When your day job ends, it’s time to work on your side hustle or passion project. What if we told you that you could turn that venture into a full-time job? Many people don’t think it’s possible and burn themselves out by putting in too many hours into their side hustles or find they don’t have time for their passions because life is getting in the way.
During the pandemic, with remote working and financial difficulties hitting people hard, side hustles became a major source of income. People saw success with their side gigs, crafting, passions, and freelance work that they never saw possible. Now the world is beginning to return to a semblance of normal; those people are looking to maximize on that income.
In our practical guide, we’ll help you understand what you need to do in order to turn your side hustle into a full-time job and, if you don’t have a side hustle yet, we can help you choose a venture.
Have A Side Hustle
There are many side hustles to choose from if you’re struggling for ideas and want to become financially independent. Finding what works for you can be trial and error to begin with but, once you’ve found something you’re good at and enjoy, you’ll know that’s the side hustle for you. From food delivery to haulage and narration to writing e-books, the choices are vast, and there is something for everyone.
Food delivery is a popular choice as there are many companies offering work from grocery shopping to takeout; there’s plenty to keep you busy. Ridester can help you find the best food delivery service to work for that offers what you need to begin turning your side hustle into a full-time job.
Turn your skills and expertise into money by writing e-books. Make use of free marketing advice to get the best coverage for your e-books and turn a passive income into full-time work. E-readers are growing in popularity each year, and with plenty of retailers to choose from, you’ll be selling in no time.
There are thousands of ideas for a side hustle to pick from; if you’re not sure what you would enjoy doing, then begin by making a list of the ones that you like the sound of; take that list and try them. You’ll find what works for you.
Put In The Time
When you first start out, it’s important to manage your side hustle alongside a typical day job and will mean a lot of hours spent working. Plan your weeks in advance, so you know exactly what you need to be working on and how long you need to be working on it, include time for yourself to reduce the fatigue that can come with operating a side hustle and a primary job.
To have time for your side hustle, even with planning some time for yourself, you will have to make social sacrifices; initially, it will mean skipping after-work drinks and giving up most of your weekend. In the beginning, it will take up a lot of your time, but as you put the time in, it does get easier.
If the thought of working on your venture in your spare time doesn’t fill you full of excitement, then this side hustle probably isn’t right for you, and it may be time to look into something else.
Build A Team
Although, in some cases, having a team is not necessary, it’s vital to determine if that is the case for your side hustle. Sharing your ideas with other people might sound scary to begin with, but having a team to share your passions, collaborate on ideas, suggest improvements, and manage workflows can be precisely what your new venture needs to get off the ground.
The sooner you can leave the mundane tasks to someone else and focus on what you do best, the more enjoyable your new job will become. You may be worried that you can’t support a full staff yet, but you can utilize other side hustlers and contractors to keep your cost down. Hiring a virtual assistant could clear the fiddly data entry work off your to-do list and give you more time to work on the more essential aspects of your business.
Consider A Business Loan
A business loan could help you start off your business if money has been your main obstacle; it would cover your basics and, if you have staff, help you develop employee incentives to encourage them to put in the hard work as your company grows.
There are plenty of places online to get approved for a loan, but it’s important to remember these all involve hard credit checks, and too many will lower your overall credit score. The first step to ensuring you get approved for a loan the first time around is to build up your credit rating to at least 700, use one of the many free credit checkers that are offered by banks to keep track of where you’re up to.
Don’t get a loan for the sake of having money if you don’t need it; have a plan in place that specifies what you plan to do with the money and how to get a return on the interest rate as quickly as possible. Create a budget to help you understand what you need the loan for if you’re unsure; do you need equipment, staff, or raw materials? Once you are all set with a plan and have improved your credit rating, then it’s time to apply for a business loan.
Grow Slowly And Avoid Burnout
Avoid the temptation to funnel too much money into your business too soon; growing your business slowly is often a better idea. Test the business waters and scale your company gradually to dodge any unnecessary debt and burnout.
Working around the clock with a day job and a side hustle puts you at risk of burnout. If you begin to feel the exhaustion setting in, it’s best to scale back how many days a week you’re dedicating to your business and give yourself time to recuperate.
Take The Leap
Keep in mind that there will never be a perfect time to quit your day job, and at some point, you will have to take the plunge. If you’re checking off business and financial milestones, but the smaller details are lacking, then it’s likely that when you can devote more time to your new business that those more minor details will fall into place.
We’ve all heard the stories of people who leave their jobs on a whim and go on to be huge successes in a short time frame. Those people are the minority, and most companies take blood, sweat, and tears, so to speak. Entrepreneurs have to plan each step of the business carefully, working steadily to lay the groundwork to ensure their success. Beginning your side hustle alongside your main job gives you a chance to see how well the idea works and if you actually enjoy doing it; jumping ship only to find out that your idea isn’t viable or that your hate it is not what you want to happen.