Little Disclaimer: While this guide is designed for those considering transitioning from a 9-5 job to a side hustle, it is important to understand that a traditional career path can be fulfilling and powerful. Many find great satisfaction and success in a classical career, and this guide is not intended to diminish the value of a 9-5 job. I have worked most of my life for others.
There's nothing wrong with it.
Leaping from a secure 9-5 job to pursue your side hustle full-time is a significant decision that requires careful consideration and planning. It's not just about passion but also financial stability and strategic timing. Here's a straightforward system we recommend at APEX Consulting to ensure you transition at the right moment, minimising risks and maximising your chances of success.
1. Avoid Quitting Prematurely
One of the worst mistakes you can make is quitting your job without having a reliable source of income from your side hustle. Relying on the hope that quitting will force you to succeed is risky and impractical. Instead, you can start with a cash flow business that generates income quickly without substantial initial investments.
Examples of Cashflow Businesses:
- Freelancing Services: Offer your skills in writing, graphic design, web development, or digital marketing via your website that has also been optimised from a positioning standpoint to ensure prospects convert more easily. These services can start generating income quickly with minimal upfront costs.
- Consulting and Coaching: Leverage your expertise in a specific field by offering consulting or coaching services. These could be business consulting, fitness coaching, or life coaching, and they often require little more than a website and marketing to start.
- Online Courses and Workshops: Create and sell online courses or workshops via platforms like Teachable, Podia, or Learning Suite. Knowing that others are willing to pay for it can be a lucrative and quick way to generate cash flow.
- Social Media Management: Manage social media accounts for small businesses. This requires knowledge of social media platforms and marketing strategies, and it can be started with minimal investment.
- E-commerce with Drop-shipping: You can start an online store without holding inventory by using a drop-shipping model. You market the products, and the supplier ships directly to the customer when a sale is made.
Don't worry. We don't sell any drop-shipping courses. ;-)
2. Start Small and Scale Gradually
Begin your side hustle while maintaining your current job or studies. Use your free time to build your business and generate income. Initially, your earnings might be a few hundred euros monthly, gradually increasing to a thousand or more. This phase can take weeks, months, or even years, depending on various factors, including your business model and dedication.
3. Achieve Consistent Earnings
You are safer once you earn 4,000 to 8,000 € per month from your side hustle for at least 3-4 consecutive months. This consistency demonstrates that your business model works and that you have a stable income stream. You are likely still employed full-time at this stage, with your side hustle income adding a significant financial cushion.
4. Reduce Your Working Hours
Instead of jumping into full-time self-employment immediately, consider reducing your working hours. Aim for a part-time job, ideally around 20 hours per week, ensuring you still receive employer benefits like health insurance (depending on where you work). This approach gives you more time to focus on your side hustle while maintaining a safety net.
Reducing your hours might impact your career progression, but it’s a strategic sacrifice. If your current employer doesn't accommodate this request, look for alternative part-time opportunities that fit your schedule.
5. Increase Your Side Hustle Earnings
With the additional time gained from working part-time, invest more effort into your side hustle to boost your monthly earnings to 6,000-10,000 €. Once you consistently achieve this income level for at least three months, you can consider transitioning to full-time self-employment.
6. Transition to Full-Time
The entire process, from starting your side hustle to going full-time, can take at least six months, ensuring a secure transition. During this period, you build a stable income, minimise risks, and create a solid foundation for your business.
Conclusion
The path to quitting your 9-5 job for your side hustle involves patience, planning, and strategic actions. Following the outlined steps ensures a smooth and secure transition, allowing you to focus on growing your business without financial stress. Remember, consistency in earnings and gradual scaling are crucial to making this leap successfully.
For more detailed guidance and support, consult with experts like those at APEX Consulting, who have helped many individuals make this transition effective.
About the Author:
Jousef's Master's degree in Mechanical Engineering and his work in the industry and as a consultant in several startups did not satisfy him enough. He needed to find a way to do something meaningful that would allow him to help clients make more money, systemise marketing and sales and scale their businesses.
Jousef Murad is the founder of APEX Consulting, and together with his team, he helps experts, business owners, freelancers, agency owners and service providers market and sell their expertise.
For personalised advice and to take your business to the next level, visit our website and schedule a free consultation.
