You’re working your demanding 9-5 while trying to grow your service-based side hustle into a full-time online business, and the question that keeps coming to mind is, “When do I make a move and go all-in on my business?”
You’re waiting for that sign or someone to tell you that NOW is it. It’s time.
However, deep down you know the ball is in your court- no one will make this decision for you.
So how do you determine when the RIGHT time is to take your side hustle full-time?
Aside from personal factors that are unique to you (personal obligations, family obligations, etc.), there are key components that you need to start considering NOW that will aid you in determining when to give notice at your 9-5.
First and foremost…
The #1 thing that will prevent you from giving notice and taking your side hustle full-time?
Your mindset is the gatekeeper of your success. It will either propel you forward or keep you exactly where you are.
When I mention this as the first component to work on now as you plan for your 9-5 exit, I’m often met with criticism and hesitancy. Why? Mindset is often overlooked as a significant factor when deciding to leave your full-time job. However, it’s the first thing you need to nail down in order to make the move and give notice.
Mastering your mindset goes beyond just leaving your 9-5, it will also be critical in gearing you toward success as you continue to scale your business. Honestly, mindset work is needed in all phases of business- the challenges will never stop coming, so your mindset will always be a critical factor in your success.
What’s the first thing you need to do to begin developing a solid CEO mindset?
Define your WHY.
This is one of the first things I work on with clients.
Why do you do what you do as a service provider?
- Is this something you’re innately good at?
- Is this something that you’re passionate about?
- Do you have a lot of experience in this space?
Why do you choose to help who you help (i.e. the audience you choose to serve)?
- What is it about this population that you enjoy?
- Why do you want to serve this type of audience?
What drew you to solve this specific problem for others?
- Did you experience this same problem before?
- Do you see this as a common problem for this audience?
Why do you want to scale your business full-time?
- What do you want for yourself?
- How do you want your life to look?
Dig deep. It’s rare that the first answer that comes to mind is the root of it. Keep asking yourself “why is that important?” until you elicit an emotion. This emotion can be pure joy, excitement, tears, etc. Don’t stop until you get there.
There is meaning here.
You didn’t wake up one day and make these decisions. Once you’ve answered these questions, write them down somewhere. Your “why” will keep you grounded when you face business challenges, and if there’s anything I can guarantee when it comes to business, it’s that you will face challenges repeatedly during your journey. Big, small, and everything in between. Your “why” is the foundation of building your CEO mindset, and it’s something you need to start developing NOW before you take your side hustle full-time.
In addition to developing your CEO mindset, there are 3 factors that you need to nail down NOW before you leave your 9-5.
Auditing your finances can be a scary and intimidating activity, however, it is necessary to fully understand your financial situation before leaving your 9-5.
Numbers = knowledge
Take the time to assess yours so you can leave your 9-5 with confidence.
When looking at your finances, take into consideration the following:
- Debt: What debt do you still need to pay off? How comfortable do you feel with this? Are there ways you can pay off more now?
- Monthly expenses: What do you need in order to maintain your lifestyle? Consider mortgage/rent payments, utilities, gas, groceries, “fun” money, bills, etc.
- Savings: What do you currently have in your savings? How long will your savings cover you if you were to leave your 9-5 now? How much do you want to have in your savings before leaving your 9-5 (most prefer to have 3-6 months’ worth of their “monthly expenses” saved)?
- 401K: If you’ve been contributing to a 401K at your job, what do you want to do with these funds? Talk with a financial advisor to find out your options.
- Insurance: Will you need to purchase your own health insurance, or can you go on a spouse’s plan? Factor in the expense if you need to purchase your own.
- Anticipated expenses: Life happens, and changes in business happen. Make sure you’re considering anticipated expenses so you can have a buffer.
Choosing your exit date
Now that you have a clear understanding of your finances, it’s time to choose your exit date!
Sounds simple, but this is where many struggle.
Choosing a date makes it feel real, and that’s the point!
When you choose a date, you are now holding yourself accountable for taking the action needed to leave your job on that date.
Want to add extra accountability? Tell others. Friends, family, etc. Tell those who will keep checking in on you and hold you accountable as well.
Once a date is chosen, I often get the question, “When do I tell my boss?”
This will be different for everyone, and highly dependent on the company’s notice policy and the relationship you have with your boss.
- If you have a trusting, healthy relationship where you can be transparent, go for it! Tell them ahead of time so you can assist with the transition process for whoever will backfill you.
- If you do not have that type of relationship with your boss, hold off. If you think telling will bring immediate risk to your position, give the required notice and don’t share anything before then.
Only you will know which is best for you.
Lastly, I want to make sure I touch on the #1 mistake corporate side hustlers make when trying to decide when to go full-time with their business…
…thinking there is a “perfect” time.
There is no “perfect” time.
We all wish there could be a sign, or someone telling us that “now” is best.
Thinking there is a perfect time will keep you stuck exactly where you are- safe and comfortable in your corporate job.
Nail down your CEO mindset, the 3 factors to consider NOW before you leave your 9-5, and stop thinking there is a “perfect” time.
Each of the above will get you that much closer to making the transition you desire to turn your service-based side hustle into a full-time online business.
Ready to turn your service-based side hustle into a full-time online business so you can experience time freedom doing work you love?
Join my FREE Masterclass “How to Turn Your Service-based Side Hustle into a Full-time Online Business” on June 15th where I will cover:
✅ How to overcome the 4 limiting beliefs that are preventing you from turning your side hustle into a full-time business
✅ Common mistakes corporate side hustlers make that keep them from going full-time with their business
✅ 4 C’s of the Side Hustle to Main Hustle Methodology
✅ You’ll learn how to embody a CEO mindset, attract dream clients, simplify your systems and processes, and master sales calls!
Hot seat coaching at the end- get your questions answered!