If you have a side hustle and are considering taking it full-time, there are certain signs you should look out for to know if you’re ready to make the transition. These signs will help you determine if you have the necessary skills, resources, and mindset to succeed as a full-time entrepreneur.
In this article, we will explore 18 signs that indicate you are ready to take your side hustle full time, so you can make an informed decision about your future career path.
1. The Risks of Self-Employment Won’t Financially Devastate You
Taking your side hustle full time involves financial risk. Make sure that the financial consequences of self-employment won’t leave you in dire straits. It’s important to have a cushion that can sustain you for at least six months or more, depending on your side hustle’s nature. In the Philippines, it’s advisable to have at least six months’ worth of living expenses as an emergency fund.
In addition to having a financial cushion, it’s also important to have a clear understanding of the financial implications of taking your side hustle full-time. You should have a solid grasp of your business’s cash flow, revenue, and expenses, and be able to project these metrics into the future. This can help you determine if your side hustle is generating enough income to support your living expenses and other financial obligations.
2. You’re Spending More Time and Money on Your Side Hustle
If you’re allocating more of your time and resources to your side hustle, it’s a sign that it’s becoming more profitable. In the case of OFWs, it’s essential to have a proper schedule to balance their full-time job and their side hustle.
Spending more time and money on your side hustle indicates that you are committed to growing your business and that it has the potential to generate significant income.
As your side hustle becomes more profitable, you may find that you need to invest more time and resources into it to keep up with demand. This could mean cutting back on your day job hours or hiring additional help to manage your business.
3. Your Revenue Growth Is Greater Than the Cost of Doing Business
It’s essential to ensure that your revenue growth is higher than your business expenses. Monitor your expenses regularly to make informed decisions that can positively impact your side hustle’s growth.
You should also consider the cost of doing business in your industry and factor in any unexpected expenses that may arise. By keeping your expenses in check and maximizing your revenue, you can ensure that your side hustle is financially viable and sustainable in the long run.
This can also help you make an informed decision about when it’s time to take your side hustle full-time and become a full-time entrepreneur.
4. You’re Willing to Spend Time on the Administrative Tasks
Running a business requires time and effort, and administrative tasks can take up a significant portion of your day. Be prepared to handle these tasks or consider outsourcing them.
In addition to being willing to spend time on administrative tasks, it’s important to recognize that these tasks are essential for the success of your business. Administrative tasks such as bookkeeping, record-keeping, and paperwork may not be the most exciting aspects of running a business, but they are crucial for maintaining organization and ensuring compliance with laws and regulations.
5. You’re Bringing in Enough Money to Cover Your Expenses and More
If your side hustle is generating enough income to cover your expenses and save some money, it’s a sign that it has the potential to become your primary source of income.
However, it’s important to ensure that your side hustle’s income is consistent and sustainable over time, especially if you plan to rely on it as your sole source of income.
You may need to track your expenses and income, create a budget, and develop a financial plan to ensure that your business can support your lifestyle and financial goals.
6. Your Side Hustle Aligns with Your True Mission
If your side hustle aligns with your passions and values, it will be easier to sustain the motivation required to make it a success. It’s essential to find a balance between profit and purpose.
While it’s important to generate revenue and profits in your business, it’s also crucial to stay true to your mission and values. This can involve making ethical and sustainable business decisions, prioritizing the well-being of your employees and customers, and giving back to the community.
7. You Care More About Your Side Hustle Than Your Day Job
If you’re more passionate about your side hustle than your day job, it might be time to consider taking it full-time. You will be more fulfilled if you’re doing something you love.
Furthermore, caring more about your side hustle than your day job can also indicate that your side hustle has greater potential for growth and success. When you’re truly passionate about something, you’re more likely to invest time and effort into it, which can lead to a higher level of expertise and quality.
8. There’s a Sufficient Market for Your Side Hustle
Conduct market research to determine if there’s a demand for your product or service. In the case of OFWs, there might be a unique market for their side hustle, and it’s essential to identify it.
When considering taking your side hustle full-time, it’s important to ensure that there is a sufficient market for your product or service. Conducting market research is an essential step in determining whether there is a demand for what you’re offering. This research can involve analyzing the competition, identifying your target audience, and understanding their needs and preferences.
9. The Financial Model Works on Paper
It’s crucial to develop a financial model that works on paper before taking your side hustle full-time. Ensure that your financial projections are accurate and achievable.
You should also consider the initial investment required to get your business off the ground, as well as ongoing operational costs such as rent, utilities, and payroll. By creating a realistic financial model, you can ensure that you have a clear understanding of your business’s financial viability and can make informed decisions about your future plans.
