The question that plagues almost every entrepreneur and freelancer – “when can I quit my job to pursue my side hustle full-time?”.
Well, my friend, the truth is, there is no right answer to this question. There’s no one formula to follow that will make sense for everyone’s unique circumstances. But, don’t worry! We’ll help make things a little clearer as you navigate this decision for yourself.
Can You Work During Flexible Hours?
The nature of your business plays a big part in determining when you could or should leave a full-time job. If you’re a freelance graphic designer, for example, you generally don’t have to meet with clients every day. Quite often, are able to get briefed on a project, and even submit work entirely online. This type of business is conducive to working another full-time job, while building up your freelance clientele on the side. You could work evenings and weekends, and maintain frequent communication with clients. Someone looking to start a daycare, for example, would need to run their business during traditional “working hours”.
How Much Money Do You Need To Live On?
The next factor to consider is your personal living expenses. Tally up what your current living expenses are. Consider everything from rent, car payments, student loan obligations, credit card balances, average grocery costs, and other essentials. What’s the minimum amount you’d need to make your basic living expenses and obligations? Does your current side hustle make at least that much after taxes? If so, then you’re in a great place to consider quitting your full-time job. Now you can consider investing more time and energy into your side hustle.
Can You Make A Soft Pivot Into Working For Yourself Full Time?
When it comes to business, it’s always best to remain fluid and agile. Things don’t need to be all or nothing. Consider ways that you could potentially decrease the amount of hours you work at a job. Then, you can ease into working on your business. This gives you plenty of time to build up your side hustle clientele and increase revenue. All without the pressure of having all your eggs in one basket.
Diversify your options when it comes to income. As your business increases, you can ease up on the hours at your job. Once your revenue matches the income you need to live off, consider transitioning to full-time freelance or entrepreneurship. Until then, there’s no harm in working both a full-time or part-time job. You can ease off your hours there, and simultaneously working within your freelance business.