Even before the vicious pandemic took over, side hustles were gaining popularity as a means to make ends meet or to get ahead of bills. Now, with the effects of COVID-19 wreaking havoc on the economy and the workforce at large, side hustles are more popular than ever before.
With a greater emphasis on side gigs, people are starting to wonder if it is possible to make a healthy living off their side hustles. Here are three tips to turn that idea into a reality.
Tip #1: Make a Budget
Making a budget of your expenses and desired income is crucial to your success. When you set your sights on a financial goal, you know the general direction you need to make the kind of money you want. Your budget should also include your current financial situation to decipher how much money is going towards your bills and regular expenses.
If making a budget seems overwhelming, know that there are applications out there to help you organize your money effectively. If you find that you are coming up short for essentials, it could be an indication that it’s time to reorganize where your money is going.
Tip #2: Build Your Side Hustle
If you are interested in growing your side hustle into a full-time job, it is essential to make sure that you can support yourself. When you first begin the process of transitioning from full-time work to a full-time side-gig, you’ll want to keep your day job.
While it’s certainly possible your side gig could create more than passive income for you, you’ll need to ensure that you have the financial capability to build your side-hustle into the successful business you want it to be first.
This means that you will likely work long hours at your current job while working hard to build your side hustle into something more significant. It takes money to make money, and it takes grit to turn dreams into a reality.
Tip #3: Timing is Everything
As business grows, it’s imperative to ask yourself if you have too much work on your hands. If you are receiving requests for more work associated with your side hustle, but it is becoming more than you can handle alone, this is a very good sign that you might be onto something great!
This could indicate that it is time to quit your day job so that you have more time to focus on your side hustle. However, it might also mean that you need to hire someone to pick up the slack.
If you decide to hire someone to help you out, be sure that you perform a pre-employment background check on them to feel secure about who you hire. The last thing you need is a security liability when you’re just starting to see progress. You’ll need to decide which approach makes the most sense for you. Doing so will allow you to focus on your growing business without working yourself to the bone.
With that being said, other benefits that you might have from your full-time job, such as medical insurance, must be considered as well. If things are looking good and you are making enough to cover these expenses, or it’s evident that you are on a clear path to making that happen, then and only then should you consider ditching your day job to pursue a side hustle, full-time.
Final Thoughts
Turning your side hustle into your full-time job is a prolonged process that will take everything you’ve got. As times change, side hustles are turning into full-time operations. Your side hustle could be next; your dreams can be more than plans with enough hard work and patience.
