This post is produced in partnership with Gorilla Accounting.
Last week I hit the three-and-a-half year milestone of being a business owner and assuming the role as founder of Tartle Copywriting. And even now, one of my most commonly asked question is how I knew when to take it full-time, how I got started and all of that usual spiel. I genuinely must receive at least eight emails a day asking me these questions, so I thought I’d put together a few quick tips surrounding the topic of how to know you’re ready to go full-time.
You’re regularly making your ideal income
First and foremost, you should be sure that you are able to cover your expenses and comfortably live. This might mean spending some time getting granular with your outgoings and really working out your ideal fees, but if you’re not quite there, here’s your reminder to do so.
A regular income will have a profoundly positive influence on your work as a freelancer as it’ll offer peace of mind and allow you to funnel all efforts into the actual work.
If you’re not quite there yet with your ideal income, why not consider diversifying your income and working out how you can generate passive income streams that are still building blocks or connectors to your end goal?
Could you mass-produce a product and ensure it is well-marketed constantly? Or create a downloadable piece of art, if you’re an artist? Patreon and Ko-fi are also great avenues for generating a little bonus income.
You have a very clear vision and plan
99.9% of the time, the focus is on money and income and having a roster of clients. But another clear way to know you’re ready to go full-time is that you have a clear vision, goals and — most importantly — a plan for taking your side hustle full-time. And perhaps the tipping point is then gaining the extra time to take it all the way.
Outsourcing tasks or roles was a game-changer for Tartle Copywriting and I. I’d reached a point in my business where I was no longer able to work the hours I’d set for myself, AND continue spinning the plates.
Accounting and admin tasks were a huge time suck. I’d spend 4-5 hours a week sifting through receipts and making sense of numbers, never mind the horror when tax season rolled around. Hiring an accountant and a paid intern made SO much sense and now I can confidently say it’s made the world of difference too.
I can spend my business hours (that I set for myself) taking care of the work and of my clients, leaving the other parts ticking over at their own pace. Unsure where to begin? With Gorilla Accounting, you can have your very own in-house accountant who’ll handle all things finance for you at £89+VAT per month, whether you’re a creative business owner, freelancer, shop owner or even influencer. They specialise in accounting for individuals who work for themselves.
Your current full-time gig is no longer fulfilling
Lastly, I’m a strong believer in ‘just taking the plunge’. Your sink or swim mindset will kick in if it needs to, but I absolutely believe that YOU — yes, you, reading this — can take your side hustle full-time if you’re passionate enough about it and if you believe in its goals.
If there’s one thing I’ve learned in the three-and-a-half years I’ve owned my own business, it’s that life is too short to pursue the things you don’t find fulfilling. I felt it in my old job, and I’ve even experienced it during my time as a business owner. I tackled that by removing services that no longer served me, even if it served my clients, and I wholly believe that when your ‘work’ is fulfilling, great things come your way.
Are you currently pursuing a side hustle? Do you feel close to taking it full-time? Or perhaps you’re a biz owner or freelancer: when did you know you were ready?