Episode 11 – HOW TO PREPARE YOUR BUSINESS TO GO FULL-TIME. If you consider taking your side hustle to the next level, this episode is for you.
Kenzie is ready to ditch her 9-5 job. She needs tips to prepare her business to go full-time.
I launched my side hustle a year ago, and I’m thinking of quitting my 9-5. Many people around me think it’s crazy to think about it, but I’m ready to be my own boss. But before I dive in, I need to confirm I’m making the right decision. Can you share your best tips for preparing my business to go full-time?
Here is what you can do.
Get legally legit
When you started your side hustle, you were probably still testing the waters on this business idea… but it’s time to separate your business and personal finances. If you separate the two, it will be easier to track your profits and expenses. It’s also an essential part of protecting yourself personally!
Invest in the skills & tools needed to succeed
Do yourself a favor and don’t wait until you feel completely frustrated and out of ideas before finally investing in your business.
Investing in your business early on and even before you feel ready will help you skip YEARS’ worth of trial and error, allowing you to grow your business (and, therefore, your income) much more quickly.
The best measure of value is how much you’ve invested in your professional development.
Come up with a financial plan
Figure out how much you need to live on each month and set aside the equivalent of 2 to 4 months. I know you already have clients, and your side-hustle rocks, but what happens if you need to take some time off because you are sick or your kids need you (the pandemic changed so many things for parents with kids when schools closed, and everyone had to do homeschooling).
So, Kenzie, it’s your turn now… What steps must you take before you ditch your 9-5? If you need a specific amount of money, write that down. Don’t forget to add numbers to your answers.
Another tip: Set boundaries before you reach burnout. When you run your business as a side hustle, it’s easy to justify charging less, doing extra work for free, or accepting texts or calls from clients all hours of the day and night.
But now that it is your full-time job, you must set boundaries.
Design your new workweek in your agenda. When you were working from 9-5, you had someone telling you exactly how and when to work, but now you are in charge of your agenda.
Remember that before anything else, preparation is the key to success.