A survey by Bankrate found that 40% of Americans are presently working a side job
This figure includes budding entrepreneurs; working all day at their ‘required’ job and then all night on their passion projects. The dream, of course, is to leave the corporate job and commit fully to the passion project, however that can be a little scary. To help you prepare to take the big leap we have listed 7 signs that you are ready to turn your side hustle into your full time career!
1. You Have a Safety Net
First and foremost, it is critical to be financially safe before taking the plunge and leaving your corporate job. For most people, leaving a corporate career means saying goodbye to health insurance, sick days, job security and guaranteed income. Therefore, it is crucial to ensure you have enough money saved to get you through the worst-case scenario. As a general guideline, building up enough savings to cover your expenses for 3-6 months should have you insured for any unforeseen circumstances.
2. Demand Is High
A good indication that your side hustle could be the real deal is your sales revenue. If you are seeing a steady growth in your sales revenue and an influx of work you a struggling to keep up with, this is a strong sign your side hustle has a lucrative future.
3. You Have a Plan
Leaving your full-time job is not a ‘fly by the seat of your pants’ situation. You need to have a researched business plan outlining your goals, target market, product or service and finances. Once you have a guideline in place and a distinct future, then you are ready to go!
4. Your Customer Base Is Growing
For most entrepreneurs and small business owners, their first customers will be their supportive friends and family. A strong indicator that your business is thriving is when you begin attracting new customers, or when the need for advertising and marketing is eliminated.
5. Your Focus Has Shifted
We all know that feeling of dread that comes on when you are locked into a 9-5 that zaps you of creativity and motivation. When you have a successful side hustle this feeling is amplified, as you feel angry and frustrated that you are not using your time more effectively on your ‘other’ job. If your passion and energy have shifted, it is important to acknowledge it and follow your true calling. Also, as a courtesy to your employer, you should remove yourself from a position if you are no longer happy. Unhappy people are unproductive people.
6. You Have the Support of Your Family
This is one for the breadwinners. If you are the main source of income or have children that depend on you it is important to discuss your decision to leave your job with your spouse. Creating your own business and going down the entrepreneurial route is a risk and it is important that your family understands these risks and supports your decision.
7. You Feel Ready to Take the Leap
Heard that saying trust your gut? Starting your own business is a big decision that requires you to seriously consider your emotions as well as the practical elements. Working for yourself demands a lot from you and requires serious discipline, motivation and resilience. Are you ready for the challenge? If everything in your body tells you yes, then take the leap boss!
Turning your side hustle from an after-work hobby to a full-time career can change your life! If you are working a second job that brings you more joy and more satisfaction than your full-time career, it may be time to reevaluate. If you are in the early stages of starting your own company, joining a business centre can be a great first step Our virtual office plans start from just $95.00 per month and offer you a professional business address, access to private offices and meeting rooms and the support and knowledge of a professional network.
We can help you on your way to your dream job!