Over the last year, with time on their hands, many people decided to start up a small business for extra income, or for something to do while stuck inside.

For some, this has led to the realisation that their side hustle gigs have the potential to be full-fledged careers. This can be an exciting transition, but it also calls for some serious thought. Here’s a look at a few things you should consider before diving in.

1. Do You Have What You Need?

When you work as a freelancer or company director, you run your own business. Even if you’ve been working from home for a while, you might not have all the gear you need to sustain a business for yourself. For example, many businesses offer company-owned computers to their remote employees.

If this is the case for you, you’ll need to get your own computer before striking out. Other gear, such as a standing desk, comfortable chair, and noise-canceling headset can also go a long way toward supporting this career shift. Create a business wishlist and pick up the tools you’ll need to thrive.

2. Are You Prepared to Budget? 

Traditional employees and small businesses have very different needs when it comes to creating their personal budgets. When you work for a company, you can be reasonably certain you’ll bring home the same amount of money month-to-month.

With freelance work, or starting out on product sales that’s rarely the case. Income is a lot less predictable, and you’ll want to have a larger emergency fund as a result. You’ll also need to set money aside for taxes — a third of your income should be enough, plus some padding.

3. Is Your Space Conducive to Work?

If you just started working remotely in the last year, odds are you thought it would be a temporary arrangement. When you are your own boss you can work from whatever environment is best. At home, this is ideally a dedicated office with a door. It might seem like giving up precious space, but being able to close the door on work at the end of the day is well worth it.

You can also consider checking out local shared workspaces. A shared workspace is perfect for people who want the freedom of carving their own path but don’t want to give up the work-life separation that comes with an office. It’s also great if you just need a change of environment — new surroundings can do wonders for knocking down creative blocks. Many spaces offer day passes.

4. Can You Self-Manage?

If the main thing keeping you on track at work is your weekly check-in meeting, you need to do some serious soul-searching before you dive into working for yourself. When you’re self-employed, you only have to answer to yourself. This is freeing, but it also comes with a heavy dose of responsibility. If you don’t stick with your deadlines and follow through on your work, you’ll lose customers and money — simple as that.

If you’re not sure you have what it takes, consider investing in some sort of task management system and using it with your current workload for a couple of weeks. You can use a digital system that syncs between devices or something physical like a planner or notebook. Indeed, if you try one style and it’s not working, try the other — it may take some trial and error to find the time management tool that’s best for you.

5. Will You Protect Your Mental Health?

Finally, the leap to self employment should always include a commitment to protect your mental health. Freelance comes with a lot of freedom, but some people — particularly high-achievers — can take that freedom in a dangerous direction. It’s easy to take on as much work as you possibly can in order to boost income or even just to test your own limits. Resist this urge — it’s bound to backfire.

This piling on instinct is one reason freelancers are especially susceptible to burnout. Commit to giving yourself time away from work — you can literally schedule in your personal life, if necessary. Block out time in your calendar for you. Allow yourself to be fully off the clock — that is, no checking of emails or mentally running through tasks — in order to give your mind time to rest and recharge.

Taking your side hustle full time can be incredibly rewarding, and an excellent career choice, but it comes with drawbacks. Take time to consider the pros and cons, and honestly ask yourself if it’s the right step for you before diving in. If it is, we hope this article helps you create a business you can be proud of!

 
So, my question to you is:

Are you ready to take your business full time?

If you are looking for professional design services for your brand, connect with Sarah Denise Studio.

Book a free consultation today to chat processes, design, branding and more or drop me a mail at sarah@sarahdenisestudio.com.

Sarah Denise xx

With thanks to Lance Cody-Valdez at https://free-lance-now.com/ for his assistane in this article.