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September 23, 2016

When is it time to pursue your business full time?

How to know when it's time to take your small business full time by Steadfast Bookkeeping
Most of our clients are creative business owners who have been operating for a year or more. But, many of those entrepreneurs started their company as a ‘side hustle’.  They were weekend warriors or stayed up late to fit in their freelance work in addition to their full time jobs. Millennials are known as the side hustle generation, with good reason. But, how do you know when the time is right to pursue your side hustle full time? You can look to your numbers, and your bookkeeper, for direction. Here are a few indications that your business is ready to stand on its own:

  • You’ve been making a steady income that has exceeded your expectations of earning some extra cash to supplement your full time job. You can cover your living expenses as well as expected business expenses for at least the next nine-twelve months.
  • You’ve developed a business system for invoicing clients, collecting payment, recording payments, and retaining existing clients.
  • You have a plan for the future of the business including the services you will offer or add to over time, you have ways of reaching new customers, and you have long term goals financially and creatively.
  • You’re committed to the lifestyle of being a full-time entrepreneur. You’re aware of the responsibilities of managing your own time, potentially hiring employees, seeking collaborations with other creatives, and you embrace outsourcing the tasks of owning a business that you’re not equipped to handle.
  • You have a strong network that you can turn to with questions. You know others in your industry and feel comfortable reaching out to them when you are unsure of something or need someone to talk to. Most independent creative small owners work from home, and that can be a little isolating. You understand this and have a plan for how you will adjust.

Do any of those points sound like you? Have you been considering making the leap to full-time? If you’ve been through this before, how did you know you were ready?

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