Have a side business and looking to go full time? This is when you do it.
The answer is yes. You’ve probably seen those people at Starbucks doing who-knows-what on their laptops, and somehow making money. They might spend the summer backpacking through Europe, or live in Costa Rica for a few months. They might even be rich, making millions through the mysterious methods that materialize on the screen of their Macbook Air.
What’s going on with these people?
They’ve made their side hustle their main hustle. Basically, they know what’s up.
What’s a side hustle?
As defined by Entrepreneur, “a side hustle is a way to make some extra cash that allows you flexibility to pursue what you’re most interested in. It can also be your true passion–a chance to delve into fashion, travel or whatever it is you care about the most without quitting your day job.”
Maybe you started an ecommerce site on the side. Maybe you started a blog and is making money from affiliate marketing. Maybe you’re freelancing on the side with one of your other skillset(s).
Basically a side hustle is awesome. You get to make cash, have fun, and be cool.
But what about that quitting your day job part? What happens when you’re fed up with your day job and obsessed with your side hustle? What should you do when your side hustle produces for you a life so appealing that you want nothing more than to throw in the towel of the traditional job?
This is what you need to know.
You already have a side hustle.
It sounds appealing doesn’t it? Do something you love. Get paid for it. Life the life you want.
Sure it’s appealing. But you’re not going to be able to do this unless you actually have a side hustle.
If you don’t have a side hustle, just Google it. There are hundreds of side hustle ideas. With some time and creativity, you can find one that works for you.
You are making as much money as you need to make in order to live the life you want.
Let’s talk dollars and cents for a minute. If your side hustle is already giving you an income that meets your needs, you’re ready to quit your other job.
The hustle you choose should give you the money you need. So how do you figure out how much money you need? Business Insider says, “It’s quite simple….get to a number.”
Here’s the question to start with: How much money do I need to make per day?
Pull out a piece of paper, your iPhone, or your geeky Excel spreadsheet. Start writing down numbers:
- Loan payments
- Mortgage or rent
- Car payments
- Everything else. This list is only to get you started.
Do not write down these numbers as you wish them to be. Write down these numbers as they are. Do not envisage the life of a scrooge. Imagine the life that you want, within reason.
Don’t forget to budget for your passions–the backpacking trip across Europe, the South American excursion, the road trip across the U.S. Write it down.
If you’re calculating these payments on a monthly basis, then divide it by four to get the amount of money you need to live weekly. Divide by seven to get to a daily number.
What do you have? The dollar amount that you need to live per day.
Now, does your side hustle give you this amount each day? If so, then you are prepared to make your side hustle your main hustle.
Your quality of life is severely limited by your day job.
Money isn’t the only side hustle consideration. It is undoubtedly important, but you must also consider quality of life.
After all, many entrepreneurs choose the route of self-employment because it gives them the opportunity to life they life they want.
If your day job is holding you back, consider this limitation as a major determining factor in springing for your side hustle.
You’re prepared to sink or swim on your side hustle.
This is the scary thing about side hustles. When it becomes your main hustle, it ceases to be a hobby and becomes a monster.
It happens to the hobby artist who decides to go into business painting murals for other people. It happens to the cake artist who decides that she should market her skills? It happens to the kitchen craft beer creator who decides to open a shop.
You love doing something, but when you turn your passion into a business, you realize that your life depends on it. You don’t just paint murals because you love it. You paint murals because you need food.
Just because your main hustle becomes your main source of income doesn’t mean that you have to dread it. You can still enjoy it. You need to be prepared for the brutal reality that your income depends on one person: you.
The minute you quit your job, you become the CEO and business owner of your side hustle. It’s time to think like a CEO, not just a person with a hobby. It’s time to turn your income stream into something solid, profitable, sustainable, and professional.
You don’t have to love your side hustle in order to make it your main hustle. You simply need to be able to use your side hustle to generate the income required to live the life you want.
Quitting your day job is intimidating, but it’s also incredibly freeing. Turning that side hustle into your main hustle is a lifestyle transformation. Get ready to take the plunge.
Have you turned your side hustle into your main source of income? What was your experience?