If you’ve been thinking about quitting your full-time job and going full throttle with your side hustle, there’s never been a better time. Now that most of the country is working from home and has been able to ditch their commutes, chances are you might have a few extra hours on your hands and a big desire to have better control over your work day by going all in on your side-hustle. But before you Zoom your boss to announce your last day, follow these three key action steps every aspiring full-time entrepreneur needs to ask themselves to make a full-time living from their passion project.
Amanda Boleyn, the founder and CEO of She Did It Her Way, an online digital platform that helps women navigate their journey from corporate cubicle to becoming their own boss shares three things she recommends you do before you make the leap.
1. Know Your Quit Number
“Are you clear on exactly how much you need to make to go full-time? That’s your quit number. It’s the sum of your cash cushion plus the monthly amount you want to be making in your business on a regular basis before taking the leap,” suggests Boleyn. “Knowing your quit number can help create the clarity you need to make a six-month financial action plan for ditching your 9 to 5. Start by mapping out how much you bring in and spend every month. From there, determine how much consistent monthly revenue you need and want to generate in your business to go full throttle with your passion project. Bonus points for setting aside a cash cushion reserve for when you finally leap.”
2. Land Clients Now
“If you find yourself in a job that you don’t love, you may be daydreaming about what it could be like to work for yourself. Maybe you’ve gone as far as to think that if you quit today, you’d finally have enough time to work on your business and clients and cash will immediately come, right? Wrong,” says Boleyn.
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“I’ve spoken to hundreds of female entrepreneurs over the years who can attest to the first year in business as anything but perfect—oftentimes filled with extreme highs and lows. Those lows are especially magnified in the journeys of those who quit their full-time jobs before landing their first client. Landing clients brings immediate cash into the business, gives you the opportunity to learn more about the type of work you enjoy doing, and validates the need for your services. The validation part is a bonus for your mental and financial goals.”
3. Follow the Leader
“The quickest path to success is finding someone who has already achieved success doing the thing you want to do—and following their techniques to do it. You’ll save yourself a lot of time, energy and headaches by chartering down a path already paved for you,” notes Boleyn.” Remember, success leaves clues. Once you determine the type of business you want to build (coaching, online marketing, copywriting, virtual assistance) be sure to invest in an expert to share their success path with you. Funds may be limited in the beginning, but even an investment in a course or group program will prove worthwhile. Keep in mind that it is more expensive over the long haul to go at it alone than to seek the guidance that will pay dividends over time.”
Your side hustle can absolutely become your main hustle if you get really prepared and follow the success clues.