Having a side hustle can be a great way to bring in some extra income for your family. It is typically something that you do at home when you are not at your regular 9-5 job. It can be freelance writing, baking yummy treats or even selling products online, such as smokingthings does. What happens though, when you decide you like your side hustle more than your regular job? Do you have what it takes to make your side hustle your main job? This is a huge career change for many people, so it is important that you consider a few key things before taking the leap.
Determine Your Projected Earnings
If your side hustle has been profitable for you lately, try to determine what your earnings would be in a typical year. Consider that you will be working more, so make sure that enough work will be available. If you see that your earnings could be close to what you make at your current job, research ways to make yourself more efficient when working from home to maximize your earning potential. You must also consider that you may not have to pay for a daily commute in some cases, and this can save you even more money.
Consider Your Current Job’s Benefits
One benefit of working for someone else’s company is that you sometimes earn holiday or sick pay. This can be helpful for days that you have to take off for a doctor’s appointment or a family vacation. When you are managing your own business or working as a freelancer, you will likely not have this added bonus. Also, consider any insurance benefits that you get from your current job and how having to pay for these services out of pocket will affect you.
Learn How To Market Your Business
If you do take the plunge into making your side job your main one, you will need to learn how to effectively market your business or product. Consider looking into free courses for small business owners to find out where you can make adjustments and improvements.
It can be a scary decision to branch out on your own and work exclusively on your side hustle, but it can be rewarding in the end. Be sure that you carefully consider all of your options before making this decision. You might find that working exclusively from home can benefit your family in many ways.