So you have a passion, but you also have a stable job. If you are working full-time and working a job or hobby on the side that you love, it can be tempting to simply quit and devote all of your time to the work you truly care about. However, keeping your day job for a while may be the best advice as you work to make your dreams a reality. Check out these tips for deciding if your passion could be your own small business.
Do the math.
Unless you already have enough money for a start-up business saved in the bank, you will need to keep your regular job to earn money to pay for your side project. Decide how much money your new business is going to need to make to survive.
Set up a financial plan. For instance, let’s say you have a job in an office, but you detail cars as a hobby. Decide what you will need to charge to make enough money. Then set a goal for yourself to detail 15 cars a month, if that is enough money for you to survive on.
If your hobby is growing and you are making a profit, it probably seems like a good idea to put all of that money back into the business. There are things you need as a start-up, but there are things you can do without to save money.
You will most likely need a computer, but you do not have to buy the newest computer on the market. You may need to be able to accept credit card payments, but consider paying a small amount for a device that lets you accept payments through your phone.
You will be able to buy all of the things you want for your business as you grow and become more successful. For starters though, just buy the things you need.
Be prepared for a time commitment.
It will not be easy to start a business and work another full-time job. If you have already been working on the side, you know this. It will be an even bigger time commitment to turn that side hobby into a business.
To start a new business, you will need to devote a lot of your spare time. This sacrifice will be worth it if you really love your work, and it will get easier once you are in a position to be able to quit your other job.
Don’t overdo it.
This may seem contradictory to the fact that you have to sacrifice free time, but you will never reach the end goal if you burn yourself out on the way. Try to take one day or at least half of a day off every week. It can be hard to manage this while working two jobs at once, but your mind and your body need the rest.
Quit your day job when you are ready.
This is the hardest and scariest part of starting your small business. If you have followed all of the steps above, you should know when you are ready. Financially, if you reach your goals and feel confident in the numbers, go ahead and quit your day job. If you have bought everything you need to run your company, and you still have money left over to provide for yourself, then it might be time to let go of your other job. Make a draft of your new work schedule and decide if taking on your hobby full time would be profitable.
It will never be easy to take the leap. Opening a new business is always a risk. However, when you are ready there is no reason to delay. Start living your dream!
Social Media: Is your hobby becoming your side job? Are you ready to make it your full-time career? Read our article and follow the steps to find out if it’s time to take the leap! What is your favorite hobby? Tell us in the comments below!