The Freelancer's Roadmap to Success
Many people start side hustles as a way to add some extra cash into their budget or to pursue a passion project they're excited about. But what if you want to take your side hustle to the next level and make it your primary source of income? If you're thinking about making the leap, it's important to set up your business for success from the get-go. Here are some tips to help you plan for your transition from side hustle to full-time freelancer.
Choose a side hustle that fits with your schedule. While it may seem tempting to choose something that requires a lot of time and energy (think dog walking, real estate, or babysitting), these jobs are often difficult to juggle with your day job. In fact, a recent survey found that almost 9 out of 10 people with a side hustle reported sacrificing some aspect of their lifestyle to pursue their business. Whether it was working more nights or weekends, cutting back on exercise, or spending less time with friends and family, these sacrifices can be tough to make.
Establish a system for tracking your income and expenses. Make sure you know how much you're earning from your side hustle and what the costs are associated with running your business. This will help you determine if it's financially viable to make the switch from side hustle to full-time freelancer.
Aside from a financial plan, it's also crucial to have an actionable strategy for getting new clients. Depending on your industry, this could include creating a website or social media profile for your business, signing up for gig economy apps like Uber, Lyft, or AirBnb, and promoting your services or products through these channels.
Having a solid portfolio and network will also help you feel confident in your decision to turn your side hustle into a full-time career. But don't be afraid to take a risk and start reaching out to potential clients before you have the perfect portfolio in place. The more you reach out, the more likely you are to land a gig.
Save up enough money to cover your expenses in case your business has a downturn. You may experience feast or famine as your client base fluctuates, and it's important to have some cushioning to fall back on.
Once you're ready to make the jump, it's important to remember that entrepreneurship is not for everyone. Be prepared to work hard and commit to your business for the long haul, and make sure you're passionate about what you're doing. You'll be more likely to show up for your customers and your business if you love what you do. In the end, if you're willing to put in the time and effort, it can be worth it to make the leap from side hustle to full-time freelancer.
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