Go from side hustle to main gig in 4 steps
There are a few different ways to start a business.
First, you can jump into the deep end from the get-go. All in. 100%. This means you don’t have another gig or job and that the new business is your only business.
When I started my first real business, my law firm, this is how I did it. People typically start this way either because they lost their job (that was my situation) or because they have been plotting and planning and saving and are finally ready.
The other way to do it is as a parttime gig, a side-hustle. That is definitely all the rage these days. Here, you keep your day job and start the business as a side venture, usually at home at night and on weekends.
Example: I once knew a guy named who had a great job making the big bucks at a big business. While he longed to be an entrepreneur, he also didn’t want the risk of quitting and losing his corporate perks before he was ready. Solution: The side hustle.
Rob loved motorcycles, and so every weekend he would hit garage sales, flea markets, and second-hand stores and buy used parts. He opened up a shop on eBay and in his spare time handled the sales he was getting. Before long, he was making $5,000 a month selling used motorcycle parts.
The question he eventually faced, and the one anyone in a similar situation faces, is this: How do you know when it is time to quit your day job?
When can your side hustle become your main hustle?
Here are four signs that it is time to take that risk:
1. It’s been tested.
One of the best parts of starting out part-time is that it is not an all-or-nothing venture. The very nature of a side gig is that you learn by doing, you can see how it is working, and you can learn and make adjustments. If you have tested your business and it is gaining traction, that is, of course, a great sign.
2. You like it.
Do you enjoy doing your own thing, being an entrepreneur? It is not for everybody.
It is perfectly possible to start a profitable side business but not like it. That’s fine. Some people are artists, others are athletes, some are entrepreneurs, and others are employees. If you like it and it’s working, then you get to pass Go and collect $200. If not, don’t.
3. The business is a steady source of income.
The problem with quitting your fulltime job with its steady paycheck and sweet benefits for your own venture is that, well, you will be quitting your job.
That’s a huge risk no matter how you slice it.
So, before you do, you better be quite sure that you will be able to live on the income your side hustle will be bringing in once you give it your full attention.
4. You can’t not do it.
As I said, starting a business is not for everybody. It leaves a sour taste in the mouth of those for whom it is a bad fit. But that said, when it is for you, when you know that being your own boss is your only choice, then it becomes delicious.
If your part-time business is your pride and joy, if you love it and love doing it, if it works and makes money, then the time is nigh to take off the training wheels and go for a ride.
Today’s tip
If you do any shipping in your business, you know what a hassle the logistics can be. That is why I was glad to see this new tool from UPS. UPS My Choice for Business is first-of-its-kind logistics tool designed specifically for SMBs. Features include:
• Web-based dashboard and ability to react in real time to shipping needs and issues
• Advanced delivery notifications with package-level details
• Day before/day of delivery alerts with estimated time of arrival within two-hour windows
It’s pretty cool. Steve says check it out.
Steve Strauss is an attorney, popular speaker, and the bestselling author of 17 books, including The Small Business Bible. You can learn more about Steve at MrAllBiz.com, get even more tips at his site TheSelfEmployed, and connect with him on Twitter at @SteveStrauss and on Facebook at TheSelfEmployed.