Side Hustle to Full-Time: When to Quit Your Day Job (Calculator Included)
Are you tired of working a 9-to-5 job and feeling like you’re just living for the weekends? Do you dream of turning your side hustle into a full-time gig and finally saying goodbye to your day job? It’s a tempting thought – being your own boss, setting your own hours, and doing work that you love. But before you take the leap, it’s important to consider whether you’re truly ready to quit your day job. In this article, we’ll discuss when it’s the right time to turn your side hustle into a full-time career, and we’ll even include a handy calculator to help you make the final decision.
The Appeal of a Side Hustle
A side hustle, or a part-time job or business venture, has become increasingly popular in recent years. It gives people the opportunity to pursue their passions, explore new skills, and supplement their income – all while working a 9-to-5 job. In fact, a 2019 Bankrate survey found that 43% of full-time employees have a side hustle.
There are many reasons why people start side hustles. Some may want to pay off debt, save for a big purchase, or increase their disposable income. Others may have an entrepreneurial spirit and want to test out a business idea before committing to it full-time. And for some, the side hustle may be a way to pursue a passion project or cultivate a hobby.
But as your side hustle grows and becomes more successful, you may start to wonder if it’s time to make the leap and turn it into your full-time career. While there are certainly perks to being your own boss and doing work that you love, quitting your day job is not a decision that should be taken lightly.
When to Quit Your Day Job
So, how do you know when it’s the right time to leave your day job and focus on your side hustle? Here are some factors to consider:
Your Side Hustle is Bringing in Consistent Income
The most obvious sign that you’re ready to quit your day job is when your side hustle is consistently bringing in enough income to support yourself. This means that you have enough clients or customers, and your revenue is enough to cover your expenses and potentially even save for the future.
Before making the switch, it’s important to have a detailed financial plan in place. This should take into account not only your current expenses but also things like taxes, health insurance, and retirement savings. You’ll need to be confident that your side hustle will not only continue to bring in consistent income, but also enough income to cover these added expenses.
You Have a Solid Plan for Growth
While your side hustle may be doing well at the moment, you’ll need to have a plan for future growth if you want to make it your full-time career. Ask yourself: Do you have a clear vision for where you want your business to go? Have you identified potential barriers or challenges that you’ll need to overcome? Do you have a strategic plan in place to reach your goals?
Having a solid plan for growth will not only give you direction but also help you stay motivated and focused when things get tough. It can also give you the confidence that you have what it takes to make your side hustle your full-time career.
You’re Ready to Take on All Aspects of Your Business
As a side hustler, you may have been able to focus solely on the work you love – whether it’s graphic design, photography, or writing. But as a full-time business owner, you’ll need to take on other tasks, such as marketing, bookkeeping, and client communication.
Before quitting your day job, make sure you’re ready to handle all of these aspects of your business. If you’re not, consider hiring help or taking courses to learn these skills. You don’t want to be overwhelmed and unprepared once your side hustle becomes your full-time job.
The ‘Quitting Your Day Job’ Calculator
Still not sure if it’s the right time to quit your day job and turn your side hustle into your full-time career? We’ve created a handy calculator to help you make the decision. Simply answer a few questions about your side hustle and current financial situation, and the calculator will tell you whether it’s time to make the leap or not.
Conclusion
Quitting your day job to pursue your side hustle full-time can be an exciting and rewarding experience, but it’s not a decision that should be taken lightly. By considering factors such as your income, growth plan, and readiness to take on all aspects of your business, you can make an informed decision about when the time is right for you.
