The past two years have left millions of people around the globe struggling to make ends meet. Hours were cut and jobs were lost, forcing many people to find alternative ways to survive. Having a side hustle has become a popular way of supplementing income, and some people have even turned their second job into a full-time occupation.
For those who are longing to quit their day jobs and dedicate their full attention to their side hustle, it’s important to take stock before taking permanent action. There are a number of signs that spell success for secondary jobs and we’ve taken a closer look at some of the most important.
1. Your Side Hustle Is Attracting Attention
One of the hardest things about maintaining a side hustle is reaching your target market, and the first step is getting noticed. When you’re starting out, it can be hard to pin down potential customers. But by attracting the attention of people around you, your name and reputation can spread easily.
2. Your Profits Are Growing Consistently
The main purpose of a job is to earn money. There are very few people who would turn down a salary raise — and the same applies to a side hustle.
When you’re starting out, you can expect to struggle, for a little while at least. Profits won’t flow in immediately, and you won’t be able to rely on your secondary income the same way you can rely on a salary when you work the typical 9-5.
Once your side hustle starts generating income — enough to make a tangible difference in your everyday life — you can begin to assess its feasibility. If your profits are rising steadily and you’re tired of your day job, it’s time to consider making your secondary occupation a full-time business.
3. You’re Struggling To Fit Your Side Hustle Into Your Schedule
This might sound counterintuitive. But once you reach the point where you don’t have enough hours in the day to work full-time and run your side hustle, it’s a sign that you’re expanding your business — a good sign if you want to transition from your job to your secondary (for now) income.
Being too busy can be a drain, but when you’ve got the option of building what was a hobby into a full-time job, having no time to spare means that you’ve got the clientele to make the switch.
4. Your Passion Is Growing
When it comes to choosing a career, people often have very different viewpoints. Some say that if you love what you do, you’ll never have to work a day in your life. Others find that trying to turn a hobby into a full-time occupation kills the passion they once had for that activity.
Whether your side hustle is baking cupcakes or walking dogs, you’ll soon find out which side you’re on.
5. There Is A Demand
Business is all about supply and demand. Take the pandemic, for instance. When it became clear that wearing a mask reduced the risk of spreading COVID-19, the demand for masks soared — and it hasn’t stopped yet.
It’s one thing to take advantage of a gap in the market, but unless your side hustle actually meets a long-term demand, it’s unlikely you’ll be able to grow it. When customers continue to buy, on the other hand, you can be sure that your income will remain steady.
6. The People Around You Are Encouraging
Many people who start a side hustle are encouraged by their friends and family. If you are looking at the possibility of expanding your enterprise into a full-time business, it can be useful to use the opinions of those around you as a yardstick.
There might be an outpouring of support when you first begin your venture, but if that backing lasts or grows, it’s a good sign that you’re onto a winner. When those around you keep telling you how you should go full-time with your side hustle, take them seriously.
People who truly care about you wouldn’t encourage you to do something doomed to failure. That said, don’t rely solely on the opinions of others when you decide to make the switch from a side business to a career.
7. You Are Financially Stable
Achieving financial stability is tough, especially in the current economic climate. That said, you need to take a few calculated risks if you want to transform your side hustle into a full-time occupation.
Before you take the plunge, you’ll need to assess your finances. Do you need to spend any money in order to go full time? Do you need to outlay a lump sum for printing equipment, office supplies, stocking your inventory, or any other business-related items? Can you cover these expenses without your 9-5 income?
If you’ve got enough in the bank to cover the expenses for expanding into a full-time operation and a savings cushion to fall back on, that’s a great sign. Additionally, if the income from your side business is growing consistently, making the step from hustle to career is much easier.
8. You’ve Built Up A Clientele
A growing client base is a mark of a good side hustle. But keeping that clientele is essential before you consider moving away from your day job. You need to ensure that you can retain customers, or that there’s enough of a demand for once-off sales to keep generating a profit. This goes hand-in-hand with growing your profits and continuing to meet the needs of consumers.
9. Your Side Hustle Has Become More Profitable Than Your Day Job
This ties in with all the other signs that your side hustle is ready to become a full-time enterprise. It will definitely take a while for your side business to bring in a significant amount of money. But once it’s got going, you might be surprised at how lucrative it is.
This can depend on luck to a certain extent. But as soon as you reach the point where your hustle brings in more money than your regular job, you can rest assured that moving from “side” to “permanent” is the best way to go.
Follow Your Passion
Many people develop a side hustle from something they enjoy doing or are passionate about, and it is definitely possible to build a hobby into a profitable business. With careful planning and targeted marketing, anyone can transform their part-time enterprise into a successful career.