Many successful businesses started as side hustles. For example, Kevin Plank started Under Armour by driving around and selling athletic gear out of the trunk of his car. But how do you know when you’re ready to take your side hustle to the next level? Here are five tell-tale signs that transitioning from side hustle to full time is the right move for your business.
You’re Making Serious Money
When you started your side hustle, you probably thought it would only bring in a couple hundred dollars a month. But now your side business is starting to generate serious revenue, which is making you think you’re ready to graduate from side hustle to full time.
If you’ve been earning enough income from your side hustle to cover your expenses and then some for a while, it could be time to take the leap and go full time. However, make sure you have a solid emergency fund saved up in case your revenue dips. Business income can be less stable than checks from a 9-to-5 job, so you need to have some money set aside just in case.
You Have a Plan To Scale
Another sign you’re ready to go full time is that you have a plan to scale. Juggling a day job and a startup can limit your company’s growth because it splits your focus. Quitting your job can give you more time and energy to focus on your business and expand it. You’ll have more room in your schedule to implement organic marketing campaigns and work with new clients to generate extra revenue.
However, you need to know exactly where you’re going to concentrate your efforts when you quit your job, or you may squander your newfound free time. If you don’t have a clear idea of how you’re going to get results, you may not be ready to quit your job yet.
You’re Burning Out
Trying to be a star employee and grow a startup simultaneously can be exhausting. You’re probably burning the candle at both ends and staying up late to work on your business every night. Weekends are a thing of the past and you feel like you never get a break. If you’re constantly tired, getting sick, and struggling to perform to your usual standards, you may be starting to burn out.
You can’t go on like this forever, so you’ll need to reduce your working hours. If you don’t want to take a step back from your side hustle, it may be a good idea to quit your 9-to-5 or see if you can drop down to part-time hours.
You’re Saying No To Opportunities
When you started your side gig, business was slow at first. You had to hustle for every sale and work hard to spread the word about your brand. But now the customers are rolling in and business is booming. All the work you put in is paying off and taking your business to new heights.
If you don’t have enough time to fulfill all your orders or help all the clients coming your way, it may be time to transition from side hustle to full time. Quitting your job can help you capitalize on this momentum and use it to grow your business even more. You’ll not only be able to say yes to the opportunities currently coming your way, but also spot new ways to grow. If you’re not wasting creative energy on your 9-to-5, you’ll be able to put it toward strategic planning tasks that will help expand your business, such as identifying new markets and developing better products.
You’re Ready For Change
Another clear sign you’re ready to take the leap from side hustle to full time is your attitude. If you’re feeling blasé about your day job but excited and inspired by the possibility of expanding your side business, it may be time for a change. People do their best work when they’re motivated, so it’s better to follow your energy if you can and focus your efforts on the venture that makes you happiest.
Just make sure your decision is financially sound first. You don’t want to have to go back to your day job because your business wasn’t making enough money to support you.
Bonus Tip: Finding Access to Cheap or Free Everyday Items You Can Flip For Cash
A significant barrier to most people aspiring to launch a business is startup capital. It takes money to make money. But with the benefit of e-commerce and the online gig economy, you can start a small business at home if you have access to items other people find valuable.
If you know how to find old vinyl records, 1980s video game cartridges, or even old comic books, you can flip these items for profit. People give these items away all the time on social media.
If you have caches of old comic books in your home, you could start flipping them for quick cash right now.
There is a massive market for vintage comic books. Collectors pay a lot for comic books with nostalgia value. The comic book film industry causes severe but temporary spikes in the comic book collector’s market to occur whenever new projects are announced. Collectors filled with nostalgia try to find the comic books that are used for story inspiration in those films and TV shows.
You can build your own cache of comic book inventory by getting cheap or free comics from yard sales or online classified and auction sites. There are many online comic book price guides that you can use to find the baseline value of the comic.
If you’re a side hustler turned business owner, when did you know you were ready to make the transition? Share your thoughts in the comments below!
Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.