Burnout is real. Ask any office worker who has been working a 9-5 job for years, and they will most likely say that they'd rather be doing something else than staying in the office most of their lives.
But what are their options? According to a recent survey, 45% of Americans have side hustles to supplement their income, bringing in at least $700 to $1,000 monthly.
This shows that there are opportunities out there that could be your ticket to doing something fulfilling that you're genuinely passionate about.
Side hustles offer a world of possibilities: You could become a full-time social media influencer, blogger, or work for platforms like Uber or Instacart. Alternatively, you could choose to be your own boss and venture into entrepreneurship.
The potential for personal growth and fulfillment in these endeavours is immense, and it can truly ignite your passion and drive.
Now, the allure of turning a side hustle into a full-time endeavour is vital for many aspiring entrepreneurs.
However, it's important to acknowledge that leaping from a stable job to the uncertainties of self-employment is a significant decision that comes with its own set of challenges. But rest assured, with the proper guidance and preparation, you can confidently transition from your job to your side hustle.
Here Are Six Compelling Reasons To Guide Your Decision:
1. Your Side Hustle Income Matches or Exceeds Your Day Job Salary
One of the most apparent indicators that it's time to consider leaving your job is when your side hustle consistently generates income equal to or greater than your day job salary.
This shows that your business idea is viable and provides financial stability as you transition. Ensure you have several months of consistent earnings to account for potential fluctuations in your business income.
2. You're Passionate About Your Side Hustle
Passion is the fuel that drives long-term success. If you find yourself more excited about your side hustle than your day job, it's a clear sign that your true calling lies elsewhere.
Passion fuels perseverance, creativity, and resilience, all of which are essential for entrepreneurial success. When your enthusiasm for your side hustle surpasses your interest in your day job, it's a thrilling indication that it might be time to make the switch.
Take TikToker Chris Punsalan @firstnamechris of Las Vegas for example. While studying in college, he started as a part-time caregiver to his grandma, 97-year-old Anica Manipon.
Chris would proceed to video his daily tasks of caring for his grandmother and post them on social media. The duo's daily antics amassed a significant following on TikTok (2.6 million followers), which prompted Punsalan to be a full-time caregiver.
Chris realised his videos inspired other people in the caregiving industry and would soon launch an inspirational website called chooseday.com. When his grandmother died, Chris continued encouraging others to care for elderly loved ones, and now he travels around the U.S. to become a speaker.
3. Your Day Job is Hindering Your Side Hustle's Growth
Balancing a full-time job with a burgeoning side hustle can be exhausting and limiting. If your day job consumes the time and energy needed to expand your side hustle, it might be time to prioritise. Your side hustle may require more attention to scale, and dedicating full-time effort could unlock its full potential.
According to Foundr, succeeding in your business or side hustle can take up much time developing, and juggling a full-time job and a side hustle might prove detrimental in the long run. If you think your business needs more time to grow, it might be time to send in your two-week notice.
4. You Have a Solid Business Plan and Savings Cushion
Before leaving your job, it's crucial to have a robust business plan. This plan should outline your goals, strategies, target market, and financial projections.
Additionally, having a savings cushion of at least six months of living expenses is not just a luxury, but a necessity.
It can provide a safety net during the transition period, allowing you to focus on growing your business without the immediate pressure of generating income.
5. You're Willing to Take Risks
Entrepreneurship involves risk-taking, but it also requires emotional preparedness. If you're comfortable with uncertainty and highly tolerant of risk, it might be time to pursue your side hustle full-time.
Assess your risk tolerance honestly and prepare for potential challenges. Understanding that setbacks are part of the entrepreneurial journey will help you navigate difficulties with resilience and determination.
Being emotionally prepared for the transition is also important, as it can be a rollercoaster of emotions. But with the right mindset and preparation, you can confidently face these challenges and come out stronger on the other side.
6. Positive Feedback and Demand for Your Side Hustle
Consistent positive customer feedback and increasing demand for your products or services indicate that your side hustle is ready for full-time attention. High demand suggests market validation and customer satisfaction, demonstrating that your business meets a need.
When your side hustle garners positive traction, it might be time to capitalise on its momentum by dedicating yourself entirely. One good way to measure this is via social media, which now offers ready statistics to assess if a campaign or product is working or getting traction.
How to Quit Your Job Gracefully
Developing a detailed exit plan, including timelines, financial goals, and transition strategies, is a liberating step towards your entrepreneurial journey. This plan, tailored to your company's policies and your side hustle's growth stage, will give you control and preparedness, making your transition smoother and more confident.
When you're ready for this transition, you can follow these next steps:
1. Give Adequate Notice
Follow your company's guidelines for resignation notice, typically two weeks. Offering ample notice shows professionalism and respect for your employer. If possible, offer to help train your replacement or assist in the transition process.
2. Maintaining Professionalism
It's respectful and professional to resign in person and follow up with a formal resignation letter. Expressing gratitude for the opportunities and experiences gained shows your appreciation for your current job and helps maintain a good relationship with your employer. This positive tone can benefit future references or networking, making your transition more amicable.
3. Communicate Your Plans
Be transparent about your reasons for leaving, focusing on the positive aspects of your side hustle rather than criticising your current job. Highlight your excitement about the new venture and how it aligns with your career goals.
4. Tie Up Loose Ends
Ensure all your projects and responsibilities are completed or handed off effectively. Leaving on a high note by demonstrating your commitment to your current role helps preserve your professional reputation.
5. Stay Connected Keep in touch with colleagues and supervisors. Networking can provide support, advice, and potential opportunities in the future. Maintaining professional relationships is crucial, as you never know when to rely on your network.
Deciding to quit your job for your side hustle is a significant life decision that requires careful consideration of various factors. By recognising the signs that it's time to make the leap and planning your exit strategy thoughtfully, you can transition gracefully into full-time entrepreneurship.
However, it's important to note that the journey of turning a side hustle into a successful business is filled with challenges, and there are potential downsides to quitting your day job. Still, passion, preparation, and perseverance can lead to rewarding and fulfilling life opportunities.
