If you have a side hustle or budding business, I’m sure you’ve thought about what it would be like to do it full time. Choosing a side hustle to start can be hard, getting it up and running in 30 days is even harder, but the hardest part is staying consistent. Consistency over the long haul is what will make or break your hustle. Of course, hopefully you’ll eventually be successful enough with it to be able to quit your day job and be entirely independent! When it comes time to do that, you’ll have some hard choices to make. Without further ado, let’s get into the details of when you should actually take your side hustle full time.
Identify What You Want And What Lines Up With Your Goals
It’s important to know what you actually want out of your side hustle. Do you even want to take it full time? Do you want to quit your day job? Whatever you actually want, it’s important to realize it and set the proper goals to get there.
If your long-term goal is to be completely financially free, taking your side hustle full time might be the best choice for you. It’s crucial to weigh the pros and cons and figure out what is the best for your overall success (which is more than just how much you make). For example, you may make slightly less with your side hustle instead of your job, but you may have a far more flexible schedule. Alternatively, you may be able to make a lot more, but it will require a lot of your time. Ultimately it comes down to what you want from your side hustle and how you want to grow.
Keep Your Day Job Until You’re Almost Overwhelmed
A good rule of thumb is to keep your job until you have too much work to do both. This may give you a period where you’re putting in a lot of extra hours, but it also serves to help make the transition as easy and painless as possible. If you don’t have enough customers or work from your side hustle to give you a consistent income and workflow, you may not be ready for the switch yet. Once you start reaching the point where you only have time for one, it becomes easier to choose. This is usually the stage where your priorities will start to show or become obvious – if they weren’t already.
Two Full-Time Jobs Isn’t Sustainable
With all of that said, obviously two full time jobs or businesses isn’t sustainable on your own. Once you reach this point you may decide you want to dial one or both back a bit, drop one completely, or outsource a lot of the day to day activities of your side hustle. Because your side hustle has consistent work and income at this stage, it gives you a lot of options and you can ultimately pick the best course for your personal goals.
For me, once my side hustles reach a full time income, I’ll probably dial back in my day job and eventually leave completely. That is just my personal preference though, as I like the freedom that comes with my own hustles and businesses, but also want to ease into it for stability’s sake.
Determine If You Can Live Off Of Just Your Side Hustle
It should be relatively easy to figure out if your side hustle can make you enough to support your lifestyle. Either way I recommend having a strong emergency fund before you leave your job for good. Side hustles are great, but the income can be inconsistent from month to month, so you need to plan for the periods where you may be earning less than normal.
If, even on your low months, you make more than your day job you are probably set and ready to go! If you’re on the lower end, and aren’t sure if you can support yourself, it may be best to see if you can ease yourself into it. It may not be possible, but see if your employer will let you work reduced hours (with pay cut proportionally).
If You’re Not Ready, Take Steps To Figure Out How You Can Get There
It’s always possible you’ll realize you’re just not ready to take your side hustle full time. In that case, adjust your work schedule to something you can sustain. On top of that, take the time to start brainstorming how you can get to a point where your side hustle is enough to support you. You make just need to keep growing and finding consistent customers or create more content for your audience. However, you may be able to increase your profit margins and grow that way.
Whatever works best for you is the way to go. Remember to not limit yourself. A six figure income is attainable by anyone who develops the right skills and has the work ethic for it. Don’t hold yourself back from success!
Focus On What Will Make Happy AND Maintain Your Financial Security Goals
If you’re reading this article, you probably want to be financially free and no longer need to work a 9-5. That’s great! However, don’t jump ship before you’re ready. It can be easy to rush things before you’re prepared, but patience is incredibly rewarding.
At the end of the day, you need to do what’s best for your success and happiness. Meeting your financial goals is obviously important, and I write tons of articles on making more money or investing more to watch your money grow exponentially. However, it’s just as important to factor in your own personal satisfaction and joy. If you would hate doing your side hustle full time, you don’t need to take it full time at all.
Conclusion
So, I hope this article answered your questions about taking your side hustle full time. The main thing you need to know is that all of this is optional and about what you want and where you want to end up. Only you know what your goals are, and only you can make the best decision for yourself. As always, leave a comment if you have any tips of your own to share.
If you are interest in learning about more ways to make money on the side, check out my Money Makers interview series! I’ve interviewed an affiliate marketing specialist, a successful real estate investor, and a master of content and brand strategy, plus many others. I’m sure you’ll find that they have a wealth of information to share. For more content like this, and a free budgeting template and financial goals worksheet, be sure to sign up for the Bitter to Richer newsletter.
