In today’s ever-evolving job market (not to mention the economy), many people are starting to realize that a good side hustle could be very helpful. A side hustle is a job you do in tandem with your full-time job that allows you to explore your passions a little more (ideally, at least) and bring in some more money. 

Of course, the best side hustle is one that doesn’t interfere with your main job at all. You might have to dedicate a little time during the evenings and weekends to keep it thriving, but that should be all. 

But what happens if it starts to become bigger than that? What happens if you think your side hustle might actually be more like a full-time job?

There are actually a number of things you’ll need to decide and put in place if this is the case, but the first thing to determine is whether or not your side hustle really is ready to become your full-time job. With that in mind, here are some ways you can tell; read on to find out more. 

Consistent Growth And Demand 

One of the biggest signs that you should turn your side hustle into a full-time job instead is if there is consistent high growth and demand for whatever it is you’re selling. The last thing you’ll want is to quit your day job and lose the safety net of your income to sell something that people don’t seem to really want after a while. You’ll need to do plenty of research and forecasts and have contingency plans in place to help you diversify just in case your customer base starts to dwindle. 

Something to be aware of that will help you understand if the demand for your side hustle is enough to make it a full-time job is to look at your revenue. How steady is it?

You will need a steady revenue for at least six months to prove that your business can bring in the money you need to pay you and pay for itself. Analyze your financial records to see if the revenue you are making is going to mean your side hustle will work for you in the long term. 

You can also think about whether the demand is growing. Steady demand is a great thing if it is bringing in the money you’ll need – and that amount will be different for everyone – but if that demand is growing (and has been for some time) and you keep getting more and more customers, this is a great sign that your side hustle has the potential to be something more. 

Time Constraints And Commitment 

It can be a real challenge to balance a successful side hustle with a full-time job. It can come to a point where you just don’t have the time to do both anymore, simply because your side hustle has become much bigger than you thought it would or even intended. 

There are some ways to save yourself time. Technology will be very useful, and using tools like an Amazon repricer can help hugely by tapping into the market and adjusting your pricing according to your competitors and other factors.

Doing this yourself would be massively time-consuming. This is just one example of technology that can help, and the truth is that the more you can automate, the easier things will be. 

However, if you are finding it harder and harder to commit to your side hustle because it’s growing so much, this is certainly a sign that you need to consider whether this should become your full-time job.

When there are only so many hours in a day and you’re finding it hard to fit everything in, something will have to give, and if the circumstances are right, it might be that your main job is what has to go so you can focus on your side hustle and keep it growing. 

It’s also worth thinking about the passion and motivation you have for your job – both of them. We can easily fall into professions and careers we don’t really like due to need and opportunity at the time. The problem is that we can become trapped and never really feel fulfilled.

If your side hustle is something that you’re passionate about and you have much more motivation for that than for your main job, it’s well worth looking into the steps you would have to take to turn your side hustle into something more robust. 

In other words, even if your side hustle isn’t making as much money as your full-time job is, if you have the passion and motivation needed, you’ll work hard to build it, and not having a full-time job to get in the way and cause you additional stress might just be the answer.

Of course, it’s wise to have a few months’ worth of savings to help you if this is the path you want to go down, otherwise you might find you have to get another full-time job again, and your dreams could be delayed indefinitely. 

Market Research And Competitive Advantage 

If you want to be sure about whether or not your side hustle has the potential to become a full-time job for you and whether now is the right time to do it, you need to understand the market and know that you have a competitive edge.

There are many small businesses starting up, and you’ll need to compete with at least some of them – which ones will depend on what it is you’re selling and what sector you happen to have a side hustle in. 

You must know that your side hustle has market potential, which is why market research is so important. This won’t just help you with the here and now, but it should also give you an insight into the future and allow you to work out how you can stay relevant for years to come. 

To help you stand out in a very crowded marketplace, you’ll need to work out what your competitive advantage is. It might be that you know instantly and that you can put it to good use in your marketing and how you run your business.

If that’s the case, that’s a good start. However, if you don’t know what your competitive advantage is, you need to find your USP before you can turn your side hustle into a full-time job. 

Your USP – unique selling point – is what makes you distinct. It’s what will make people come to your business over and above anyone else’s. When you have this in place, and you’re happy that you can fulfill this idea for many years to come, your side hustle could be ready to transition into something more. 

Risk Assessment 

No one wants to think the worst and assume that their business is going to fail, but this is certainly something that does happen, and it can be devastating when it does, not just financially (although that is a big part of it), but emotionally and mentally too.

Therefore, you will need to carry out a thorough risk assessment of your side hustle to determine where the problems might lie and how to solve any challenges that come your way, and that could threaten your business. This is actually important even if the business remains a side hustle – failure would still be upsetting and disappointing – but it’s absolutely essential if you decide to make your side hustle your full-time job. 

Once you know what the threats and challenges are, you’ll need to create a plan for dealing with each one. In many cases, this will come down to money, so it’s wise to start saving in an emergency fund as soon as possible, and certainly before you take your side hustle into the mainstream.

In this way, you’ll have some breathing space to think and regroup if things do go wrong – or you’ll have the money you need to see you through until you find a new job if the worst happens and your business ultimately fails.

Work-Life Balance 

We’ve talked about being busy and work taking up all your time, and to combat this, it’s crucial to have a good work-life balance. Could your side hustle be what gives you that?

It’s true that when you begin a startup business, there will be a lot of hard work to start with and potentially some long hours to work, but if you started that business as a side hustle and the hardest work is already done, it might be that you can settle into the ideal work-life balance much sooner, enjoying life as it is meant to be enjoyed, and not working every second of it. 

The work-life balance is something that might not seem overly important, but that actually makes a big difference. A poor balance can lead to mental and physical health issues, not to mention not enjoying life as much as you could.

Have a good balance, and everything changes for the better. So if your side hustle as a full-time business could bring you that balance, it could well be worth the work to make it happen.