Most of the time, a side hustle is born out of the desire to be your own boss, control your own destiny, and fill a need in the marketplace. And usually in that order. There is nothing wrong with wanting to carve out your own niche. Being an entrepreneur grants you that glory.
Launching and creating your new business can give you great satisfaction as you start seeing consistent results. Most likely you have conquered some big mindset issues and restructured your life to accommodate the challenges and needs of your business. And with conquering your challenges you are also growing along with your business. It’s a big deal, celebrate it!
With all that success, you might be wondering if and when you should take your side hustle to the next level.
First, you must determine what the next level might be. It might mean reducing your other work commitments by half or eliminating them all together. It could look like selling your business and starting something new. Or could be anything in between.
The three signs that may mean it’s time to take your side hustle full time:
You are bringing in enough income to cover your current income.
If you are starting to be able to replace most of your current income with what you are making from your side hustle this is a good sign.
This can be achieved in more than one way:
- Replacement of direct income. Either replacing you or your spouse’s income can be considered a trigger to take your hustle to the next level.
- Reduction of expenses. Sometimes the income generated from your side hustle minus expenses can cause a reduce in your budgeted expenses. In turn, this equals a savings. Consider what expenses you have that can be eliminated and it may mean you have the green light to take your side hustle to another level.
You are turning away customers or orders due to time constraints.
If you are turning away customers and orders because you don’t have enough time in the day, it might be an indicator you are ready to go to the next level. If it makes sense to decrease your other commitments because you are passing up lucrative opportunities, that’s a big clue your side hustle is on fire.
When you feel it in your bones.
Sometimes the biggest sign is a nagging intuition. Knowing when to take the leap to the next level is often a gut feeling. You know your mindset, your market, your expenses, and your family’s needs better than anyone else. Outside of a limiting mindset, you know deep in your bones when the time is right.
There comes a point with successful side hustles when things need to expand and grow for them to keep moving and to keep growing.
Taking the risk to move from the security of your main income source to the exciting and nerve-wracking world of full-time entrepreneurship isn’t for the faint of heart. Don’t rush into it. Take the time to think of all your possibilities and map them out and prepare for the jump.