A lot of people fantasize about dropping their resignation letters and moving on to make major money from something that they love doing. It could be cooking, painting, making jewelry, designing, decorating- any hobby.
The more passionate ones among them take these hobbies as side hustles; using them to make some extra cash on the side.
For a lot of people, actually resigning from their 9 to 5 that brings them steady income and trying to step into the unknown is a risk they just can’t take. But really, it just takes the will of the wanna-be-entrepreneur to make it happen.
Many successful businesses were born from side hustles. In fact, it has been observed that companies that started out as side hustles are more likely to be successful. Why is this? If you have enough passion to manage your business even in your spare time, then imagine how much more you’ll be able to do full-time!
Here are steps you should take when you want to upgrade your side hustle to a full-time gig:
- Get a solid plan
So, a side hustle allows you to properly assess how feasible the business really is before you take that leap. Before you quit your job, determine how much money you’ll need to make monthly in order to quit, and decide how much income your side hustle would need to generate every month for it to be successful.
Compare these financial details to see whether your business idea is realistic and sustainable.
- Putting in extra time
In the beginning, it would be really tasking because you’ll need to devote all of your time to the hustle. But you really shouldn’t mind. Honestly, if you’re not excited about the thought of spending all of your spare time on your side hustle, then the business probably isn’t right for you in the first place.
- Scaling the right way
It’s better to grow your company slowly. Even the Bible says “Do not despise humble beginnings” Just get the basic things you need to get the company started and don’t spill too much money into the venture for risk reasons. Remember, you’re still testing the waters
- Avoid total burnout
While doing your side hustle, try as much as possible not to exhaust yourself totally. It’s great to work hard, but working 24/7 without taking some time off to recharge is actually detrimental to the production process.
- Take that leap
There’s actually never a perfect time to quit your job, so one day you’ll just have to risk it. As long as your side hustle is booming, and your financial estimations are promising, then it’s time to go.
While we get motivated by hearing stories of successful entrepreneurs that quit their day jobs suddenly and became successful almost overnight, the truth is, in most real life situations such happenings are very rare.
Most successful business owners found success by carefully calculating their moves and laying the groundwork first, even while they still had their day jobs.
So, if you have a hobby that you’re passionate about that you can make good money from, why not make it your side hustle and see if it’s feasible in the long run? And if you’ve been running your side hustle for a while, and it has proven itself sustainable, what’s stopping you from upgrading it to a company?
Let us know in the comments section below.
All the best in your business!