Are you considering taking the leap into full-time entrepreneurship but not sure when would be the right time?

If you’re dreaming of transforming your side gig into your main job, you’ve most likely held back because you’re worried about factors such as, What if I’m acting prematurely? What if it doesn’t work out after all? How will I support myself and my family long term through making this gig full-time?

Sure, the traditional employment model provides comfort and stability for your career and finances, at least from a short-term perspective.

But when you consider the long-term, it’s easy to see how unstable the job market can be; and through simply looking over your LinkedIn feed over the past couple years, you can see just how easily employees can be disposed of in mass layoffs, or mandated to return to offices with little other choice. This makes pursuing your own venture and expanding your existing side hustle to make it full-time all the more appealing.

When Is The Best Time To Make My Side Hustle Full-Time In 2024?

But how do you know when it is best to start the transition, and what should that career move look like?

There are some people who become happily accidental entrepreneurs—that is, they are working their full-time job and their side gig becomes so wildly successful without them intending to, that they are forced to either quit their job to maintain it, or sacrifice their side hustle.

However, although this can happen for you, in most cases you will need to create a plan and be more deliberate and strategic.

Forbes18 High-Paying, Part-Time Remote Jobs For Freelancers In 2024By Rachel Wells

1. Set Financial Goals

Before deciding to take your side hustle full-time, you need to define what your financial goals are. This will give you a benchmark of success to work towards, and also enable you to not fall into unnecessary debt or financial emergency. Calculate how much you will need each month to cover your living expenses, tax, any investment you make into your side hustle, and any other essential budget items.

From this analysis, create a target for how much revenue and profitability you will need on a monthly basis for your side hustle to financially make sense as a full-time job.

You should also use this figure to work out how much you will need to pull from your savings account to support yourself for at least six months, or if you have no savings, work towards a plan to continue your job to save enough money to cover necessities for six months once you leave it.

2. Get Serious With A Business Plan

The next step is to treat your side hustle like a real business. This is no longer one of those things you’re doing as a hobby, for fun. Now that you want to make it full-time, you should take it seriously, like a full-time job, and develop a business plan that outlines your target audience, growth areas, and a roadmap so that you have clear goals to work towards.

3. Establish Multiple Streams Of Income

Relying on one source of income is extremely risky. What if your side hustle, which you have dedicated so much time and resources to, no longer continues to be profitable for one reason or another? What if demand slows down and interest dries up? What if your side hustle is related to something you can physically do, such as singing, speaking, or moving in some way, and what if an accident happens and you become disabled or are forced to no longer continue this activity due to the physical nature of the work?

This is why it is essential to identify different ways to turn that side hustle into a cash cow, even when working on it full-time, so that you have something else to fall back on in case the worst case scenario happens.

4. Invest In Your Skills

To effectively make the leap into making your gig full-time, focus on what will set you apart from the crowd. Your niche skills and expertise, together with a proven track record of tangible success, it what will give you a competitive edge over other freelancers providing the same product or service as you. Take time now, before going full-time, to upskill or reskill, add to your certifications, attend bootcamps, and invest in training so that you can deliver more value to your clients and be seen as a credible professional.

5. Build A Consistent Client Base

One strong indicator of when you should take plunge into full-time entrepreneurship is how loyal and extensive your client base is. Develop long-term relationships and partnerships if possible, and find ways to offer incentives that keep them coming back and that induce word-of-mouth marketing for your services. It probably should go without saying, but you won’t have stability in your finances if you don’t have a stable stream of clients.

6. Build Your Portfolio And Personal Brand

Finally, don’t underestimate just how invaluable a portfolio can be to your career as a freelancer or full-time entrepreneur. A portfolio, combined with a strong social media presence and personal website, will help you develop authority in your field, build trust with future clients, and make it easier for you to make the transition because the foundation has already been laid.

Turning your side hustle into a full-time job is not a quick or easy exercise by any means. It requires careful, strategic planning, and financial preparedness. Plan in advance and ensure you set up the foundation for your long term success, accomplishing as much as possible in the time you are still working at your full-time job, before you hand in your notice and make the jump.