As he watched his writing career grow, Jake started wondering if he was ready to take the leap and quit his day job. He talked to a mentor for advice who recommended asking these four questions…
Do You Have a Financial Safety Net?
Although taking your new business full-time can be exhilarating, don’t get so caught up in the excitement that you forget to consider your financial picture. Ask yourself what you’d do if a client was 30 days late on an invoice or your next product doesn’t sell.
A healthy emergency fund can be a lifesaver for cash-strapped entrepreneurs. Ideally, you want around 3 months of expenses in the bank before you walk away from your job to pursue your side hustle.
Is Your Income Diversified?
Working with a single client and making five figures is great. But what happens when that client decides to go in a new direction and no longer needs your services? You’ve lost all your income and you’ll need to scramble to replace it.
For Jake, he had 20 books published under two pen names. He used a variety of services to publish his books including Amazon Kindle, Kobo, and Barnes and Noble. This allows Jake to have a diverse range of income sources.
Do You Want to Go Full-Time?
Not everyone wants to turn a side gig into a full-time job. Maybe your art could pay the bills but you’d rather use it just to fund your vacations or other lifestyle choices. There’s nothing wrong with that.
Don’t feel like you have to go full-time just because it’s the next step or because others are pressuring you. Make the decision that’s best for you and your business.
Have You Created Space for Success in Your Life?
Do you have the home office or studio you need? Have you set boundaries with friends and family? Is your partner on board with your decision to pursue your business full-time?
Making sure you’ve created space in your life for success will make your transition pleasant and enjoyable. You’ll experience less stress and find it easier to navigate this new season in your business.
Maybe you’ve worked through the questions above and realized you’re not quite ready to make the leap. If that’s the case, don’t get discouraged. Instead, evaluate what you need to do differently and make a plan to leave if that’s what you want.
If you’ve read through the questions above and you’re ready to make the leap, set a deadline. Create a list of what you need to do before that deadline to make it happen. Then take a deep breath, adjust your chute, and get ready for the adventure of a lifetime.
Can you make a career out of your side hustle? Find out when you get your copy of the IVA Hustle 48hr. Side Hustle Planner!
Happy Halloween Hustlers!
Iolande V. Argent,
Your branding senior side hustle solutionspreneur
Follow me @tweetiva