According to a recent study, an astounding 45% of US workers now have side hustles, or businesses they run separate from their day jobs.
Admittedly, 66% of those reported that side hustle earnings accounted for less than half of their monthly income, but no matter how large or small our side hustles, the fact that we’re dedicating our free time to something like this is proof that we’d probably rather be doing that.
Perhaps you want to start a business and eventually make it your full-time income so you don’t have to regulate it to the late-night hours after your “real” job.
Here are some simple steps to take to turn your 5-9 side business into your 9-5 career.
Pave the Path to Profitability
For 27% of the people questioned, side hustle income is used only to boost savings. In the vast majority of cases, small efforts like these certainly aren’t enough to sustain a full-time lifestyle.
That’s why the first step towards putting your side hustle front and center is to pave the path to profitability.
You’ll want to consider a few key points before making any drastic changes, including:
- How much you need to earn
- How much you’re charging
- How much work you have coming in
Tailor and shift these issues until you settle on a viable income vs workload solution, and then set about making that happen.
Grow With Your Side Hustle
When you’re doing something on the side, you can get by with few qualifications and limited expertise but, if you want to make it work full time, then you’re going to need to grow with your efforts.
This will vary depending on what you’re doing, but someone making videos on YouTube, for instance, might want to take a video editing course before going all out.
If you’re doing small-time accounting jobs, then you might consider whether you’re happy as you are or if Professional Bookkeeper™ Certification is right for you. Whatever kind of business you have, you need the experience/qualifications to grow with your client base and to guarantee that this could truly work full-time.
Start Saying Yes
Once your side hustle grows to a certain level, you may find that you have to turn down client proposals to keep yourself sane. But, if you’re looking to turn a side hustle into something else, saying yes more often is the best thing you can do.
Instead of turning down that next big client, consider reducing your hours in your day job until you’re saying yes to your side hustle alone.
The transition from side-hustle to full-time undertaking can be scary, but it can be incredibly rewarding when you’re spending your time growing a business and doing what you love.
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