If you’ve been keeping your main gig while working on your side hustle, deciding to go full time is one of the biggest decisions you’ll make. Here’s how to know when it’s time to go all-in.
You’re making enough money to pay the bills for both of you
It might sound obvious, but in order to do your side hustle full time, you’ll need to be bringing in enough money to actually run your business in addition to paying yourself a salary that lets you finance the costs of your own life. Crunch the numbers by outlining your average expenses across six months in your business, as well as in your day-to-day life. Make sure you’ve included a buffer as well, because if you run into an emergency in either area of your life you’ll need a safety net in place.
You’re spending as much time on your side hustle as you are at work
If your side hustle has grown to the point that it’s taking up as much time as your main gig, it might be time to make the swap. It’s important to consider the work stream and revenue coming in – if you can’t realistically do everything you want to on your side hustle using just your spare time, it may be time to make the leap.
People are recognizing your brand
If people are starting to recognize your band and you’ve got a steady stream of media features, it’s a good sign that your side-hustle is heading in the right direction. Features and recognition should also be generating a steady stream of income.
You can’t concentrate on your main gig
If you spend all your time at your main job thinking about your side hustle and counting down the hours til you can “get back to work”, this is a good sign that the time to quit has arrived. If you find yourself making mistakes, cutting corners or even trying to work on your side-hustle on the sly during the day, have a think about whether you are really in the right place. Be honest with yourself and if you need to, have a chat to management about making the transition.
