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t’s the dream, isn’t it? That fun, What are your overheads? will deal with this and how you might build
little sideline you’ve been working If you’re single, in your 20s, and you rent, the sort of support network you currently
on starts generating some real you don’t have much in the way of enjoy in your job.
money. Soon you find yourself overheads. You can afford to make
I wondering if it’s time to quit the mistakes, even quite big mistakes, and can How long will leaving your job take?
day job and move into your side hustle possibly live on very little if the side hustle Extricating yourself from your current
full time. But what should you consider doesn’t pan out. If you’re married with position may take time. You may have to
before you make the leap? three children and a mortgage, you need to work a notice period, and even if you can
be a lot more certain or in a stronger get this down, it’s likely to take at least a
Do you really love it? position. If you are not the primary month in some parts of the world. A
It’s always worth remembering that one of breadwinner in a family or relationship or possibility to consider (if your company is
the reasons your side hustle is so much fun you have a very supportive partner, you amenable) is going down to part time in
is that it’s not your full-time job. So, take a may also have more latitude to try your current job — say three days a week
step back and ask yourself if it will be as something risky. Whatever the case, it is a — meaning you have both security and a
enjoyable if you have to do it all day, every good idea to look at your commitments chance to try something on your own.
day. Conversely, if you think about it all the holistically and ask yourself what your plan
time, are endlessly enthused by it, and love is if it all goes wrong. Speak to people who’ve started their
doing it, this is a good sign. own businesses
How will it fit your lifestyle? There is no substitute for first-hand
How do you feel about your current With many normal jobs, you can knock off experience, so ask around. Who do you
job? at 6pm and the rest of your life is your own. know? Or who do your contacts know?
Dissatisfaction with your real job can be the But running a small business is rarely like Don’t worry about asking for help. Many
flip side of wanting to take your side hustle this. If things go wrong at 9pm on a entrepreneurs live and breathe their
full time. Are you just a bit bored? Could a Saturday, you have to deal with it. If an irate businesses. They will be delighted that you
small change in your job be enough to customer calls while you’re having dinner are showing an interest and be happy to
remedy this? Is your enthusiasm for your with friends, you probably have to take that help you out.
side hustle actually antipathy towards your call. Similarly, you may enjoy large
job? Next, ask yourself if you are at a crucial amounts of family time and play sports or What if it all goes wrong?
point in your career — could the next year do other recreational activities, and being In the US, it’s estimated that around half of
or so see you move into a much bigger role self-employed could impact all this. Not all small businesses fail in their first five years,
if you play your cards right? small businesses are like this — but many while in the UK the figure is 60% for three
None of these factors should necessarily can be very demanding, especially when years. So, think about what you might do if
deter you from quitting to pursue a dream, they’re starting or scaling up. it doesn’t work out. Will you return to a role
but they should make you think. similar to the one you left? Or will you try
What support do you need? something completely different?
Is your sideline producing real money? Think about all the great stuff your Whether your side hustle replaces your
Is your side hustle producing an income company provides you with, such as IT job, and whether it works out or not, by
that is starting to challenge your main support, organisational support, payroll, asking these questions, you’ll know
income? And, just as importantly, has it and so on. You probably don’t even think whether you made a well-thought-out
been doing so for a number of months? about it most of the time. Now you need to. decision. And for many people, not
Don’t fall into the trap of assuming one What do you need to replicate those things, following the side hustle dream is very
great month is how it’s going to be forever. and how will you do it? The good news here much the right choice. What’s more, having
But, equally, if the finances have been solid is that the range of cost-effective, off-the- thought about “the dream” seriously and
for six months and are getting better, that’s shelf solutions for SMEs has expanded rationally means they are far happier in
a very good sign. enormously over the past few years and their present jobs. n
become much cheaper or even free. But
Do you have a financial cushion? even so, learning about everything from
How much of a financial cushion do you accounts to marketing to setting up a
need to live for six months or even a year if limited company can be a very steep Visit the Global Career Hub from
the side hustle doesn’t deliver or is slow to learning curve. AICPA & CIMA for help with finding a
get started? Bear in mind too that, even if job or recruiting.
the side hustle delivers, it is unlikely to pay Can you deal with working alone?
you as regularly as a normal salary, so you You may have a better feel for this if you Rhymer Rigby is an FM magazine
may still need a cushion. Turning your side were sent home for long periods during the contributor and author of The
hustle into a full-time business while pandemic. But, even then, you likely had a Careerist: Over 100 Ways to Get
constantly worrying about how you’re constant stream of calls and Zoom Ahead at Work. To comment on this
going to pay the rent will be incredibly meetings with colleagues, which helped article or to suggest an idea for
stressful and will increase the chance of maintain esprit de corps. If you start another article, contact Oliver Rowe at
failure. So, make sure you have enough put running a small business, you’re likely to Oliver.Rowe@aicpa-cima.com.
away before you make the leap. be by yourself at first. Think about how you

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