Side hustles are big business.
Around 7% of Australians are now signed up to the gig economy, with over 100 platforms catering to the market. From ride shares to tradie sites to cleaners on Airtasker and designers on freelancer.com, side hustles are taking over the part-time job market and providing extra income for more than a million Australians. The on-demand workforce is here to stay, but how do you know when it’s time to make the leap from gig to full time?
Here are 3 signs you could be ready to make the jump.
Your side hustle is overtaking over your day job
Do you find yourself devoting work hours to your side business? If your side hustle is a small business rather than a job in the gig economy, you may find as your business gets a name for itself and begins to scale it begins to encroach on your full-time work.
If you want to make the most of this success you will need to devote more time to your side hustle – and that could mean it’s time to quit your day job. Crunch the numbers. If the figures add up and it seems like your job is causing you to miss out on new financial opportunities to grow your business, it could be time to give your day job the flick.
You have a nest egg
Starting a small business can be an expensive enterprise. Before you decide to fly solo, you need to ensure your finances are in good stead. After all, you’ll no longer have that buffer of a weekly or monthly pay check.
Having a nest egg of savings tucked away for a rainy day is especially important when you are taking your side gig to full time, as you’ll now be dependent on the earnings from your business. Do your sums. Calculate your incomings and outgoings. Do you have enough money put aside should the business not kick off as quickly as anticipated?
You know the basics of business
Understanding the basic business fundamentals is essential for anyone about to take their side hustle full time. There are a lot of regulations small business owners need to know to remain on the right side of the ATO and the law.
Everything from GST to BAS to public liability insurance and workers compensation – if you’re stepping up to full-time business owner you need knowledge of the basics. Are you planning on applying for finance? You’ll need to be able to forecast your cash projections? Will you take on staff? Then you need knowledge of awards.
Have you registered your business name? What about a trademark? Presumably, you will have dealt with some of these issues already while working on your side hustle – but further knowledge is needed when taking your gig full time.
So, what do you think? Is it time you ditched the daily grind to pursue your passion project? It’s a scary thought, right? But if all the signs seem right, maybe it’s time to say goodbye to the 9-5.