Thinking about turning your part-time gig into a full-time job? Making the leap from employee to self-employed small business owner can be daunting with all the uncertainties involved. However, if you’re serious about committing fully to your side business, the key factor is changing your mindset.
Back in 2016, I left my regular job to become a full-time freelancer after doing it on the side for about a year and a half. Money and organization were big factors in my decision, but having the right mindset was just as crucial. How you think and feel directly affects what you say and do. So, it’s a good idea to start thinking like an entrepreneur as early as possible to boost your chances of success when you finally make the switch to your part-time business full-time.
Here are some important mindset changes to consider as you aim to make your side gig your main source of income.
YOUR IDEA IS ALREADY PROVEN
If the thought of going full-time with your side business scares you, understand that if you’re even considering this move, your idea is probably already proven. Lots of people try side hustles and don’t make enough money from them. So if you’re making it work part-time, it shows that your idea has the potential to do even better full-time.
I always suggest people try to make money from a side job first before going all in with a full-blown business. This gives you a chance to learn and see if your idea works. When I started freelancing, I almost made as much as my full-time job’s salary pretty quickly. This was a clear sign to me that I could do even better if I devoted my full 40-hour work week to it.
EVERY EXPERIENCE IS A LESSON
One of the scariest parts of deciding to go full-time with your side business is worrying about what happens if things don’t go as planned. It’s important to remember that all entrepreneurs make mistakes and face setbacks. Don’t see these as failures. Instead, view them as lessons that can help improve your approach.
Make sure to save bonuses for emergencies and have a cushion in your checking account to cover unexpected business expenses and slower periods.
FOCUS ON VALUE, NOT TIME
To shift from being an employee to a business owner, you need to change how you think about money. Most of us grew up believing that making money required a job where we traded hours for dollars. The more hours we worked, the more money we made. However, those who start side gigs quickly learn that time spent doesn’t always equal money earned. People pay for the value and expertise you offer, not just your time.
Understand that while salaried employees see time as their main resource, as a full-time entrepreneur, your focus should be on creating value to earn money.
IT’S OKAY TO ASK FOR HELP
Being a solopreneur or entrepreneur sounds intimidating, but going full-time self-employed doesn’t mean you have to do everything on your own. Join groups of like-minded individuals, and don’t hesitate to get help from a good accountant or seek guidance from an expert. You will always be learning and growing, so stay open to the journey of running a small business and being an entrepreneur.
IN CONCLUSION, DEVELOPING THE RIGHT MINDSET TO GO FULL-TIME
Your mindset plays a big role in how successful you’ll be when taking on the challenge of starting a small business or freelancing. Adopting the right mindset changes early on can save you from unnecessary surprises later. Be open to the journey, set realistic expectations, manage your finances well, and build a support network to make the transition smoother.