Many of us have talents that have carried us into some lucrative months. Always nice to get that regular check and turn around and sell a candle, a painting, a t-shirt, or braid hair for a little extra. In some cases, this extra is so essential it determines if the weekend will be Netflix and chill or a trip to Miami. So many people are using these side-hustles to live life because the day-job barely covers the bills. However, a select few have been hustling on the side so consistently; they have created another reasonably reliable income stream. They even convinced themselves they are eligible for an SBA grant despite never filing taxes on the business, obtaining a license, or legitimizing it in any way that wouldn't deem it a hobby anymore. If this was you, these tips should help figure out if its time to let go of the day job and jump into your side-hustle full-time:
You can't survive without the side hustle.
After all this time of creating an income, you are highly dependent upon it. Additionally, you took some steps to claim the revenues, and it may be used to finance things like your home or car. If you were to subtract this income stream right now, you would struggle to pay bills or make ends meet monthly. If this sounds like you, then you are ready to go into this full-steam ahead.
You love the hustle and hate the day job.
You despise showing up to work, not getting through the day without a few attitude adjustments. You are more and more uncomfortable with being at the day job all day because all you want to do is work on the side-hustle. You daydream about how much work you can be getting done if you were not at the day job. You wonder how many clients, sales, or contracts it would take to afford your lifestyle without the day job. If this is you, then you are ready!
The only thing you are worried about is future stability.
You stay at the day job for the chance at retirement, the medical insurance, and the paid days off. Not realizing the freedom and cost of all of these things can be budgeted and covered with a little effort in your own company. It seems a lot scarier than it is... yes, there will be some sacrifices, but if done correctly, they won't turn you off or cause you to quit being your own boss. If this is you, stop letting fear of the unknown future hold you back and start your dream.
If any of the above resonates, sign up on our website www.mccoyconsultingusa.com to receive business tips and information monthly. Contact us for services on setting up your business and scaling!
About the Author
Dr. Amera McCoy, an Industrial-Organizational Psychologist, is the Owner and Founder of McCoy Consulting LLC, an organization that offers various business and individual services, focused on positioning organizations and their people for long-term success. Dr. McCoy received her Ph.D. in Business Psychology from The Chicago School of Professional Psychology. She resides in Chicago, IL with her nine-year-old daughter.
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