You have been doing some work outside the office, and you really enjoy it. So much so that it has you wondering if it can become more than just the source of a little extra spending money. But what is required to turn your side hustle into your full-time job? We will look at goals that could lead you to the career you’ve always dreamed of.
The very first thing you need to accomplish is to set back an emergency fund. I’ve hounded and hounded on why emergency funds are so very important. And when you’re stepping out as a start-up business, they are imperative.
Let’s say your full-time job pays you $2000 a month, and your side hustle provides an income of $1000 a month, meaning you bring in a total of $3000 each month. For the next 90 days, your goal is to set back that amount or double, to cover yourself in the event of a catastrophe with your new business, which is a necessary precaution for anyone starting out. Life happens, and we want to be as prepared as possible.
The next step is you need to determine if your side hustle is lucrative enough to replace your day job. If not, you may not be ready to take the leap. If it is—what’s holding you back?
Next, come up with a basic business plan. Write down and be specific about what you want to accomplish. I’m here to tell you lack of planning will keep you from ever achieving your goals, no matter what they are. There’s an old saying, “The devil is in the details.” Work on the little details. Doing so means you have a much greater chance of success.
Related Reading: A Financially Simple Guide to What Should Be in a Good Business Plan
Getting control of your time is a must! We’re busy people, but the truth is, we waste an enormous amount of precious time. Unlike most things in life, you can’t buy time. Therefore use it wisely to help you get your side hustle growing. Perhaps you spend an extra two hours a day working your side hustle after your day job. Sure you’re putting in a well over 40 hours a week, but that’s part of being an entrepreneur!
Listen, there are times when I work 80 plus hour a week! I’m tired, BUT I LOVE WHAT I DO! The rewards I reap from helping others is unbelievable.
Another factor in helping you succeed will be the model you choose to follow as the guide for your side hustle. Study other successful companies. Combing through the details of successful businesses can give you insight into what works and what doesn’t; offering you a scale to measure your company’s success.
Next, find someone to hold you accountable. For my friend, it was me. You need someone to discuss your goals with. When they see you slacking, they can easily call you out and help motivate you—reminding you that YOU CAN SUCCEED!
I recently had this very discussion with a friend of mine. He knew he could easily replace his $2000 a month “day job” income. However, the thought of taking the leap paralyzed him. We’re all terrified that our ventures will fail and put us back where we started—in that monotonous line of work we just left. Don’t let this be you. If you never try, you will always be stuck in that 9-5 job anyway, right?
As an entrepreneur, you will face fear in the face EVERY SINGLE DAY. That little voice will be telling you that you can’t do it, but the truth is YOU CAN! That fear is part of being self-employed. Stop the BUTs—there are no BUTs in business.
Legend has it that on a particular conquest of Alexander the Great’s he landed in Persia only to realize he was greatly outnumbered. His men implored him to turn around and retreat, however, Alexander the Great was there to conquer. He commented his men to “burn the boats” because “we go home in Persian ships or we die.” While it’s certainly an unconventional approach, his victory will forever be remembered by this one example. The moral of the story is this—take the risks!
Turning your side hustle into your full-time job really is possible—with a lot of work and a little help from loved ones and friends. Now, get out there and make it happen!
Next Step: Check out our Starting A Business blog & podcast series.