Blogging can create a some nice extra income, but how do you know when you are ready to turn your side-hustle into a full time career?
Some people that are new to blogging assume it is simply a matter of creating a blog, adding some posts and people will come flocking to read them while businesses beg you to advertise their products. After a few months reality set in and they realize to make money in blogging, as with any small business it involves a serious commitment of time and some money.
Here are a few questions to ask before you give up your day job.
Are You a Self-Starter?
Some people are internally motivated and driven. They do things even if no one (like a boss) is checking up on them. These people generally don’t need external motivations to reward themselves. They are what’s known as “self-starters”.
Of course, there’s a second group of people who are externally motivated. They need to know others are watching or paying attention in order to get things done. If you know your boss is never going to ask about that project, do you still get it done? Or would it languish at the back of your hard drive never to be seen again?
Self-starters make the best entrepreneurs. That’s because in your own business, no one is standing over your shoulder to make sure the task gets done. You must motivate yourself or your business won’t last very long.
Do You Want to Give Up Your Hobby?
When you do an activity as a side-hustle, there’s a certain amount of freedom. You can walk away from a project that no longer interests you. You can be choosy about which clients you work with or what offers you make to customers.
But once you move from hobby status, the game changes. Now you might stick with a project even if you don’t enjoy it because there’s a paycheck at the end of it. You might take on clients that aren’t in your target market to keep the lights on.
It’s not that turning a side hustle into a full-time gig is a bad thing. Just understand that once you make this move, you no longer have a hobby. You have a business and that means you will have to make decisions as a business owner, not a hobbyist.
Are You Prepared to Take on Your Own Expenses?
Once you make the transition to a full-time business, your expenses will grow substantially. No longer will you be working for a corporation that helps to pay for your health insurance or retirement fund. Additionally, depending on where you live and how you file your income, you may be subject to a much higher tax percentage.
Before turning your to your blog as a sole source you need to crunch the numbers first. You will eliminate (or lower) some expenses such as travel, parking, clothing, childcare, etc. But you will need to cover additional costs like health insurance.
Additionally if you are going to exponentially increase your blog traffic to generate this income you will have additional expenses for marketing, better web hosting and more.
Do You Enjoy Working Alone?
Writing is a solitary endeavor. Can you live without the daily interaction with coworkers? If you get bored you might find yourself talking on the phone or going out to meet friends when you should be working.
If you are planning on eliminating child care, can they entertain themselves while you work? Or will you try to work around their school and sleep schedules?
Do Your Research First
Turning your side hustle into a full-time business can be exciting and fun. But do your research first and consider if this is something you truly want to do. You might just discover that a full-time gig is the answer you’ve been waiting for!
Are you considering leaving a job to commit to blogging as your only income? What concerns do you have? Let us know in the comments.
Are you a full time blogger? If so, what advice would you share with those that are considering it?