Expert Q&A: How Do I Know When to Move From a Side Hustle to Being a Full-time Entrepreneur? by Jeff Krasno

Expert Q&A: How Do I Know When to Move From a Side Hustle to Being a Full-time Entrepreneur?

Q: "It's really hard to work fulltime and also try to grow my side business. How do I know if I'm ready to move from having a side hustle to becoming a full-time entrepreneur?"

A. You need to engage in an honest personal inventory. Put aside some time to reflect, and then write down the answers to these following questions:

  • Most start-ups require constant attention in the early years. Your work hours may bleed into nights and weekends. Do you have the available time, energy and stamina to do this right now in your life?
  • Do you have a high risk tolerance? If you’re going all in, then your risk tolerance should be pretty high. If other parts of your life are stable, that helps.
  • Do you have enough money saved to maintain your lifestyle even if your new concern takes longer than experience to get its legs?

If you can answer these questions in the affirmative, then that’s a good indication that you’re ready to take the plunge. 

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I definitely want to take the plunge. Great answer!
Elisa A. Schmitz 30Seconds
It's always hard to know exactly when to take the leap, but finances are certainly a huge part of it, especially these days when there's so little safety net. That's where risk tolerance is extra important. You also have to ask yourself if you're "all in" on this idea. Do your research and make sure the market is there. Passion is important, but it has to be backed up by data before you fully commit. Many thanks for the great insights, Jeff Krasno !
Gwen Johnson
Great advice. My sister-in-law is struggling with this same issue.
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