Taking your side hustle full-time isn’t just a decision; it’s a leap of faith, a strategic move that needs careful consideration and planning. In today’s blog post, I want to share how I navigated this transition, hoping it will guide you or someone you know who’s on the brink of making this significant change.
Recognizing the Right Time
How do you know when it’s time to shift gears from juggling a side hustle along with a full-time job to focusing solely on your passion project? The truth is, there’s no one-size-fits-all answer, but there are signs and strategies that can help you make this decision.
The Real Challenge
The biggest hurdle isn’t just about the financial aspect, though that’s a major one. It’s about commitment and mental bandwidth. If you’re like me, working a full-time job while managing a side hustle, you’re already maxing out your available time. This split focus means neither job gets the full attention it potentially deserves, often causing the side hustle to suffer due to sheer lack of time.
Financial Threshold
Like many, I wasn’t comfortable making the leap until my side hustle’s income matched or neared my day job’s salary. This is a common threshold because it mitigates the risk of losing a stable income. For instance, if you’re making $50,000 at your day job, you might set a goal for your side hustle to also bring in $50,000, essentially doubling your income before you feel secure enough to quit your day job.
The 3-2-1 Method: My Strategy for Going Full-Time
Here’s a method I crafted after going through the process myself and helping others do the same:
- Three Months of Consistent Income: Ensure your business income is stable for at least three consecutive months. This consistency shows that the business can sustain itself and isn’t just a fluke.
- Two Months of Savings: Have at least two months of living expenses saved up. This acts as a financial cushion, giving you peace of mind if things don’t go as planned initially.
- One Primary Focus: Once you’ve met the first two criteria, you can safely shift to focusing solely on your business, turning it into your primary source of income.
Why You Should Consider Taking the Plunge
Your side hustle will never reach its full potential if it remains just that—a side hustle. Full commitment allows for full focus, which is essential for substantial growth. It’s about more than time; it’s about freeing your mental space to innovate, strategize, and push boundaries.
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Time-Stamped Show Notes
- [00:00:30] Introduction: When is the right time to go full-time with your side hustle?
- [00:01:30] The challenge of balancing a full-time job with a side hustle.
- [00:02:30] Setting financial goals and thresholds before taking the plunge.
- [00:03:30] Introduction to the 3-2-1 method for transitioning to full-time.
- [00:05:30] The importance of financial consistency and having a safety net.
- [00:07:30] The mental shift required when moving to a full-time business focus.
- [00:08:00] Closing thoughts: Making the final decision to focus solely on your business.