These days it seems like everyone has a side hustle. People are looking for a way to make extra money. Maybe they want to start their own business but aren’t quite ready to give up the stability of their main job. So how do you actually know when it’s time to take your side hustle to full time? Let me tell you my story.
Where It Started for Me
Soon after I graduated from high school, I was on the hunt for extra money. I fell into mowing lawns because there were plentiful opportunities in the neighborhood I lived in, plus it was something I had done before. At that point in my life, I still lived at home with my parents. I only had one small bill to pay each month.
In that situation, my side money grew into full-time money very gradually over a few seasons. There was no rush and no real pressure to produce at any certain rate. That isn’t my situation now, and for many of you reading this, it isn’t yours either.
When Comfortable Stopped Being Enough
Let’s fast forward. A while back, I was married with two kids and had a well-paying corporate job. Things were comfortable for my wife and highly uncomfortable for me. I was unfulfilled and not thrilled about the idea of being confined inside someone else’s walls.
Before we go further, let’s look at my reality at that time. I had bills, lots of them, and we were living on the high edge of our means like most Americans. There was a little money in savings, but nowhere near enough to live on for more than six months. We had a plan for me to make money, but no extra money coming in.
Back then, I often professed that side hustles were for people too scared to take the plunge. Man, I was an idiot. No doubt about it. I have learned a tremendous amount since then, and the only way I could have done so was through taking chances and doing things. Theory has no real value in entrepreneurship. So focus on getting as much actual first-hand experience as you can.
I quit that job and was out of money five months later. I had no real plan and no additional money coming in. Oops. Many of you may fear a similar outcome for you and your family. That fear is exactly why most people will never leave the role of employee for the role of employer.
Why I Embraced the Side Hustle the Second Time Around
I now embrace the side hustle and recommend it to anyone who will listen. After that first stumble, I started my podcast and started to figure out how to actually make money online. The income was insignificant at first. So I returned to the corporate world for another 20 months while I grew my business on the side the entire time.
This meant I was working 70 hours a week. Sacrifices are required if you’re serious about pulling this off. Eventually, the day came when I left corporate again to run and grow my businesses for good.
As I reflect on the signs that led me to this point, I can see them now with clarity. Here are the five that stand out the most.
The 5 Signs You’re Ready to Take Your Side Hustle to Full Time
Sign 1: Your Side Hustle Is Out-Earning Your Main Hustle
The first time this happened, I assumed it was just a good week. After it started happening regularly, I knew I was spending most of my time in the wrong place. I got excited about this much faster than my wife did though. She had been through this once before with me and had no interest in going back to the “poor house.” She agreed it was a good problem to have, even though by itself it wasn’t enough.
Sign 2: You’re Losing Money by Being at Your Main Hustle
For my business, there’s always a piece of work that comes from somebody racing against the clock with nowhere to turn. The clearest example I’ve experienced is when another digital marketer overcommits to a project and can’t finish without outside help. Those jobs usually pay a lot, and I have had to turn down far too many over the years. That has cost me thousands. So at some point, it stops making sense to keep missing out.
Sign 3: You’ve Found the Intersection of Passion and Talent
I was so close to this many times, but something was always slightly off. Once I figured out the supply and demand for the different areas of my business, everything changed. Remember that the line between success and failure is really thin. So one small adjustment may change everything for you.
I have tweaked my product offerings, service offerings and price points to get it just right. I also was willing to put significantly more time into learning the software products in highest demand compared to the average person.
Sign 4: You Start Understanding the Power of Recurring Revenue
I’d always worked hourly, by the project or sold books at a fixed price. When I started receiving recurring monthly commissions from various affiliate sources, a lightbulb went off. What if I could turn some of my hourly and project clients into monthly clients?
So I gave it a shot and pitched a monthly retainer with no contract. That model has worked really well for the marketing automation side of things. The same model works for most service businesses, so really think about this one. Once my expenses and my team’s payroll were covered by recurring revenue, I knew I could continue to grow with more affiliate sign-ups and more clients. More availability for projects also meant more income on top of that.
Sign 5: The Fear of Staying Becomes Greater Than the Fear of Leaving
I’ve been in the position where I felt like I “needed” a job for the income and the benefits. It’s a safe assumption that most people feel this way. Once I started having enough success on my own, I actually became fearful of missing too many opportunities and stunting the growth of my business.
It seems counterintuitive at first, until it starts to become your reality.
What Taking Your Side Hustle to Full Time Really Comes Down To
Everyone is different, and this is just my experience. My hope is that something here is what someone needed to hear today, either to stay put for now or to make the leap. Going from side hustle to full time isn’t a decision you make on a whim. It’s a series of signs your business has been giving you for a while.
Thanks for hanging out with me through some of my backstory. See you at the top, my friends, whenever you join me there.
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