When is it time to transition from your day job to full time into your side project?
If you work for an employer during the day but are into running a side project through late nights and weekends, it is at times tempting to jump the gun.
But, hold that thought. Here are some of the things that you need to check out.
Up until now, your side project has been a labor of love. Without the pressure of depending on your hobby for income, you’ve been free to focus on the work side of your business. But this transition changes the whole picture.
Luckily, for figuring out if your side project has long-term viability, you only have to find a definitive answer to a very simple question: “Can this really work?”
If you pay attention, you will notice some signs that might suggest your side project may be ready for jumping in full time.
- You’ll have some success with word-of-mouth marketing. Word-of-mouth success is a sign that you’ve identified a need in the marketplace.
- It takes on a life of its own—even if it’s a small one.
- It’s already profitable. With low overhead, no office, and customers, you should have no problem turning a profit in your efforts.
- Its earning money equivalent to your salary in your day job.
- Its earning enough money to fund itself. A successful project could fund and launch your business.
While these signs may be noticed at some point or other in your side project journey, when you make the transition happen is another thing.
Every entrepreneur has a different opinion on this subject matter. Some feel that it’s better to jump in the water like a swimmer doing a cannonball to avoid procrastination. Others prefer the “dip your toe in the water” method of slow matriculation.
Sometimes, the timing never seems right. But, if you see some of those signs, and if you think you are ready for the transition, the best time is now.