A side hustle is a fantastic way to pursue your passions and take your ideas for a walk. If you’ve built a thriving side business, you might be exploring taking it full-time. But how do you know when you’re ready to take the leap?
Here are 6 key signs you’re ready to turn your side-hustle into a full-time business.
The Timing of Your Offering Feels Right
How “in-demand” is your product or service? Do you see a need for it in today’s world? Before you take your side business full time, make sure the timing is right for the market and your ideal clients. A good indicator is to look at the correlation between your ideal clients and your offerings. If you can identify a sense of urgency or great need, clients will easily opt-in. Having a strong strategy in place is a game-changer when it comes to determining the strength and timeliness of your offerings
You’re Confident About Mitigating Any Risks
It’s no secret that starting a full-time business comes with risks and challenges. Make sure you’ve truly thought about what these specific challenges might be, and have a plan in place to mitigate them. Be ready to make lots of shifts as you work through the first few years of your business life-cycle.
Think beyond financial challenges! Other than money, what other roadblocks might you face if you go full time? Are you missing something that you’re not seeing? A great way to scope out any potential challenges is to share your ideas with people outside your close circles.
You Have Tested the Product or Service Beyond Your Immediate Circles
Have you done a pilot test of your product or service, and received unbiased feedback? Similarly, is there a way for you to prototype your offerings easily before investing too much time and money?
Before taking the leap, it’s crucial to challenge your perspectives and assumptions and obtain honest feedback. Oftentimes, we assume our target customers are just like us when it’s actually more nuanced than that.
By gaining valuable business insight beyond your friends and family, you’ll gain a clearer picture of who your ideal buyers are, when they will opt-in, and whether they are truly matched with what you’re offering.
You Have the Time and Energy to Commit
Time management is extremely important, but energy management is the key to success. Have strategies in place to work smarter, not harder, and ensure you have all the resources you need to get your business going as you take this exciting step.
Stay in your lane and don’t take on more than you can handle. Running a business full-time is incredibly time-consuming, so make sure you not only have the time each day to commit but the energy to see it through.
You Have Identified the Support You Need
A common challenge solopreneurs face is doing it all themselves. But you don’t need to run your business alone! Create a support system to help you along the way. Join groups and communities for fellow entrepreneurs, attend events that spark your creativity, or reach out to business owners you admire.
These groups are a fantastic source of knowledge and an excellent way to strengthen your business savvy. They can also provide emotional support, which is crucial as a solo entrepreneur.
One of the first things I do when I work with a new client is connect them to a variety of resources that will help them grow as an entrepreneur. These include finding a mentor, connecting to industry leaders, and securing the funding they need to prosper.
My goal as a strategic business coach is to help people identify the key strategies that will help them create a lifestyle that is rewarding and fulfilling, and one that is backed up by a viable, profitable business.
You’ve Planned Your Career Transition and Have Identified Strategies for Success
As with any big career transition, planning ahead is vital. Think about how you’ll fill the gap left behind by leaving your day job. For example, you may find that rather than leaving your job completely, it makes more sense to slowly ease out of it at first.
When taking your side hustle full time consider designing it in phases. Maybe work one or two days less at your current job so you still have consistent income and some stability, or pick up another part-time job on the side. Then drop your part-time gigs when you fill your time with billable hours. These are all smart strategies that will contribute to your entrepreneurial success, and mitigate any potential stress.
There you have it! You don’t need all the answers to these right away, but as long as you’ve got a solid strategy in place, you’re good to go.
Whether you’re on the cusp of taking the leap or want to know if you’re on the right track, my strategy-focused coaching programs will leave you with a clear, focused picture of how to take the next step in your business, and achieve your desired lifestyle. Learn more at email@example.com, or give me a ring at 778-558-8605.