For the majority of individuals a side hustle is something that they love doing, that they can do in their spare time and helps them to give their income a necessary boost. When this side hustle is going really well however, there can become a point where you might consider making it a full-time thing and handing in your notice for your salaried employment. 

Ultimately the decision on when it is the right time to do this can only come from you, and making the decision to take on all the responsibilities of running a small business is a difficult one. 

Here are some of the signs that may help you decide when this is something worth doing. 

Your side hustle product or service is in high demand

The first thing to consider when you are looking at creating a small business venture is whether there is actually a demand for the product or service that you are looking at offering. If the demand is not then it is unlikely that you will earn enough to survive financially. If, however, there is a good demand then it might be a good time to consider turning your side hustle into a small business. 

Will you have enough income?

Take a look at your finances and see how much money your business venture is actually bringing in. You also need to account for any extra expenses that you may need to cover, such as renting business space, if you do decide to turn your side hustle into a full-time commitment. These kinds of expenses will need you to have some money set aside. 

You should work out how much money is enough and how much you will need to survive whilst you build up the business. 

You can’t keep up with demand

If you are already struggling to keep up with the demand of your side hustle and don’t have enough spare time to do this, then this can be a good indication that you might want to consider making it a full-time thing. Working two demanding jobs for too long will lead to burnout and this will not only have health implications but could also mean that you are not able to meet the demands of your clients or customers and this could result in a loss of business and potentially negative reviews for your business. 

You have extra savings

Making the leap to having your own business is a big one and not something to take lightly if you cannot afford to do so financially. If you have plenty of savings, then you are more likely to be in a good position financially to take the leap and shoulder the costs of setting up your business properly whilst still meeting your financial obligations such as your mortgage. 

You don’t enjoy your current job

Job satisfaction can often be more important than a well-paid job so if you enjoy your side hustle more than your current job and it would be better for your mental health then now might be the right time to make your business, and your health, your top priority.