Making the Leap from Side Business to Full Time
Are you consistently thinking about what it would be like to work for yourself? Do you find yourself itching to get home from work at the end of each day to hustle away at your side business?
I completely understand. Making the leap from side-business to full time can be an anxiety-inducing experience that takes real guts, planning and confidence.
If you're thinking it's time, let's cover the real basics of determining whether it's the right move for you.
1. Is your side business profitable?
Sounds obvious, but does your business make money? Unless you've been gifted with a highly desirable existence that has zero dependency on income, you'll need to make sure you can financially thrive, not just survive, on your business income.
Ensure you're all over it with overheads, expenses, tax and super. Trust me, those things are step 1.
The next step (within step 1, obviously) is to ask yourself if you're genuinely in this for the right reasons - are you truly passionate and driven by your work? There will inevitably be bad days, times where you come close to losing your sh*t and diving right back into stable employment. Prepare for those days as best as possible if you decide you're ready to give 100%.
2. How will you get clients/customers?
Get your marketing strategy going and flowing long before you hand in those resignation papers. Stay committed to building your business and accept that yes, you're going to have to skip lunch dates with your best friend and Sunday morning coffees. Your business doesn't work without you and you've got to be in the drivers seat to make this thing work.
Having 'self-employed/boss babe' on your Instagram might feel award-winning, but there's no employer to skate around or disappoint: whether or not your business succeeds and builds a client base is o you.
3. Find a mentor and build a network
I don't just mean friends, either. Surround yourself with others who are in similar boats (even industries) as you, because you'll need them.
If it's difficult to explain what you do or what you're struggling with to your long-term employed best friend, having a network of like-minded business owners won't just be a stack of business cards on your desk - they will be a point of contact to rely on when you're feeling like you're done with your business, or need a referral to a great accountant.
4. Prepare for time off
There's nothing wrong with starting a business and keeping it small.
You can absolutely run a small business, make a great income and love it. But when you factor in the times where you want to have a break, skip overseas for a week or even invest in further education, having a back-up plan to ensure your business can keep going when you need time off should be thought worth considering.
Whether this means implementing a regular scheduled break, or training casual help, having these preparations in place will be a huge weight off your shoulder if the time comes to have a break.