If you’re an entrepreneur or have a side hustle, it’s likely you think about your “other job” while you’re at your 9-5, when you’re driving, when you’re trying to sleep. I know you dream about creating your own schedule providing financially for your family instead of helping to make someone else rich. And I know you’d rather spend more time with people you love doing the things you love rather than working crazy hours between your full time job and your dream job.
But I also know that you’re wondering when’s the right time to make the jump? How do you know it’s time to take your side hustle full time?
Sign #1: You think about your side hustle all the time.
When you find yourself thinking about your “other job” all the time, coming up with new strategies to increase your business or create more products/services, then that’s a great indicator that it’s time to go all in.
I also realize it’s scary, so it’s best to have a plan and strategy in place before you make the leap, which is where sign #2 and 3 come in.
Sign #2: You have a strategy to increase your business.
Business is all about strategy. From your actual business and workflow strategy to marketing and bringing in more clients.
You know this, so you already have a strategy in place to increase your client load.
The problem is you need more time to implement the strategy… and to actually do the work.
If this is the case, then you are definitely ready to make the leap from side hustle to full time business owner.
Recommendation: Make sure your pricing guide is ready to handle your salary before you make the leap. A common mistake entrepreneurs make is to give up their 9-5 thinking they will have plenty of clients to replace their income. In reality, they end up burning themselves out because they are underpricing and overworked.
Sign #3: You use the Full Time Formula and create a plan to be successful.
In my previous life, I was a dental hygienist in an unhappy relationship struggling to make ends meet. I was constantly worried about financial security and always hoping I would be able to afford to pay all the bills every month on my salary alone.
When I was planning my escape from the 9-5 grind(and that relationship), I knew there had to be a way that would not only guarantee that I could provide financial security for myself, but also to prevent failure.
This is when I came up with the Full Time Formula, although I didn’t call it that at the time. At that point, it was just my escape. And it works.
There’s a science to knowing exactly when it’s time to go full time and it’s based on math AND some psychology.
Mathematically, you just need to know what you need to make to survive each month versus what you’re currently making and the time you’re working.
So, to keep this simple, let’s say you make $2000 each month at your 9-5 and you work 40 hours each week. In your side hustle, you pay yourself $500 each month and you work 10 hours each week. This means you make 25% of your salary with your side hustle while working 25% of the time.
Based on these numbers, you could safely take your side hustle full time because you’ll increase your workload to make up for your salary once you’re able to devote all of your time to your side hustle.
Now, this was just an overview of the Full Time Formula. There’s a lot more to it, so be sure to join 90 Day Dream Biz.
If you’re considering that it’s almost time to take your side hustle full time, that’s a great indication that it IS time! Do your research, come up with a strategy based on data, and make the leap.
Life is short. Ditch the 9-5 and create a life you actually love.