Wednesday, March 11, 2020
6 Signs You Can Actually Turn Your Side Hustle into a Full-Time Deal
6 Signs You Can Actually Turn Your Side Hustle into a Full-Time Deal If its been your dream to be your own babo and your Etsy shop, freelance design work or consulting or coaching business seems to be taking off you might not be far from turning that side hustle into a full-time gig.Youre not crazy for setting goals like this one nor are you alone. A 2017 survey found that approximately half of all millennials have some type of side hustle, in a bid to boost their cash or chase a long-held passions. But how do you know when its actually feasible to ditch your day job and really dive into that gig that keeps you up at night and busy on the weekends?Here are six signs that suggest you may really be able to turn your passion project into a paying, full-time ordeal and finally quit your day job.1. Tzu siches a Demand for Your Product/ServicesIf theres a clear demand for your product or tafelgeschirrs, youll, of course, have a better shot at making it work full time. For example, if y oure offering the same services in an over-saturated market as a 1000000 other providers, you might struggle to get your feet off the ground. But if youre offering a service thats high in demand due to current trends or a service that companies and individuals will always need (or didnt yet know they needed), theyll eventually abflug to seek you out.Perhaps youre a web designer and helping startups build their sites as startup culture continues to grow, theres a huge demand for tech-savvy workers. Perhaps youre an interior designer and youre focused on helping people present their Airbnb and other short-term rentals to prospective tenants short-term vacation rentals are becoming an ever more popular choice of accommodations for travelers, and those renting spaces are turning to professionals to help them set their spaces apart from the growing online competition. Or perhaps youre a tax consultant and, as tax laws change, youre promising individuals and businesses alike consulting t o navigate the new landscape.Whatever the case, make sure that the service or product your selling is needed if it is, youll have a better shot at making it.2. Youre Growing Your Client/Customer BaseIf you started with only a handful of clients who recommended you to friends and family and business partners and former colleagues and so on, and suddenly youve got a portfolio of clients, then things are looking good. Likewise, if you started with only a handful of customers (probably friends and family), but suddenly people with whom you have no relationship are finding your products and buying them, thats promising.If your client or customer base is growing and becoming more reliable with less outreach work on your end, its a tell-tale sign that youre well on your way to stability. Once your client and customer base grow, though, you dont want to just let your business go with the wind youll have to start strategizing ways to retain old clients and customers, too. Just because your e gaining new ones doesnt mean that youre holding onto the original ones, and a successful business will ensure the value of client and customer relationships.3. You Earn a Regular IncomeThe thing about passion projects is that they dont always pay the bills. Even if you got funding to start your business, chances are that youre not going to be bringing in the big bucks right away let alone even breaking even at first. But once you start profiting, its a sign that you may be onto something. When you start earning revenue that you can actually put away, pay off those business loans with or reinvest into the business in some way, youre doing well.4. You Can Afford to Hire a TeamSpeaking of earning revenue, once you start really making money and you can afford to hire and pay a kollektiv, thats an even more positive sign that you may soon be able to turn your side hustle into a full-time job. After all, how can you manage a team when youre at your day job? When youve got the workflow that requires more than a one-man show and the income to pay for a team youre probably in a position to start diving into your side hustle full time. In fact, youll probably have to if you want to get to the next level.5. People Are Starting to Recognize YourBrandAre people starting to recognize your brand, recommend your services or by your products with little to no outreach efforts? Do people know your business name, or have they heard of you before? Perhaps theyve been following your social media pages or know someone whos worked with you before. When people start to recognize your brand without you having to advertise yourself, thats a good sign that your business is headed in the right direction. Its speaking for itself and gaining attention, which could very well lead to growth, all on its own.6. Youre Becoming an ExpertHave you been at your side hustle for so long that youd consider yourself an expert at this point and other people would, too? Do friends and family and pe ople even outside of your immediate social network always ask you for advice or resources or help? Are you the go-to person for your niche, considered a thought leader on a topic or a guru in an industry?If you are, you can probably start charging people for whatever it is that youve been doing for free all along. And if all of the aforementioned signs start coming to fruition, then you can likely turn your side hustle into a full-time job.--AnnaMarie Houlis is a feminist, a freelance journalist and an adventure aficionado with an affinity for impulsive solo travel. She spends her days writing about womens empowerment from around the world. You can follow her work on her blog,HerReport.org, and follow her journeys on Instagram Facebook.
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