In This Episode
People have always had side hustles. For instance, can you name a plumber, electrician, or mason who doesn’t do some sort of side jobs for friends and family? How about that person doing “the books” for several small business owners on nights and weekends or that salesperson also contracting with a start up to help get their sales off the ground?
Maybe you’re already doing some side hustles of your own or perhaps as this pandemic drags on you’re seeing the wisdom of having multiple income streams and having some control over those income streams. Whatever the case, at some point you start to ask the question, “When can I make this side hustle a full-time gig?” If you’ve already been asking yourself this question, you know it’s not an easy one to answer. There are several factors you’ll want to consider including the following:
- Financial: how much money do you need to bring in to live the lifestyle you want? How close is your side hustle to providing that income level? What if you were focused solely on the side hustle and didn’t have to work the day job? What other expenses would you have on your own vs. working your day job (e.g. healthcare, car lease)? What expenses could you run through your business using pre-tax dollars (e.g. fuel, cell phone, meals)?
- Emotional: why are you doing the side hustle? Is it purely a money thing or is it something you’re passionate about and could see yourself doing for the rest of your working years? Are you looking for more control over your life and how you spend your days? How big could this side hustle be? Big enough to support just you or could it grow into a substantial business?
If you talk with 10 people who have worked a side hustle and then eventually went out on their own, what you’ll likely hear from 9 of them is that they wished they had made the jump to full time sooner. Most of us don’t know how good we are because we’ve never really tested ourselves. There’s no better test than going out on your own. Take comfort in the fact that the majority of folks never go back to their jobs after stepping out on their own.
People, Companies and Resources We Mentioned in the Show