It seems like everyone today is trying to escape the 9-5. While there’s nothing wrong with putting in your time at a traditional company, people are starting to long for more. Working for yourself definitely its perks, so it’s easy to see why so many people are ditching the traditional work week in favor of starting their own businesses.
What’s the ticket to this self-employed lifestyle? For many people, it starts with a side hustle. A side hustle is anything you do aside from your day job that brings in money. Maybe you make art to sell online or you’ve started your own blog. Anything can turn into a successful business in the digital age. Believe it or not, half of Millennial workers are already freelancing, and this type of self-employed income is expected to become the USA’s biggest workforce majority in just a few years.
Are you ready to turn your side income into your full-time income? Here are 5 keys that will make your dream a reality so you can finally quit your day job and start leading your own path.
1. Don’t Go All In (Yet)
One of the biggest reasons so many new businesses fail is because they lack a solid foundation. If you’re new to your side gig, it’s easy to fall into the temptation that everything will just work if you trust yourself. In the world of business, there are no guarantees. Don’t quit your day job just because you’ve started to see a little bit of success in your side hustle.
There’s no rush. One of the best parts about starting your own business while you still have your 9-5 is that you have a solid safety net. It’s okay to experiment and try new things because you have a way to pay rent every month, and you don’t have to worry about risking your livelihood. Before you make that big move to go full-time with your side hustle, do some math. Decide how much you’ll need to make to fully support yourself, and make sure you have a way to reasonably reach these numbers.
2. Make Sure You’re Passionate
A lot of times your side income will lose it’s excitement when you suddenly have to devote 40+ hours a week to make it work. Starting any business is hard. If you’re not head-over-heels excited to do that work every day, you might as well be working your 9-5.
Making your own business work comes with sacrifices you won’t get at your day job. It will mean long hours that don’t have any clear start or finish. You will have to give up outings with friends, and the majority of your time will be devoted to getting your idea off the ground. If you’re not excited to spend all of your spare time on your side gig, it’s probably not a good idea to take it full-time.
3. Watch Your Money
There is a lot of pressure in the startup world to dump a lot of money really quickly into your new business idea. While it’s true you have to spend money to make money, be realistic. Starting small and scaling slowly can be a smart move. Watch your money diligently, and make sure you know exactly where it’s going. This free self-employed invoice template by FreshBooks is a great way to make sure you’re getting paid for your services or products, and it helps you keep your money organized. Spending too much too soon is a recipe for disaster.
4. Give Yourself Deadlines
When there’s no boss breathing over your shoulder, it’s hard to put the pressure on. Give yourself deadlines and goals so you can look at your progress objectively. Don’t let yourself procrastinate when it comes to your own side business. It’s been shown that giving yourself deadlines will make you 91% more likely to actually reach them.
You need a timeline if you legitimately want to make this your job. Create a plan with milestones and goals. When you reach a new milestone, you’re one step closer to landing that freedom you’ve been waiting for.
5. Keep Your Goal in Mind
Making goals will also help keep you on the right path. Don’t fall for the next cool idea that comes your way, and keep working towards your one, clear goal. You’re on a journey to becoming an entrepreneur, but don’t let yourself get distracted.
Make peace with the fact that things will go wrong. Sometimes you’ll make mistakes, or you’ll find yourself facing a setback. Don’t let this stop you from pushing forward. In the real world of business, things happen. You can’t control everything. Take this as an opportunity to learn and move towards your goal anyway.
Escape Your 9-5
Are you tired of working for someone else doing something you don’t love? Then it might be time to turn your side hustle into your own business. It’s easier than ever to launch your own real business in the digital age, but that doesn’t mean it isn’t also a lot of work. These key steps above will keep you on track for success so you can achieve your dreams faster.
This article is brought to you exclusively by The Business Transformation Network.
