Opening up a side hustle is a big moment in life. You come up with a good idea to generate some extra cash, you build up an online profile that easily attracts new customers, and you only have to work 4 or 5 hours at a time to make it all happen. And that’s a lot of success for this amount of effort!
So when can you take your side hustle to the next level? You’ve clearly proved your business chops and now have a chance to make a full time career out of it. But when can you make this transition? Let’s go through the signs below.
When You Feel Like You Can Clear Some Time
If you feel ready to quit your day job or pull back in a few other areas of your life, it could be a sign that your side hustle is what you want to work on now. Maybe you’ve been doing really well off of the extra income alone, or maybe it’s becoming more and more demanding on your attention?
Either way, you could be faced with the opportunity to do what you really want here. Don’t ignore this sign. Cutting back hours isn’t necessarily a bad thing, and it’s a huge privilege to do something you truly feel passionate about here.
When You Find the Right People to Work with
A big part of what makes a side hustle ready to become a business is having a support circle. When you know you’ve got people you can rely on and you’ve handpicked some experts to bring on board, you can focus on the future much easier. Because let’s face it, no one makes a company entirely off their own back. You don’t have the time or energy to manage it on your own.
So delve into your network here. Make connections and build real working relationships. And think about outsourcing for things like digital transformation. Your IT needs, for example, are going to take off tenfold when it comes to scaling your website. You need to be able to handle the demand of all these new customers!
When You Have an Idea About What Your Hustle Can Do
Finally, check your stats. How much money did your side hustle make last month? How much has it netted you over its lifetime? Because if the numbers are clearly in the green and climbing, you could focus on it full time without worry.
You’re making good money here, and the costs are negligible, but put together a proper business plan. The costs could double at the very least and you should be prepared for that! Then do some research and make your budget.
Taking a side hustle from a passion project into a full time business is tricky. The pressure is on now, and you could end up losing all love for this profitable idea. But if you know the signs and take it slow, you’ll crash straight into success!