A side hustle is a great way for you to make extra income doing something you’re passionate about, while still being employed at your current job.
You might do it to learn new skills, or to make money for a specific purpose, or to do something that you find meaningful.
Just about any activity can be turned into a side hustle.
Consider your current skillset as a place to start:
- Are you skilled in writing, graphic design, accounting? Maybe do freelance, contract or gig work.
- Do you have culinary skills? Maybe start a gourmet catering business.
- Do you like animals? Services such as pet sitting, or dog-walking could be for you.
- Many people that love to create things and sell them online.
- Teaching or tutoring younger students is a great way to help the next generation.
Any skill can turn into a side hustle, and many people do it every day to begin their entrepreneurial adventure.
Benefits of starting a side hustle
Starting a business can be exciting. For many people there are some real benefits of doing it. Here is a short list of some benefits:
- Make more money – Do you want to pay off bills or save for something like a home or vacation, the money you make can supplement your regular income, and help you achieve that goal faster.
- Tax advantages – Depending on your situation, certain personal expenses like your cell phone, a home office, and vehicle expenses may be considered a tax write off which will save you more money.
- Control your time – You decide how much or how little time you want to commit to your business. As an entrepreneur you’re in complete control of your time.
- Learn entrepreneurial skills – Starting your own gig is exciting, and learning to be an entrepreneur seems to be at the top of a lot of people’s list.
- Low risk – Because you still have an income from your regular job, starting your business as a side hustle reduces some of the financial uncertainty that comes with starting a business.
When to turn your side hustle into a full-time gig
Many aspiring entrepreneurs can’t wait to leave their regular full-time job so that they can devote all of their time and resources to growing their business. But, some people do it too soon, and create a lot of extra pressure for themselves.
Here are three things to consider before making the jump:
- Are you making reliable income from your side hustle that compares to your full-time job?
- Is your client base continuing to grow?
- Do you have more business than you have time or resources to be able to complete?
What to consider before going full-time
Ok, so. You’ve checked all the boxes above, and you think you’re ready to go full time with your side hustle. Think about these things too…
- Do you have a vision for what you want to build?
- What about a business strategy? Many businesses don’t survive because of a poorly thought out strategy.
- Do you love your side hustle more than your full time-job?
- What about the people? As an entrepreneur, you may find yourself working long days without a lot of people contact like you have at your regular job.
- Is your side hustle scalable so that it can continue to grow?
- Do you have a support system of friends and family and other advisors that can encourage you?
- Do you have Cash Reserve that you can access when revenues are unpredictable?
- Can you separate your work life and private life to help avoid burn out?
- Can you afford to replace your workplace health and dental benefits with a personal plan?
Starting a side hustle is exciting. You likely have some skills that you can turn into income. But, making the jump from side hustle to a full time business takes a lot of consideration and planning.
Now that you understand more about turning your side hustle into a business, here are your next steps:
- Create a Cash Reserve from the money you make from your side hustle.
- Find a trusted financial and business advisor that can help you prepare for the transition.
- Develop your Business Strategy Blueprint to guide your decisions when you go full time.