You’ve been doing double duty for a long while. Working your reliable day job has been paying the bills, and your evenings and weekends have been reserved for your true passion: running your own business. In some ways, you have been getting the best of both worlds: stability and security, coupled with some time to stretch your wings and star in your own show.
But now it feels like there aren’t enough hours to truly grow your side hustle to the size you would like it to be, so that you can transition. And your day job is lacking in luster. Is it time to take the leap?
I was once in your position.
Working full time at the United Nations and building an event business and blog. That was until I got fired. I would always tell myself, I ‘l leave one day. But until I was fired, I never had the courage to leave, on my own. I’m glad I got fired from the UN because it’s forced me to blossom into the business owner I am today.
Don’t get fired. You can leave your full-time job and go from side hustle to full hustle.
Here are our top 5 tips on how to leave your day job and turn your side hustle into your full hustle.
Create a solid business plan
When starting your own small business, creating an official business plan can be essential. A plan will help guide you through the steps of growing your business. It can also show any potential investors that you have carefully thought out your ideas. By outlining what you aim to achieve through your business development and how you plan to do it, you can instill confidence in others that they will receive a solid return on their investment. It can be a good idea to have several mini plans within your overall business plan in place. This can include one for operations, a plan for pricing, a plan for marketing and another for sales.
Take advantage of learning avenues
It’s always advantageous to learn from someone who has gone before you. Reach out to mentors in entrepreneurship for guidance and advice. Take advantage of free resources like SCORE. This platform is the largest network of small business mentors in the US and can link you with a mentor who has progressed through a journey similar to yours.
Check out webinars like the Verizon Small Business Webinar Series to gain insight from experts.
Practice the art of business before you leave your day job
If you have been running a side hustle, you likely have some customers already, or potential customers. If you don’t, try to get some. Practice business before diving in. Know your target market, and educate yourself on all aspects of running a business.
Have 3 – 6 months of reserve
Be money smart. Have your living expenses saved up for at least 3 to 6 months. You don’t know what the future will hold. Having the cash you need to support your mortgage payments, rent, and other bills lowers your risk, which is important.
Have a backup plan especially if you have others depending on you
With family depending on you, having a backup plan is essential. It’s also wise even if you are flying solo. What will you do if things don’t go as planned? This security can help guide you.
When starting your own business, it’s important to surround yourself with others who can support you and cheer you on. It’s hard and tough to start out. But it can be worth it! Put a plan in place that elaborates the details of your business and the path it will take. Dabble in your field before diving in full force, and have money on hand to support yourself as you transition from side hustle to full hustle. Take advantage of free mentorship and paid programs that can guide your process and…relish the moment! Running your own business can be rewarding. It’s time.