The term side hustle refers to an activity that can earn you money in a flexible way outside of your full-time job, and it's often something you're very passionate about. A side hustle is a great way to earn money to pay for the extras in life. But what if your side hustle can be something more?
How do you turn your 5-9 into your 9-5?
Plans Pay Off
A business plan for your side hustle may seem unnecessary at first, but if you are even considering quitting your 9-5 to start an entrepreneurial journey, you will need a solid business plan. Business plans include:
- Company description
- Market analysis
- Organization and management
- Service or product line
- Marketing and sales
- Financial projections
Cash Money $$$
Yes, earning potential is a huge part of determining if your side hustle has long-term potential. How much money have you been able to make with your side hustle, and is it scalable? If you put 40 hours a week into your side hustle would it outpace your current salary? In 3-5 years could it outpace your career trajectory? If the answer to this is yes, you may be on your way to full-time entrepreneurship.
A robust savings is a lifeline when pivoting from a side hustle to a full-time entrepreneurial endeavor. There are bumps along the road and having a solid savings to help alleviate some of the ebbs and flows of your sales revenue will be a vital tool to success. Many new entrepreneurs may not understand that cash flow is an issue that impacts all businesses. According to a U.S. Bank study, 82% of businesses who failed faced a cash flow issue. Ensure that you have a safety net in place before you take the next step in establishing your business.
Leap of Faith
The last thing you need to do to turn that side hustle into a full-time job is to take a leap of faith. At some point when all the planning and forecasting is done, it takes a bonafide "YES!" decision to make that next step happen. Once you've planned everything out and saved up enough, dive in and start hustlin'!