If you’re a business owner with a side hustle (or want to become one), you need to know when it’s time to call the side hustle full time.
What is a Side Hustle?
As the name implies, a side hustle is something you do in addition to your main job. It can be a part-time job, a hobby, or something you do in your spare time.
A side hustle is a great way to make some extra cash, for example, if you have student loans to pay off you would probably want to refinance your student loans using websites like this one https://www.sofi.com/refinance-student-loan/ so that you can pay back your loans with your side hustle effectively and in the best way for you.
Whilst you might think that any side hustle is a long shot to become a full-time business, that’s not necessarily the case. A side hustle can be a great way to test a few ideas before you start expanding your business, or it can even be a great way to get you started. And as long as you have a solid plan in place, even the smallest side hustle can turn into a full-time business.
The idea of a side hustle is to earn money on the side to supplement your full-time income. Sometimes the side hustle can be more than just a secondary income. It varies from person to person. For instance, if you enjoy working in a salon (look for barber careers) and love cutting and trying different hairstyles, you may consider it more than just a side hustle. The idea of an extra income coming in on top of your full-time job can be confusing. What is a side hustle? What qualifies as a full-time job? And what are the legal issues that must be addressed before you can consider your side hustle a full-time job?
When Is A Side Hustle Can Be Considered As A Full Business?
This is a surprisingly controversial topic – and one that can be a bit of a minefield if you’re not quite sure how to approach it. So, let’s clear that up first. A “side hustle” is a small business you run on the side of your full-time job – often, a business that has a side-job-like income but is not your primary source of income. Side hustles are a great way to build financial security and create extra income without taking on extra responsibility.
All too often, we focus on individual side hustles as a means to an end. They may be fun but not necessarily profitable. In other words, they are activities used as a distraction or a means to supplement our day jobs. However, it is possible to use your side hustle as a full business.
One big debate in the “side hustle” world is whether side hustles should be considered a “full business” without the proper legal structure. Some people believe that you are a “full business” the second you start earning money from your side hustle. But, another school of thought says you need to have a valid business structure such as a corporation, LLC, or S-Corporation before you can start collecting income from your side hustle.
Many successful people have their side hustles in full swing and are a source of income that exceeds their primary jobs. Some even set up their side hustles as companies and operate them as full enterprises.
Turning Side Hustle into A Full Business: Things To Consider
One of the most important considerations when deciding whether to make your side hustle a full-time business is whether you are planning to quit your job. If you are like most side hustlers, the answer is yes-you plan to quit your full-time job to pursue your side hustle full-time. But what if you are not sure if you can afford to quit your job? If you have a full-time job with benefits, you may be able to take a few weeks, months, or years to put your side hustle on the back burner.
As you begin to branch out into the world of side hustles, you may start wondering whether you should take them full-time or only part-time. It’s a good question, but it’s not an easy one to answer. Ultimately, it’s a personal choice that depends on your motivation for going into business in the first place. The key is to consider what you hope to gain from your side hustles, as well as your ability to handle whatever life throws your way.
One other thing with side hustles could be that you are not only earning for yourself, but also providing employment for others! However, you might have to do more research on the various aspects of the business that come within the ambit of being an employer, such as providing insurance, worker’s compensation (firms like https://www.larrimer.com/ could prove helpful in this domain), salary prospects, etc.
Nonetheless, One of our readers recently commented their side hustle – selling mushroom capsule supplements on eBay, and pocketing the profit between the cost of the goods at wholesale prices, and the selling price on eBay. Their journey was extremely detailed, right through finding wholesale mushrooms capsules online, to building a brand, to selling on eBay and then expanding into other supplement ranges. A winning formula for turning a side hustle into a business!
There are so many opportunities for business owners and side hustlers to start their own businesses that it can sometimes feel overwhelming. The question is: what do you focus on? There is no right or wrong answer, but it’s always a good idea to focus on what you want your business to be. That way, you’ll know you’re working in the right direction.