If you’re thinking of making your side hustle your full-time job, there are a few things you should do first to set yourself up for success.
1. Make sure the budget works out
Before quitting your day job, be sure to map out your finances and calculate whether your side hustle can support you financially. Your calculations should include not only your income but also any expenses associated with your side hustle, such as materials, equipment, or a dedicated workspace.
2. Establish work-life boundaries
One of the benefits of having a side hustle is that it can be flexible around your day-to-day life. But when it becomes your main gig, it’s important to set boundaries between work and personal time. Firm boundaries can help you avoid burnout and maintain a healthy work-life balance.
3. Build a support network
A strong network of family and friends to support you can make all the difference when launching your own company. Your support network can provide emotional and practical assistance and be a sounding board for your ideas.
4. Get organized
Making the switch from side hustle to main gig will likely mean an increase in work. To help you stay on top of things, get organized beforehand and figure out a system that works for you. You may want to set up a dedicated workspace, create a daily or weekly schedule, or use productivity tools like task lists and calendars.
5. Get insurance
If you’re self-employed, you may need to obtain your own health insurance and possibly other types of insurance, like life insurance. It can be helpful to shop around for options and get different quotes.
6. Learn to delegate what you can
One of the challenges of being self-employed is that you’re responsible for everything—from marketing to accounting to delivery, it’s all you. While you may not be able to delegate everything, there are likely some tasks you can hand off to freelancers, particularly as the business grows. Delegating can free up your time to focus on the most important aspects of your business.
7. Set goals
It can be helpful to set both short-term and long-term goals to keep you motivated and on track. Short-term goals might include things like finishing a project or landing a new client, while long-term goals might be related to your overall business strategy and revenue.
8. Be prepared for ups and downs.
Pursuing your passion can have highs and lows along the way. It’s important to be prepared for the ups and downs, and to have a plan for how you’ll handle them. This might include setting aside money for periods of low revenue.
9. Plan to keep learning
No matter what field you’re in, it’s important to keep learning and expanding your skills. Staying current on trends will help you stay ahead of the competition and can ensure your business is constantly evolving. You can do this by reading industry-related news and articles, taking online courses, or attending conferences and networking events.
