Maybe you first started working a side hustle to boost your bank account, pay off debt, or save for a specific event like a vacation, a home renovation, or a friend's wedding. But if you're still plugging away at that second gig and enjoying it, you may be contemplating the idea of turning it into your main job. Here's how to know when that's the right move.
1. You're already generating a steady stream of income
The danger of going full time with an extra job is not knowing whether it'll pay the bills. But if you've been consistently generating a healthy flow of income, and you have a large number of clients in the pipeline just waiting to get on your schedule, then there's a good chance that venture will enable you to maintain the lifestyle you want. Besides, nobody likes having to turn down work due to time constraints, and if you turn your work on the side into a full-time job, you won't have to.
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2. You have the tools needed to scale
Turning a side gig into a full-time one often means sinking more resources into that venture. But if you've assessed the situation and have determined that you have the tools to go that route, then it pays to give it a shot. For example, if you've been doing freelance IT work on the side, you'll need the right equipment to take on a full-time set of clients. But if you've already made that investment, or are prepared to, then you're in good shape. The same holds true if you've already lined up a number of subcontractors for those times when more than one client needs you at once.
3. You have a healthy level of savings
The benefit of working for someone else is the security of a steady paycheck. When you venture out on your own, there's always the possibility that things will slow down for a couple of months, even if you've already proven your business model to be successful. Similarly, you never know when a batch of late payments from clients could wreak havoc on your bank account. That's why you need to be financially secure to turn a side job into your full-time one. But if you have a healthy amount of savings, you have the protection you need to move forward without (as much) stress.
4. Your side gig is more fulfilling than your main job
The more you enjoy what you do for a living, the more likely you are to excel at it. If you've reached the point where your side hustle is more engaging and fulfilling than your regular job, then it pays to pursue it on a full-time basis. This especially holds true if that venture has the potential to evolve into an even more exciting gig over time.
Giving up a full-time job isn't easy. But if you've found a side hustle you love that also has the potential to pay the bills and then some, then you shouldn't hesitate to turn it into your main job.
