If you’re like most members of the Millennial generation, you’ve probably already got a side hustle or two – these are part-time jobs or business endeavors you do outside your full-time work. Whether it’s selling real estate part-time – like how I started out, or flipping houses, designing websites, bookkeeping, or even creating custom art and selling it on Etsy, a side hustle is a great way to make extra money and explore one a passion as a potential business. Previous generations just called them “multiple streams of income.” But what if you like your part-time gig more than your primary job or business? How do you make the transition from side hustle to full-time?
Get Your Financial House in Order
Before you ditch your 9 to 5 job or successful business that is currently supporting you, probably quite well, take some time to make a plan and get your finances in order. Minimize or pay off any debt you have. Cut back on expenses. Save, save and save. And save some more. When your budget is a lean, mean, machine – you’ll have some wiggle room that will allow you to focus on your new business without the stress of having to make a lot of money right away. Tip: Building a pipeline of prospective clients takes time. Start now so you’ll have some clients in place when you’re ready to go full-time.
Run the Numbers
In any venture, you have to have a solid business plan or at the very least know if it can support you. If you’re selling earrings on Etsy for three dollars a pair, you’ll have to sell a lot to actually make money, and you might just be creating a minimum wage job for yourself instead of a business and financial freedom. You might want to consider other possible business models that are more worthwhile, or even stay in your current situation. Tip: Sometimes a side-hustle isn’t scalable, and that’s okay. Try something else, or stick to your passion on a part-time basis.
Go For It
You’ve done your research and have your finances under control. You’ve done everything you can to prepare to start working full-time on your side hustle, but it’s still a little scary. If you’re like many people, you might get caught up overthinking something so much that you never take action. Sometimes, you just have to go for it, cut down your safety net, and see how it goes. The worst thing that can happen is you fail and have to go back to old line of work, but is that really such a bad thing? The best thing that can happen is you will succeed. Tip: Don’t be afraid to fail – be afraid never to try.
Every day we’re hustling… but are you doing what you truly love? It’s not hard to transition from working on a pet project on the side to a full-time gig as long as you go into it with a solid plan and a little bravery. You can do this!