I work with female solopreneurs, many of whom are not able to be full-time in their business yet. And they all have the same goal – the same as yours, I would imagine, if you’re reading this post! These side hustle warriors want to quit their day jobs and be able to focus solely on what they’re passionate about. Something I get asked all the time is “How do I know when it’s time?”
My simple answer is – “you’ll just know.” Every time I had to make a major decision about my business and tried to plan out the exact right time, I always ended up moving up the timeline. Because I just felt in my bones that it was time. Mostly because I got to a point where I simply could not exist without making that change.
But that’s a super frustrating answer for those of you who want something a bit more concrete. 🤣 So here are a few signs to look out for:
- Consistent Income: One of the most significant indicators that your side hustle is ready to become your full-time job is that you’re making consistent income. Take a look at your earnings over the past few months. Are you consistently making enough money to cover your expenses? If your side hustle income is stable and sufficient to support your lifestyle, it may be time to consider making the switch.
This is obviously what most people worry about, and you want more specifics on this. So don’t worry, I’ll go into this in more depth in next week’s post. - Growing Demand: Pay attention to the demand for your products or services. Are you seeing an increase in customers or clients? Are you struggling to keep up with demand? If your side hustle is experiencing growing demand and you’re having trouble fulfilling orders or appointments while working part-time, it could be a sign that it’s time to commit to it full-time. One thing I’ve learned is that our actions are messages to the universe, and it will send you what you need if you align yourself with what you want. Meaning, you can’t take on more work than there are hours in the day, but if you make that time, your business will always expand to fill up that time.
- Passion and Commitment: How passionate are you about your side hustle? Do you find yourself constantly thinking about it, even when you’re at your day job? If your side hustle is something you’re truly passionate about and you’re eager to dedicate more time and energy to it, that’s a strong indication that it’s ready to become your full-time focus. If you’re short of this, I wouldn’t quit just to quit, because your business won’t be sustainable if it’s not truly fulfilling.
- Scalability: Consider the scalability of your side hustle. Can you envision ways to grow and expand your business? Are there opportunities to increase your offerings, reach new markets, or streamline your processes? If you have a clear vision for scaling your side hustle and you’re excited about the possibilities, it may be time to pursue it full-time.
- Work-Life Balance: Assess your work-life balance. Are you feeling burnt out from juggling your day job and your side hustle? Do you find yourself wishing you had more time to devote to your passion project? If your side hustle is starting to take up more of your time and energy, and you’re struggling to maintain a healthy work-life balance, it could be a sign that it’s time to make it your primary focus.
- Financial Stability: Consider your financial situation. Do you have enough savings to sustain yourself while you transition to full-time entrepreneurship? Have you calculated the costs associated with running your business full-time, such as healthcare, taxes, and other expenses? If you feel financially prepared to make the leap, it may be the right time to do so. Again, more on this next week.
- Support System: Finally, consider your support system. Do you have friends, family, or mentors who believe in you and your business idea? Surrounding yourself with a supportive network can provide encouragement and guidance as you navigate the transition to full-time entrepreneurship. It can be tough! There are times I don’t know if I would have gone on if it weren’t for the fierce support of my husband and my business bestie. She and I exchange voice memos multiple times a day, and it really really helps!
Above all, trust your instincts, do your research, and be prepared to work hard to turn your side hustle into a successful full-time venture!