10. People Are Willing to Pay for Your Expertise
If there’s a market for your skills, and people are willing to pay for them, it’s a sign that you have a viable side hustle.
You can start by offering your services to friends, family, or colleagues, and gradually expand your reach through referrals and word-of-mouth. It’s also important to set competitive pricing based on your skills and experience, while still remaining affordable for your target market.
11. Going Full-Time Would Add Value to Your Life
Consider the potential benefits of taking your side hustle full-time. Will it add value to your life? Will it give you more flexibility and freedom? Will it allow you to pursue your passions?
Going full-time with your side hustle can offer several potential benefits, such as the ability to work from home or remotely, which can help save time and money on commuting.
Additionally, it can provide a sense of autonomy and control over your work, which can boost motivation and job satisfaction.
However, it’s important to remember that going full-time with your side hustle also comes with risks and challenges, such as financial uncertainty and increased responsibilities.
12. You’ve Created a New Market
If you’ve created a new market or identified a gap in the market, it’s a sign that you have a unique selling proposition that can make your side hustle a success.
By recognizing unmet customer needs or wants, you can position your product or service as a unique solution that stands out from competitors.
Once you’ve identified this gap, you can develop a marketing strategy that communicates how your product or service fills that void. A successful implementation of your unique selling proposition could lead to loyal customers, increased revenue, and long-term business growth.
13. You’re Running Toward Your Side Hustle, Rather Than Away from Your Main Job
If you’re more excited about your side hustle than your main job, it’s time to consider taking it full-time. Ensure that you’re passionate about your side hustle and that you’re not just running away from your main job.
14. You Feel Ready to Take the Leap
Taking your side hustle full-time can be scary, but if you feel ready and confident, it’s a sign that you’re on the right path.
Before taking the leap, it’s essential to evaluate your financial situation, assess the risks and benefits, and have a solid plan in place for how you will generate income and cover your expenses as a full-time entrepreneur. It’s also important to have a realistic timeline for when you expect your business to become profitable and sustainable.
In addition, running toward your side hustle requires a strong work ethic and dedication to your craft. As a full-time entrepreneur, you’ll need to be self-motivated and disciplined, as you won’t have the structure and support of a traditional workplace.
15. You Have A Plan And A Timeline For Growth
Before taking your side hustle full-time, it’s essential to have a plan in place for how you will grow your business. This plan should include a timeline that outlines specific goals and milestones you hope to achieve, as well as strategies for how you will reach those goals.
It’s important to research the market and competition, determine your target audience, and identify any potential challenges or obstacles you may face. Having a clear plan and timeline can help you stay focused and motivated as you work towards turning your side hustle into a successful full-time business.
16. You Have A Support System In Place
Starting a business can be challenging, and it’s important to have a support system in place to help you navigate the ups and downs of entrepreneurship. This support system can include family and friends, business mentors, or fellow entrepreneurs.
In the Philippine context or for OFWs, there are various organizations and groups that provide support and resources for small business owners, such as the Department of Trade and Industry (DTI) and the Overseas Workers Welfare Administration (OWWA).
Having a support system can provide you with the guidance and encouragement you need to succeed in your business endeavors.
17. You’re Ready To Learn And Adapt To Changes
Running a successful business requires continuous learning and adaptation. As you take your side hustle full-time, you will encounter new challenges and opportunities, and it’s essential to be open to learning and adapting to changes.
In the Philippine context or for OFWs, it’s important to stay up-to-date with the latest trends and developments in your industry, as well as any changes to laws and regulations that may affect your business. Being willing to learn and adapt can help you stay ahead of the curve and remain competitive in your market.
18. You’re Passionate About Your Side Hustle And Excited To Make It Your Full-Time Job
Finally, one of the most important signs that you’re ready to take your side hustle full-time is a genuine passion for your business. When you’re passionate about your work, it’s easier to stay motivated and focused, even when faced with challenges or setbacks.
Starting a business that aligns with your interests and skills can be a fulfilling and rewarding experience. If you’re excited about the prospect of making your side hustle your full-time job and are willing to put in the hard work and dedication required to succeed, then you may be ready to take the leap and pursue your entrepreneurial dreams.
In conclusion, having a side hustle can be an exciting and rewarding experience, but taking it full-time requires careful consideration and planning. By paying attention to the signs outlined in this article, you can determine if you’re ready to make the transition and pursue your entrepreneurial dreams. Whether you’re based in the Philippines or an OFW, it’s important to evaluate your financial situation, have a clear plan in place, and be passionate about your side hustle.
READ NEXT: 16 Top Home Based Jobs for Filipinos