The decision to take the leap from a regular nine-to-five to full time entrepreneurship is a big one. But if you’ve been working a side job for a while hoping to grow it into a successful business, you’ve probably been anxiously awaiting the day that you can finally work for yourself full time. But how can you tell the time is right for you to transition from employee to business owner? We’ve outlined our 7-signs below to help you arrive at an answer.
Sure, talent and ideas are important, but it’s the long-term dedication to see them through that helps the most successful entrepreneurs turn their vision into reality. It takes plenty of sustained energy over time to build a business, and you need to consistently show up for yourself. That means continuously setting – and sticking to – your own deadlines.
You’re Working Your Network
Self-promotion isn’t easy, but it’s necessary in order to take your business to the next level. Share your passion with your family, friends, and colleagues, and let them know what they can do to help you make your dreams a reality. Things like referrals, reviews, and recommendations can help you build a solid foundation for your company to grow.
At the same time, be on the look out for new ways to expand your existing network. Things like coworking can be a great way to connect with – and learn from – other successful business owners in your community. Try it free, today!
Your Day Job is Taking a Hit
If you’re working overtime on your side hustle you’ll need to be careful that it doesn’t start creeping over into your day job. If it does, and you’re regularly falling sleep at your desk after being up late working on your passion project, that could be a sign that you’re ready to take the leap to full time entrepreneur.
You’re Burning Out
It can be a challenge to complete extra work on the side when you’re already doing a nine-to-five. If you have to sacrifice all of your “free” time and then some in order to accept projects that are vital to growing your side gig, you may want to consider transforming your side hustle into a full time thing.
You’re Making Money
If you’re ditching your day job in favour of your side hustle, you’ll need to make that your new primary source of income. That means you need to grow your part time gig to a point that it closely matches the salary of your day job, or be willing to make some adjustments to your lifestyle to reflect a (temporarily) lower income while you work to build your business.
You’re Willing to Take a Risk
Stepping away from the predictability of a steady job can be scary. But if you’re resourceful enough to take on a side hustle in the first place, you’ll likely be able to adapt to overcome any obstacles that you face as you develop your company. Don’t let the fear of the unknown hold you back from working towards your dream.
You’re Not Afraid to Seek Help
The image of the lone wolf entrepreneur is a myth. The most successful business owners have a powerful team of people behind them: their employees, their network, their colleagues… you get the idea. If you don’t know something, don’t be afraid to ask. Reach out to others who have relevant expertise that can help propel your company towards success.
We have plenty of experience working with new business owners and start-ups, and love seeing our clients succeed. Contact us for a free, no-obligation strategy session. Together we’ll create an action plan for your business that’ll lay the foundation to help you achieve your corporate goals.