With the growing number of individuals taking on side hustles it can be easy to think that we all have endless amounts of time on our hands. Unfortunately that’s not the case, though it would certainly be nice. 🙂 Many people start side hustles as a way to make extra money or as a means to pay off debt. Both of those are very good reasons to start a side gig. There are others though who are able to grow their side jobs into a full career. While that is exciting to have happen, it can be an incredibly difficult decision to make. That said, I thought I’d share some of the signs you may want to look at turning your side gig into a full time career.
You Are Actively Turning Away Clients
This is something my wife and I were facing before I left my last corporate job. She was at the point in which she was forced to decide what clients she had to turn away. There’s only so much time in the day and she was only able to do so much. We already had a stable base of clients, but we were having to consider turning away new ones. This was the final big sign we needed to turn our side business into something more. Not only does turning away clients keep you from making more money, but word can also spread that you’re unable to manage the work. If you’re anywhere close to considering going it on your own full-time, that’s the last thing you want.
Your Side Hustle Income Exceeds Your Day Job
This sign is sort of a no-brainer, but it still needs to be said. If you’re regularly making more per month in your side hustle than your day job then it’s a good sign that you have a budding business on your hands. I will say though that before you make that decision to take the leap that it’s important to have a good Emergency Fund in place. This will likely take you some time to build it up, depending on your specific circumstances, but you don’t want to take the leap into running your own business and have nothing to fall back on. As someone who has been through it, what they don’t tell you is that your income will fluctuate and you want to be prepared for that.
You’re Adding New Streams of Income
Having multiple streams of income is vitally important if you’re looking to go for it on your own. This will allow you to weather the ups and downs of running your own business better. If you’re adding these streams while still in your day job this will take even more time, but it can also mean more income for you. At a certain point you’re going to reach a breaking point where you can only do so much. At that point in time you’ll want to assess where your side hustle is at and if it’s something you can take further. That said, if you’re actively bringing on additional streams of income then it’s a possibility you have something you can grow with even more time to devote to it.
Do you have a side hustle? What are some other signs you can think of that’ll show you’re ready to take it to the next level?
Image by 401(k) 2012 / Flickr