Are you considering taking the leap into full-time entrepreneurship but not sure when the right time will come?

If you’ve been dreaming of turning your side gig into your main job, you’ve probably held back because you’re worried about factors like, if I’m working ahead of time. If so, what will happen? What if it doesn’t work after all? How will I support myself and my family long-term by making this gig full-time?

Certainly, the traditional employment model provides comfort and stability for your career and finances, at least from a short-term perspective.

But when you consider the long term, it’s easy to see how volatile the job market can be. And by looking at your LinkedIn feed over the past two years, you can see how easily employees can be dealt with in mass layoffs, or ordered back to offices with no other choice. . It advances your own venture and expands your existing side hustle to make it full-time and more attractive.

When is the Best Time to Make My Side Hustle Full Time in 2024?

But how do you know when is the best time to start transitioning, and what should that career move look like?

There are some people who become entrepreneurs by happy accident—that is, they are working their full-time job and their side gig becomes so successful without any intention that they either have to sustain it. Forced to quit their jobs, or make sacrifices. Side hustle.

However, while this may be the case for you, in most cases you will need to make a plan and be more deliberate and strategic.

Forbes18 High-Paying, Part-Time Remote Jobs for Freelancers in 2024by the Rachel Wells

1. Set financial goals.

Before you decide to take on your side hustle full-time, you need to define what your financial goals are. This will give you a benchmark of success to work towards, and will enable you to avoid unnecessary debt or financial emergencies. Calculate how much you’ll need each month to cover your living expenses, taxes, any investments you make, and other essential budget items.

From this analysis, create a goal of how much income and profit you will need on a monthly basis to make financial sense as a full-time job.

You should also use this figure to figure out how much you’ll need to withdraw from your savings account to support yourself for at least six months, or if you have no savings, your Work out a plan to keep working so that enough money is saved to cover it. Six months of requirements once you leave it.

2. Get serious with the business plan.

The next step is to treat your side hustle like a real business. It’s no longer one of those things you’re doing as a hobby, for fun. Now that you want to make it full-time, you should take it seriously, like a full-time job, and develop a business plan that outlines your target audience, growth areas, and a roadmap. So that you have clear goals to work towards. .

3. Establish multiple streams of income.

Relying on one source of income is extremely risky. What if your side hustle, to which you have devoted so much time and resources, is no longer profitable for one reason or another? What if demand slows and interest dries up? What if your side hustle is related to something you can physically do, such as singing, speaking, or moving in some way, and what if an accident occurs and you become disabled or physically disabled? Forced to continue this activity due to nature? worked?

That’s why it’s important to identify different ways to turn that side hustle into a cash cow, even while working at it full-time, so that you have something else in case the worst happens. be

4. Invest in your skills.

To effectively jumpstart making your gig full-time, focus on what will set you apart from the crowd. Your specific skills and expertise, together with a proven track record of solid success, will give you a competitive edge over other freelancers who provide a product or service similar to yours. Take time now, before going full-time, to upskill or re-skill, add to your certifications, attend bootcamps, and invest in training so you can deliver more value to your clients and a Be seen as a trustworthy professional.

5. Build a steady client base

A strong indicator of when you should venture into the business full-time is how loyal and broad your client base is. Cultivate long-term relationships and partnerships if possible, and find ways to offer incentives that keep them coming back and that encourage word-of-mouth marketing for your services. It should probably go without saying, but if you don’t have a steady stream of clients, you won’t have financial stability.

6. Build your portfolio and personal brand

Finally, don’t underestimate how valuable a portfolio can be to your career as a freelancer or full-time entrepreneur. A portfolio, combined with a strong social media presence and personal website, will help you establish authority in your field, build trust with future clients, and make your transition easier as the foundation is already in place. has been kept.

Turning your side hustle into a full-time job is by no means a quick or easy exercise. This requires careful, strategic planning and financial preparation. Plan ahead and make sure you’ve laid the foundation for your long-term success, accomplishing as much as possible in the time before you’re working your full-time job. That you give your notice and jump.