Do you think you are ready to step away from the corporate America and pursue your passion full-time? Here are 5 signs you might be ready!
1. You are making as much money as (or more than) your day job
If your side-hustle is able to financially match what you are making at your day job, you should consider what you could do if you gave it your full attention!
I did not realize how much my side hustle was financially supporting me, until I started bookkeeping and quarterly analyzing my interim financial statements.
2. You have a short and long-term vision
You have mapped out the future of your side-hustle 6 months to 5 years out. You have a plan. This is a good indication that it is more than a hobby. Planning is a sign that you want to see where it can go.
I had short-term and long-term plans if going it alone immediately after graduating graduate school.
3. You work on your side-hustle at work
If you are seating at your 9-5 wielding phone calls and emails, spending time brainstorming for your next service or product launch, and designing your marketing platform for your side-hustle; it may be time to move on and make it full-time.
I spent my corporate America lunch time replying to business emails, meeting clients and taking short breaks to answer client phone calls.
4. Your side-hustle has become a full-time job outside of your day job
If you are putting in 40 hours at your day job and then moonlighting another 40 hours, that is 80 hours of work! Over the long haul that can be difficult to sustain, usually something needs to be given up. It may be the right time to leave the corporate grind behind!
My 5-2 was for building my side-hustle. I worked over the weekends and took paid time off to purse my passion full-time.
5. It is exciting
The idea of working on your side-hustle is thrilling and gets you out of bed in the morning. You are passionate about it and you feel like you are thinking about it all the time. This excitement is a good sign that you are motivated and ambitious and ready to take it to the next level!
The idea of waking up to go clock into someone else’s dream, meet unrealistic expectations just to get a raise, promotion or better performance review gave me nightmares. However, the time and money flexibility to work for myself, grow and build my own, to control my destiny excites me everyday!
Need help getting started with your new business? Ms. C.CPA can help!
CaroKim Consulting LLC 