Your side hustle, your beloved side hustle!!! It’s your baby. Born of your wildest dreams and enthusiasm for what you love. Maybe you’ve been working it for three months or three years. Either way, you think it’s time to quit your day job and go full-time, turning your side hustle into your one and only.
It’s scary, no doubt. To help alleviate the fear and pressure you are feeling around quitting your job, read through and see if you can tick off these seven things that will help you succeed if you decide to go full time.
1. Know How Much Money You Need to Survive
You need to know down to the dollar how much money it will take to pay your bills every month. This includes keeping the lights on, buying groceries, and saving for your future.
2. Can You Cover Your Monthly Expenses for Five Months Straight?
Before quitting your day job, your side-hustle should be creating enough income to pay your monthly expenses for five consecutive months. This means covering personal expenses as well as the investment capital to keep your side-hustle running smoothly.
3. You Have a Six-Month Emergency Fund
Have a reserve of money in place in case your first few months are rocky. It’s common to have slow times when you are self-employed. An emergency fund goes a long way toward peace of mind.
4. Your Side Gig Still Excites You, Six Months In
Side-hustles exist off enthusiasm and hard work. They are created in the margins of our life that we carve out of already full schedules. This means that you need to keep working your day job for at least six months and still be passionate about your side hustle before quitting your job. You do not want to quit your day job only to find that your side-hustle isn’t as important to you as it was in the beginning.
5. You Have Goals
What is a business without goals? It’s just you, working away your days. Without an endpoint or means of measuring your success, it’s easy to wonder if you are making any headway. Make short-term and long-term goals for your business, as well as a plan to meet them. This will give you something to work towards and a place to focus when you are feeling listless or forlorn.
6. Make a 12-Week Plan
Your 12-week plan can coincide with your goals, or it can simply be mapping out your first 12 weeks of being self-employed. It can be tempting to start your days at 10:00 a.m. and end at 3:00 p.m., but by having a plan in place of how, when, and where you work will make the transition smoother.
7. You Have Human Interaction Planned
At first, it will seem easy to spend your days concentrating on your passion all alone. However, everyone needs human interaction. This may mean planning family or friend outings, finding a coffee shop where you can work, or renting co-working space.
Turning your side hustle into a full-time gig is scary. It is also fantastic, exhilarating, and rewarding when done right. If you can successfully check off all these steps, then take the plunge!
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