An impressive number of Americans are slowly starting to realize their financial dreams by engaging in a side gig. According to a recent survey, approximately 45% of those with a full-time job also are working a side hustle as well. And of those, over eighty percent are very interested in ultimately turning this gig into their full-time job. The problem is the risk factor: what if it doesn't work out; what if you're stuck with no job in the end. There are steps you can take and things you can do to help ensure you give yourself the absolute best chance for side hustle success—such that may allow you to take it full-time.
Keep an eye on those finances
What are your current day-to-day expenses? Will you have enough in savings to sustain you until your side hustle-turned-full-time-gig takes off? These are questions you must ask and answer before quitting your job to pursue the dream of making your side gig a lifetime reality. Also, look at what it's going to take monetarily speaking to sustain the business and grow it.
Have patience
Success is not going to happen to you overnight. In fact, it could be a few years before you even start to turn a profit. Your passion for your side gig will help make the waiting a bit easier. But again, even in the face of downtimes or slow seasons, you have to maintain your persistence. If you go into it with a lukewarm mindset—odds are, you will falter and perhaps even fail.
You don't know everything
Hopefully, you are excited and spirited when it comes to turning this side hustle into a viable business. But don't be overly confident and understand that you won't know everything. Talking to people, learning from those who've come before you, and truly listening to and heeding advice will help you immensely in the long run. You might even join relevant industry groups or perhaps hire a seasoned mentor. Stay humble and remember that it's okay to ask questions.
If you need help getting your business on its feet, First Union Lending has helped many businesses grow and thrive. Call today to speak to one of our specialists.