So you're ready to move your side-hustle full-time but don't know where to start. Don't stress, you're not the only one. Having a side-hustle is amazing, however, it can be overwhelming when you're working full time only to come home and work on what you're truly passionate about.
I get it, I was there at one point.
Now for me, the side-hustle that I created alongside my eight-year corporate career, ended up evolving into a passive income prior to going full-time. The reason being is that I knew I wouldn't be able to meet my financial goals with it alone. When I was ready to leave my corporate career, my passion had also changed to work with small businesses and the idea of Roop Creative Agency was blooming. That said, I made the shift from working my 9-5 plus having a side hustle to working for myself full time successfully in 2016. Here is my advice...
Stop Waiting For The "Right" Time.
Simply put the right time never comes knocking on your door with flashing lights. This is a risk that you have to take and jump into headfirst.
Many times we focus a lot on our passions but forget that we need to be able to reach certain goals for the basic necessities. When I made this shift, I was also a newlywed who just happened to purchase a new home, so money was important. I remember speaking with my husband and creating a financial plan together.
First, we set quarterly financial goals - the business needed to be able to compete with my regular salary in order for us to be secure.
Second, I ensured I had enough savings. There was a number I had in mind that would keep me afloat for at least 3 months. It was important that I have this in my bank just in case we needed to fall back on it. Lucky for me - we didn't but having this security was very important.
Create a Passive Income or Subscription Service
A passive income is anything from handbooks to online classes that you have created and are now available on your e-commerce website. You put in the work once and continue to market the product online. The income is passive as you may only update these items once or twice a year. The product continues to sell behind the scenes.
Now although this structure is amazing it doesn't work for everyone and every service provider, that's why I think it's key to have a subscription service that you can offer your clients.
A subscription service is structured, repetitive and completed on a monthly basis. By creating this you can have yearly plans that clients lock into creating a more stable income that can slowly make up for leaving that corporate salary.
Put Yourself Out There
Network, meet new people, set up meetings with old clients; let everyone know who your business is, what it does and where you're planning on taking it by going full-time. You cannot just rely on social media for announcements, so book lunches, coffee dates and put in the time to share your news with everyone you know.
Speaking of putting yourself out there - think about collaborating with like-minded brands. This can not only boost your network but your sales as well. Early on in my business, I reached out to brand photographers who had similar clients. My clients needed their services and their clients needed mine, so we created a referral system that would help benefit us both. This collaboration then lead to building in-person "branding online classes" and more! So you never know. If you see someone you wish to collaborate with - send them a message, go for coffee and see where it takes you!
Focus on Cheerleaders
This is very important. There are so many people out there that love you but not everyone will be your cheerleader and that's ok. Focus on your cheerleaders because on the days you're exhausted they are the ones who will remind you about your WHY.
Now you're ready to move from side-hustle to full-time. Still, have concerns? Want to learn how to brand your business online to your ideal clients - check out our 1:1 Brand Audit and Coaching service - it may just be the right fit for you!