If you’re considering starting a business but are a bit wary of how it will turn out, a side hustle may be the perfect choice for you. It’s a great way to test out your business idea before fully operating.
If you’re reading this, chances are you’ve already started a side hustle, and now you’re looking to take it to the next level. Luckily for you, starting your business from home has never been easier thanks to the pandemic. Long gone are the days of clocking in and out of an office every day. So if you’re looking to turn your side hustle into a full-time business, then keep reading because we’re here to help you make it happen.
When Is It Time To Level Up Your Side Hustle
If you’ve been balancing a side gig on top of your full-time work, you may be feeling a sense of burnout. Maintaining both is no easy feat. However, it’s essential to understand when the right time to quit your full-time job is before diving in headfirst.
Your Finances Are In Good Shape
First and foremost, the number one thing to take into account is your finances. Do you have an emergency fund that has enough to sustain you during your transition? Are you okay with losing your company-supplied health insurance? Are you able to borrow money to help pay for expenses while you get your business off the ground? Is this something that you’re comfortable with?
Your Side Hustle Is Taking Off Too Quickly
If you’re having trouble balancing your side hustle because it’s growing faster than you can handle, you may be in a great place to take the leap. Seeing an increase in income and business means that you’re on the right track, and focusing all of your attention on your side hustle alone will only help increase those numbers even more.
There’s A Market
You can make a comfortable living off side hustles, but you need to ensure there is a market that can support you full-time. Think about your clientele and your ideal target markets–are there enough paying customers for a full-time paying income?
How To Level Up Your Side Hustle
Separate Your Finances
One of the biggest pieces of advice that we give here at Cloud Friday is keeping your business and personal finances separate. This applies to your side hustle as well. While most side hustles begin as a means to make more personal income when you’re looking to take it to the next level, it’s imperative you keep the money in a separate bank account. By separating the two, you get a better idea of where you’re at financially, and you can make smarter business-related decisions.
Related: 8 Money Mistakes Small Businesses Make
Maximize Your Time
Because it’s a side gig rather than your full-time job, you’re not necessarily relying on the income to survive. However, they’re still hard work, and maximizing your time is vital. Give yourself set hours and specific times for specific tasks. This allows you to take a step back and see just how much time you’re taking doing things.
Why is this important? It helps you understand if what you’re charging is fair for the amount of time you’re putting into the work. It also gives you an insight into the value you bring with your work.
While you may currently only be doing work for family and friends, you have to widen your audience if you want to level up. Some of the best ways to do so include:
- Build a website
- Start an email list
- Promote your business on social media
- Creating business cards to pass out
- Hanging flyers in your local coffee shops
Marketing is such a big part of business, and it should be no different for your small side hustle. Getting the word out and putting yourself out there will help attract the right customer, so you can increase your business and become one step closer to doing it full-time.
Related: The Best Website Builders For Your Business
You have to spend money to make money. And as a side hustler, it may be tempting to try to take on every task yourself, but that’s not reasonable. It’s okay to admit that you don’t know how to do everything and hire someone who will not only save you time but they’ll also save you the energy of potentially having to redo everything down the line.
So while the idea of investing in your side hustle, in the beginning, may seem scary, you will eventually see a bigger return–even if it takes a bit. Focus on what you’re good at and leave everything else to the pros.
Related: Tips For Hiring Independent Contractors
Final Thoughts on Leveling Up Your Side Hustle
Choosing to level up your side hustle and take it full time can be an overwhelming and terrifying transition, but it’s worth taking the leap. While it may not happen overnight, following these four steps will help ensure that you’re in a more comfortable position to do so when the time comes. Just keep putting your heart and soul into it, and you’ll get here!