You have a job and a steady income and if you stayed at that job all your adult working life you will retire with a pension. Well, ideally.
Since this scenario is less and less the case today and you have been dreaming of leaving your employer to be with your side hustle full time here is what you should be thinking of.
One Thing Does Not Lead To Another
As you are doing well at your current full time job as an employee you may be tempted to think that this good work will serve you better in your own business. However, working for someone else in a small, medium or very large cooperation and doing well at your specialized job does not necessarily mean you will succeed at running a business full time.
Running a business full time is more than transferring what you are doing well in your full time job to your side hustle. It really requires combining a lot of roles and mastering a lot more skills. The last thing you want is to lose your consistent income while trying to master and learn new roles and skills.
So while you are still working for someone else start taking an inventory of your strengths and weakness. What can you do well on you own at work and what things do you usually turn to another department or person for help? If you are honest with yourself you will have a better understanding of what you will truly be able to do yourself and what you might have to out-source for you to succeed.
A Plan and Research are Essential
Write things down so that you have a road map. Even if it is a little sketchy and unprofessional it is way better than not having a plan. And it will help you think through the practical steps that you need to take, the time it will take and show you what lies ahead.
All the writing of things down will inadvertently make you a researcher. And while you research weaknesses will be exposed and you might even stumble upon a new direction that will help move forward your wish to work in your business full time.
Be Realistic
You might be having a very good few months in your side hustle and the sales are good and money is coming in at a steady pace but, does this money mean your side hustle will succeed as a full time hustle? It is a fact that many businesses fail because people do not understand what the real money situation is.
Will the money that comes in now translate into a healthy cash flow that will ensure your business keeps going and growing? Yes, you are making money now but what does that money cover? Is it paying for ALL the bills? The rent (if you rent), the transport and the suppliers?
The sales may be good too but have you been collecting that money regularly or have you been focusing on selling only. Poor debt collection is another one of those things that bring about the downfall of many a business. If you sell and do not collect it means that you are paid less. This is not a realistic picture of your business. Be realistic!
