There is a real sense of achievement when you can look at your side hustle and think that it is ready to become your main income, hand your notice in at your job and make a true career for yourself. However, there are some areas that you may need to think seriously about before you take that plunge.
The freedom it will give you
Although many think that it is a dream to work for yourself due to being able to decide when you can work and what time you can have off, there is also a lot of stress and hard work involved.
When you are employed, you are basically being paid to turn up for a job and not for the amount you can do within that day or for the time allowed. When you are working for yourself, you are only getting paid for the work you are currently doing. So with this in mind, if a job takes you twice as long to complete, you are only earning half your chosen wage per hour. If you find that you have a shortfall in work or when you take a holiday or are unfortunately sick, you will not be paid, though you might very well be if you were in full-time employment.
However, working completely for yourself will give you a lot of freedom, not only just in spare time but also within choosing the hours which you will work and when you will have time for other more mundane pastimes such as going to the dentists, doctors, or hairdressers to name but a few.
It is important to remember that if you have no work, you will not get any money and have some kind of insurance so that it does not jeopardize your home should this occur.
Being totally responsible for your finances
Being totally responsible for your finances can either be a godsend or a total headache depending on what type of person you are and how well your business is going.
If your business is flourishing and money seems to be pouring in, then it is probably a godsend as you will not have a fat cat sitting on your shoulder taking all the cream. However, if your business has not got to that stage, scraping around for dimes and loose change to keep all your plates spinning can seem totally horrendous.
There are, however, ways in which money can be scraped from the corners of your expenses to help give you a little more leeway, and these can be taken advantage of, even if your business is thriving.
Take some time to shop around for utility suppliers offering better deals than you are currently getting. If you have not got the time for this, as time is money and even more so if you are struggling, you can go to websites such as https://www.businesswaterquotes.co.uk/. Websites such as these will do the running around for you and supply you with quotes from energy suppliers so you can see which one will offer you the best deal.
Hiring others to help your business move forward
Hiring subcontractors to help your business move forward can be another way to save money as you will only be paying for the time they spend on your work rather than recruiting employees you will have to pay by the hour.
This means that you can potentially get the subcontractor’s expertise for a lot less than you would normally pay an employee of the same knowledge level.
You will probably be surprised at the amount of scope available on the subcontractor list, from virtual assistants to staff writers, lawyers and accountants, and many more.