Most people dream of having the opportunity to leave their day job to do something they love. Earning a living through a venture you’ve started or doing something you’re passionate about can be so much more rewarding than working in a job just because you have to.
Once a side hustle or passion project becomes more developed, many people face the daunting decision of whether to take a leap of faith or carry on with a main job and side hustle. Both have pros and cons, but you should ask yourself the below questions before you make any decisions.
Is it worth it?
First and foremost, you need to be sure that your side hustle could be something you’d enjoy as a full-time job. Many people make the mistake of taking the leap to then realise they have lost their passion because they rely on it for an income. The added pressure could make your project more engaging or spoil something you once loved doing for fun.
Would your side hustle be best left as a passion project on the side, or would you thrive in the challenge of making it financially viable? Think carefully about this.
Have you got a plan?
Next, you need to have a plan in place to guide your transition from side hustle to full-time operation. A solid business plan is the foundation of any startup – failing to plan is planning to fail, after all.
It’s not just about getting started. Do you have plans to scale and earn the money you need to make it financially viable as a primary income? Carefully consider what this would look like and if it’s realistic or not.
Do you have the finances?
Setting up shop, metaphorically speaking, usually costs a fair bit of money. You may need equipment such as generators to power your premises, hired hands to take some of the load or accounting software to help you stay on top of your finances.
Do you have the financial reserves to make the investments needed to get you up and running full-time? More importantly, do you have the reserves to help you survive for a little while if things don’t go to plan? Cash flow is important to ensure you can continue paying your bills while your operation matures.
Budgeting and financial planning should be a key aspect of your business plan. Without your hands on the financial reins, you’ll struggle to keep control of your business, and it could end proceedings quicker than you imagined.
Do you have the skills and experience?
You may be comfortable with running your side hustle as it is, but do you have the skills and experience to handle it on a full-time basis? As an entrepreneur, you’ll probably need a wide range of skills and competencies including leadership, marketing, accounting, sales and logistics. That’s a lot to take on by yourself.
You’re probably very excited to take your passion project on full-time, but make sure you’re not getting yourself in deep waters too quickly. Take time to plan and consider every aspect, then take the leap of faith if you’re ready. Good luck!