It seems that everyone you meet is working on their very own side-hustle. Professionals who manage startups and pursue freelance opportunities cowork often at Studio Workspaces — and we will only see that number continue to rise. If you fit into this category, it may have been a way for you to make some extra cash. But at some point, you realized you were pretty good at what you do. But when do you know it’s time to go full-time with your side business? Here are three signs that it’s time.
Your sidegig revenue is reliable
The first sign that many entrepreneurs look for is a reliable revenue stream. But this can be tricky — when you’re working a full-time job and a side gig, the cash likely flows. Where does it leave you financially if you step away from your full-time job?
If you’d still be financially secure without your full-time job, make sure you have a business plan in place. Here are some things to consider:
- How will you network and grow your client base?
- Establish a business plan that is as efficient and streamlined as possible.
- Find ways to boost productivity (entrepreneur life is 24×7!).
- Are there tools, software, or other resources to utilize?
You physically cannot complete both your day job and side gig
Sometimes, the inability to work two full-time jobs forces the decision — there just aren’t enough hours in the day. Once your contracts and projects pile up, it’s a clear sign that business is picking up. This could give you the foundation you need to go full-time. Plus, your full-time job gets in the way of your ability to accept new contracts. Once that begins to happen, it may be time for you to make a decision. However, you may have the opportunity to request a part-time schedule if you’re not ready to jump in feet first.
There’s a “push” for you take to go full-time with your side business
Many entrepreneurs have different reasons for going full time. However, it takes a final push for many to take the leap. It might be the acceptance of your business plan to a funding package, you win a startup pitch contest or you simply have enough freelance bids accepted to feel confident. Regardless of that final push, it shows that your business has promise. Recently experienced a final push like this? It could be all you need to take that side hustle to the front.
Studio Workspaces has membership options for freelancers and businesses of all sizes. There are numerous coworking space benefits including an increase in productivity and access to network opportunities. Interested in coworking? Book a tour of our Rocklin and Roseville coworking spaces today.