In this day and age, everyone has a side hustle, right? But that’s all it is… a side job or additional source of income next to your primary source. One of the most unfortunate parts about side hustles is that a lot of times, it’s our side hustles that bring us the most joy and fulfillment in working but it doesn’t bring in enough income for you to financially survive.
That reason alone is why the majority of American workers are so unhappy in their jobs, according to workplaceinsight.net. People go to college and get degrees in their prospective field, and then end up working a job that they either hate or aren’t fulfilled at, but they stick it out because it pays the bills.
And despite the fact that the number of working women in the US has surpassed men, Forbes states that men are more satisfied in their jobs than women. Everything from salaries to promotions is affecting that statistic.
So, why do side hustles have to be just side hustles? We know that it helps provide additional income, but if your side hustle is something you really enjoy doing, why can’t you turn it into a full-time job that you can work and be happy doing?
The truth of the matter is that people do it all the time. It may not be something that happens overnight, simply because it does take money to start your own business. But instead of looking at your side hustle as just a side hustle, let it be your motivation to achieve financial freedom.
In the digital era we live in today, becoming an entrepreneur is easier than ever, especially in the world of e-commerce. Maybe you have an online business where you only work on weekends, selling your handmade products. Did you know that with the right strategies in place, you could turn your weekend side hustle into a lucrative e-commerce business?
You probably didn’t realize it or can even see your business’s potential because you only work it on the weekends. Imagine your potential for success if you put the same amount of work and energy into your e-commerce business as you do with your full-time business… the idea of success seems a little more real and achievable now, doesn’t it?
Whether you realize it or not, you deserve to be happy in every aspect of your life, including work. If you’re tired of working your 9 to 5 job and are ready to take that dive into the world of entrepreneurship, you’re going to have to be “all in.” But before you take that leap, there are some considerations you need to think about first before turning your side hustle into a full-time business.
Considerations to Think About Before Turning Your Side Hustle Into a Full-Time Business
Take a Realistic Look at Your Side Hustle
This requires a moment of transparency. Is your side hustle really a job that can be turned into a lucrative full-time business? You have to ask yourself this because not all side hustles are full-time business types of jobs.
As much as you might be miserable at your full-time job, you’ll need to take a hard look at your side hustle to see if it’s really worth giving up being a full-time employee to be a full-time entrepreneur only to not have the return on investment like you thought you’d have.
Don’t Make the Dive Until You’ve Seen Consistent Earnings
The thing about turning your side hustle into your full-time business means that you’re eventually going to let go of your full-time job. Before doing that, you need to track the earnings of your side gig to see if they add up to the current amount of income you’re bringing in (or more) or if it at least covers your living expenses.
This isn’t going to happen overnight, of course, but keeping track of how much your side hustle brings in on a monthly basis is going to help you know when to transition from full-time employee to full-time entrepreneur.
Stop Treating Your Side Hustle Like a Hobby
The progression of your side hustle starts with your mindset towards it and that means you have to take it seriously… If you don’t, no one else will.
In your efforts to scale your side job, you have to stop treating it like some little hobby and start treating it like the real business you want it to become. That means responding to customer inquiries, making your website look professional, and investing in various areas of your business. You don’t necessarily have to do this all at once but one area to jumpstart your business growth would be in marketing.
Marketing and getting your business name out there is what’s going to put you one step closer to really turning your side gig into a lucrative business. There are some things you can do on your own and some things you may need to hire professionals for.
For instance, Shopify has a marketplace of professionals that are there to help you increase sales based on the services you need within your industry niche… all you have to do is browse experts by the services they provide. Yes, this will require financial investment on your end but what successful business doesn’t invest in certain services to streamline their business?
This is a business you’re running, not some hobby you do for fun, and the sooner you get your head in the game, the sooner you’ll start to think like a boss.
Invest in Your Entrepreneurial Future
They always say that one of the best investments anyone can make is an investment in themself. As someone looking to scale their side business, consider investing in yourself by taking courses and investing in tools that will help you better your career as an entrepreneur.
Hubspot has some great courses you can take on content marketing and sales. You can also look into going to various conferences and conventions to not only learn about running your own business but to network with other entrepreneurs in your industry.
Turning your side hustle into a full-time position is a great way to jumpstart your journey to reaching your financial goals. But there are a few things you need to think about before making that transition, and making sure your side business has a lucrative future is one of the first things to look at before making such a life-changing decision.