Having a side hustle is a great way to earn extra income and do something you are passionate about. When it comes to having a side hustle, there are often many questions that are asked. One of these is deciding when you should turn your side hustle into your main hustle. It can be a risky move, going all-in on your side hustle, but it can also be very rewarding. Here are some key aspects to consider when deciding whether you should go all-in on your side hustle.
As with most anything you do, finances have to be made a priority. Leaving your day job to go all-in on your side hustle may cut off a major stream of capital for your side hustle. You have to make sure that you are making enough money through your side hustle to compensate for this loss of income. Work out the cash flow of your side hustle before making any decision. This way you can make sure that if everything at least goes as planned you will have enough cash flow to succeed. Always be prepared for potential problems as well.
If your side hustle is making enough money to pay for your personal life, that is usually a sign that you can start considering going all-in on your side hustle. You have to be prepared to have a loss of income while remaining dedicated to your side hustle to make it succeed. If you wait until your finances are stable, making your side hustle your main job will likely have a better chance at success.
There are a couple of different types of security that you should consider. The first being job security. Leaving a stable job is always a risky decision no matter what you are leaving it for. Losing that steady stream of income can hurt entrepreneurs who did not properly account for it. Before you make your side hustle full time you need to look at all your assets and income. If your assets are tied to your side hustle and you make enough money to support yourself, then you might be ready to make the transition.
Job security naturally ties into the financial aspect as well. Making sure you are financially in a position to succeed through your side hustle is a priority when making this decision. However, job and financial security are not the only aspects to look at. When deciding to go all-in on your side hustle, you have to take into account your passion for what you do.
Are you prepared for the time commitment of running your side hustle or business? It is a big step and requires a lot of time commitment in order to be successful. It is important to take the time to balance between your side hustle and personal time or time with your family. Your side hustle can create more freedom when it comes to time, however, when first starting, it might also have the opposite effect.
It is important to decide if you are in a place in your life where you can put a lot of time into your side hustle without causing problems with your family. If you are not, that doesn’t mean you shouldn’t go all in. It will just require more organization and dedication to remain balanced. When it comes to the aspect of family and having a personal life, you just have to take some time to consider what type of lifestyle you and your family need. Sometimes keeping your side hustle as a side hustle is in the best interest of your family.
Happiness is key. It is more than likely that you may be leaving your main job because you believe your side hustle will provide more happiness. This often true! Doing something that you are passionate about and in charge of will provide you the freedom and most times happiness. However, the risk involved with starting a side hustle can often turn that happiness into worry and doubt. You cannot let this deter you from the end goal.
When you are ready to go all-in on your side hustle, you want it to be in pursuit of happiness. If you are unhappy with your day job then seriously consider going all-in on your side hustle. Wouldn’t it be better to struggle, at times, for something you are passionate about rather than something that makes you unhappy? If this question resonates with you and how you are feeling then try to go all-in on your side hustle. Your happiness is very important in your life and affects the lives of others. If you feel you are in the right mental state to chase your passion rather than a regular job then you are prepared to go all-in on your side hustle in the aspect of happiness.
Use these aspects to help guide you when deciding whether or not you should go all-in on your side hustle. When you feel you can positively answer yes to all of these aspects then you may consider the transition. Making your side hustle your main hustle is an exciting, risky decision that is sure to be full of highs and lows. Once you have decided to go all-in, stay dedicated and don’t give up easily. If you followed these aspects, you should be prepared to work through the hardships.
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