I was recently interviewed by a publication about one’s readiness to move from being employed to going full time in a side hustle. And I want to share it with you.
After all, I know most of you dream of having your own business…
Having the freedom to make as much as you want, to work whenever you want, and to eventually scale it enough so you can expand, pass it on to your kids, and maybe retire before you’re 40.
Sounds good? It’s kinda intimidating…but it’s not impossible! In fact, retiring before 40 is my goal! 😊
Now, as ideal as that may sound, I know you know that it’s also a long, hard road. (Though it gets better and easier with the right mentors supporting you.)
So here are a few tips/ ways to know if you’re ready:
1. Start a business as a side hustle to validate the market. Do it part-time, even (as a start) an hour a day will make a lot of difference to test your market for pricing, demand, and feedback.
2. Have a 6-month cash cushion before you quit. You should save up at least 6 months worth of your salary before you quit. This is exclusive of capital, and should be able to take care of your living expenses and will give you enough time to recover in case the business tanks.
3. When your side hustle/side business makes 2x what you make in your job as a consistent, predictable revenue (say, 6 months of testing), this is another good sign that you could possibly pursue this business full time and grow it.
4. If you are not emotionally invested or you don’t feel excited about your job anymore. Although you should not consider this the main reason for practicality purposes, it’s still a big factor to consider for your mental health.
5. If your chain of delivery is stable and complete. From supplier to delivery to aftersales…if your chain of delivery is good and people are buying what you’re selling, then it’s a good time to consider quitting your job and moving into business full time.
I started my business with zero capital, I just focused on serving my market and chasing self-improvement. I read books, went to workshops, paid for mentorships, and listened. If you do these too, and invest in yourself early, I have no doubt you’ll easily build a multi-million business within the next 3-5 years. Take action. I believe in you. Share your thoughts on my page.