Having found a way to make money off your hobbies, there will come a point where you have to decide whether or not you want to quit your day job and make your side hustle your full-time job.
Seth Godin –
The only thing worse than starting something and failing… is not starting something.
A Way To Make Money Off Your Hobbies And Build Sustainable Cash Flow
Eventually, if all things go well (and they will!), there will come a point where you have to decide whether or not you want to quit your day job and make your side hustle your full-time job.
Isn’t that exciting to think about? You really could turn your passion project into a full-time, income producing job! Besides you have already found a way to make money off your hobbies…
So how do you do that?
The final step is to get to the point where you have sustainable cash flow. In other words, you need to have a relatively stable amount of money coming in every month. If you have consistent cash flow, this gives you the option of quitting your day job.
How much sustainable cash flow should you have? Ideally, you want your side hustle to be generating at least 75% of your income. This will give you the flexibility to decide whether or not you want to quit your day job.
When thinking about your income, remember to take into account expenses. You’ll have to pay self-employment tax at the end of the year. You also probably have expenses involved in keeping your side hustle up and running. Take all these things into account when deciding whether to make the plunge.
One important thing to note when it comes to quitting your day job. There will probably be a sense of fear and apprehension around quitting your job. After all, your job offers you stability.
Avoid allowing fear to keep you from following your dreams.
Fear is a big dream killer. If you’ve gotten your side hustle to the point where you’re generating significant income, then it’s time to seriously consider whether or not you should focus on doing it full time.
And consider this. If you’re only doing your side hustle part time and you’re making enough money to consider quitting your day job, think about how much more you could make if you were doing it full-time! Going full-time with your side hustle could actually produce significantly more income for you.
When that time comes, ask yourself, “What is keeping me from taking the leap? What is keeping me from pursuing my dream full-time?”
If the answer is fear, that might be a signal that it’s actually time to go all-in on your side hustle.