If you’re dedicated and willing to make the sacrifices needed to turn your side hustle into a full time business, keep these COREageous tips in mind:
1. Is your side hustle something the market needs and wants? Or are you hoping to create a market for your product or service? Do your market research.
2. A 2019 Hiscox Side Hustle to Small Business survey (hiscox.com/sidehustle) showed that it takes 19 months of operation before you consider quitting your day job; 26 months before you could hire an employee; and 3 years before you can expect to earn an income similar to your day job.
3. Get some money management help to budget your expenses. The survey said to secure 6-12 months or more of living expenses in savings.
4. The survey recommends that you look into small business insurance to cover any liabilities you could incur in the process.
5. Are your executive functioning skills and routines solid enough to lop on a side hustle? That is your ability to get things done, done well and on time with as little stress as possible. You’ve got to be organized and disciplined to make the best use of the 20 hours or more a week you’ll need for a side hustle. If not, consider CoreCoaching to help you be the CEO of you! Contact me at [email protected]