to make your side hustle your main gig is that you're more passionate about it than your 9 - 5 job. You feel excited about it and have a strong desire to dedicate more time to it.
5. It's A Full-Time Job
If with your 9 - 5 and your side gig, it feels like you're working two full-time jobs, it's a sign you should leave the one you feel less passionate about. This is especially true if you're so busy you're having to turn away clients.
6. You See Growth Potential
If you see a clear path to scaling your business, it's a sign you're ready to take it on full-time. You should have a blueprint for its future growth and a vision in mind.
7. You're Preoccupied Thinking About It
If you can't stop thinking about your side gig, even at your day job, that's a sure sign you should just focus on it. Your mind is already in the hustle.
8. You Have A Tested Business Model
Before leaving your job, make sure you have a tested business model for your hustle that proves it's more than just a pipe dream: it generates results. This should lay out your revenue streams, cost structure, pricing, resources, and plan for future growth.
9. You Have A Strong Support System
While not everyone in your support system is going to "get it," having at least a few people who can offer help through the challenges will make the transition easier. This can be friends, family, or professional mentors.
10. You're Ready & Willing To Take The Risk
Opening a business and sustaining yourself on it fully is a risk. Being an entrepreneur is not for the faint of heart. It takes courage and readiness.
Now that we've discussed some of the signs you should quit your day job, let's talk about how to transform your side hustle into your full-time gig.
1. Create A Business Plan
To give yourself an idea of your business's earning potential, start by creating a business plan. This includes a arket analaysis, summary, operational, and sales plan. It will also help you keep a clear vision in mind and stay organized.
2. Test Before You Leap
Before quitting your day job, make sure your side hustle income is steady for several months. This will avoid unnecessary stress further down the road.
3. Transition Gradually
Negotiate part-time hours at your work if you feel it's necessary while you scale your side hustle. This will ensure you still have a steady income while you get your business rolling.
4. Expand Your Network
Connect with entrepreneurs, mentors, and communities that can support you on your business journey. Additionally, stay in touch with colleagues and managers, so you don't burn bridges if you decide to return to your previous industry.
5. Streamline Your Systems
To take work off of yourself, automate processes wherever possible so you're not drowning in admin work and can use your time more effectively. This can include invoicing, scheduling, and certain marketing jobs.
6. Charge Appropriately
When your business was just a side gig, it may have been possible to charge less. When it becomes your entire income stream, you may need to reexamine your prices and make sure you're charging appropriately.
7. Diversify Your Income
If possible, develop multiple income streams to establish a strong safety net, whether through investments or other means. Your business may be doing fine for the time being, but you never know how volatile markets will react.
8. Focus On Marketing
Create a strong marketing strategy to build your customer base. This entails advertising on social media, designing a website, and maybe even hiring a marketing professional.
9. Formalize Your Business
Do whatever you have to do to formalize your business. This includes legally registering it and setting up proper finances so there are no surprises when tax season rolls around.
10. Quit Your Job
The final step in making your side hustle your main business is to quit your day job. It's a daunting yet exciting move that makes your dream a reality, as long as you do it at the right moment.
