Do you have a side business that you are wondering if it is time to take it full-time? Check out this article originally posted by Forbes with advice from me and a few of my colleagues.

POST WRITTEN BY

Expert Panel, Forbes Coaches Council.

Top business and career coaches from Forbes Coaches Council offer firsthand insights on leadership development & careers.

For entrepreneurial individuals, the side hustle is becoming an increasingly popular way to pursue a passion while bringing in extra income. If you have a thriving side business, you may dream of making that venture your full-time career—but you might not know if it’s a viable option.

So, how can you tell if your side hustle is ready to become your main hustle? Fourteen members of Forbes Coaches Council shared their advice on when to take your side business full time. Read on for their answers—and if you feel you’re ready, it just might be time to make that leap!

Forbes Coaches Council members share what factors should be true before entrepreneurs take their side hustle full time.

Forbes Coaches Council members share what factors should be true before entrepreneurs take their side hustle full time.

PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.

1. The Risks Of Self-Employment Won’t Financially Devastate You 

Even if your side hustle now outpaces your income at your regular job, you need to consider the downside of self-employment. What if the income fluctuates? What if you cannot get or afford health insurance? What can you handle if it fails? Do you have a way to go back to your “regular” job if it does not make it? Who else is at risk if your enterprise does not work? Answer risk questions soberly. – John M. O’ConnorCareer Pro Inc.

2. You’re Spending More Time And Money On Your Side Hustle 

Working a side hustle is a balancing act. Typically the scales fall in favor of income generation. When the scales tip toward the side hustle with respect to your name or brand recognition, time spent on projects and investment in tools and training, it’s time to consider moving over to the “heavier” side. When this happens, it’s a sure sign your passion, energy and potential success has shifted. – Joynicole MartinezThe Alchemist Agency

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3. Your Revenue Growth Is Greater Than The Cost Of Doing Business 

Viable side hustles often enrich lives beyond monetary gains. Fulfillment, creativity, independence, flexibility and contribution are a few of the enrichments gained through side hustles. These reasons and more are why individuals choose to engage. Converting a side hustle to the main squeeze requires effective business models where revenue growth is greater than the cost of doing business. – Lillian GregoryThe Institute for Human and Leadership Excellence

4. You’re Willing To Spend Time On The Administrative Tasks 

There is a romantic view that one will never work if they love what they do. But running a business is not only fun. There are marketing, sales and administrative tasks involved in it. Can you spend time on these tasks? Will you be confident enough negotiating prices? How will you feel while pressing others to pay you on time? Before switching your jobs, investigate this darker side deeper. – Inga BielińskaInga Bielinska Coaching Consulting Mentoring

5. You’re Bringing In Enough Money To Cover Your Expenses And Then Some 

You know it is time to quit your day job for your part-time side business when you are bringing in enough money to pay your personal and business expenses with money left over to enjoy your life. This means you should be making the same amount or more in the part-time job as you do in your current full-time job. Also, consider if the side hustle is really a hobby or something you can do every day. – Katrina BrittinghamVentureReady LLC

6. Your Side Hustle Aligns With Your True Mission 

Do you just want a way to make money or do you want to enjoy a passionate, purposeful life? Identify your life purpose, because sooner or later, this calling will pester you until you answer, “I’m ready.” Once you’re aware of your personal mission, countless opportunities appear. If your true purpose is tied to your side hustle, it will be much easier to sustain momentum when times are tough. – Doris HelgeWomen’s Leadership Success Strategies

7. You Care More About Your Side Hustle Than Your Day Job 

Interestingly enough many individuals use financial aspects to determine the viability of switching to full-time entrepreneurship. Though valid, it is a short-sighted strategy. The determining factor should be passion: Do you care more for the side hustle than your day job? When passion is used, the income will come. Passionate entrepreneurs tend to reach their financial goals faster and easier. – Kamyar ShahWorld Consulting Group

8. There’s A Sufficient Market For Your Side Hustle 

You might be doing fine with a side hustle, serving “low-hanging-fruit” customers. The main question you need to answer is, “Is there a large enough market to replace my full-time work?” You should evaluate the market and make sure that it will fully support you without the extra income. The side job might look good, but, in reality, does not have enough customers to support full-time employment. – John KnottsCrosscutter Enterprises

9. The Financial Model Works On Paper 

One of the biggest mistakes solopreneurs make is that they jump into a new venture without doing a basic financial model. Until you can sketch out 12 months of P&Ls that lead to positive cash flow, don’t quit your day job. If you can’t make it work “on paper,” you won’t be able to make it work in real life. – Josef ShapiroClear and Open

10. People Are Willing To Pay For Your Expertise 

The easiest way to test if your side hustle has wings is to ask yourself this question: Do you have knowledge or expertise that people are willing to pay for and can you improve someone’s position by sharing it? If the answer is yes, there are ways to monetize your expertise. Do this correctly and your side hustle can very much become your main hustle. – Karen KissaneKaren Kissane Coaching. The Smart Woman’s Business Hub.

11. Going Full Time Would Add Value To Your Life 

It can be helpful to examine how much pleasure is derived from that side business. Doing what you love cannot be overrated. If that side business had full-time effort, how much more value could it add? That is a critical question to be answered. – Dr. Diane HamiltonTonerra

12. You’ve Created A New Market

If your side hustle was born of ingenuity and is a brand new response to a new, growing demand, consider the cost of waiting to launch your startup. If you’re willing to bet the farm to be first to market, create your business plan, secure financing for the first three years and make the leap. Being first to market will reward you for the struggle of bootstrapping and pitching to investors. – Christine RoseChristine Rose Coaching & Consulting

13. You’re Running Toward Your Side Hustle, Rather Than Away From Your Main Job 

There are the obvious things to consider like the finances, the day-to-day activities, the risk and whether you’re passionate. One thing I think is critically important is whether you are drawn toward your new venture or whether you are running away from something. A vision or a dream creates resilience through the ups and downs. Also, know how it fits into your long-term vision for yourself. – Kimberly RoushAll-Star Executive Coaching

14. You Feel Ready To Take The Leap 

I’m not saying you should jump willy-nilly into something that’s not profitable or not driven by passion. However, too often people never make the leap to full time with their side hustle because you can never truly excel in any one direction when you’re straddling two paths. If you’ve done the work, built the brand and found the demand and profit to be there, then it’s likely time to go all in – Laura DeCarloCareer Directors International

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POST WRITTEN BY

Expert Panel, Forbes Coaches Council, which includes Katrina Brittingham, owner of VentureReady LLC.

Top business and career coaches from Forbes Coaches Council offer firsthand insights on leadership development & careers.

In an ideal world, all of your employees have a strong work ethic and a continuous desire to develop their skills. Unfortunately, this isn’t always the reality. You can’t force your employees to want to improve their work ethic or skills—but you can try to encourage them to do so.

To help you, we asked a panel of Forbes Coaches Councilmembers to share their tips on guiding C- or B-level employees to reach A-level skills and work ethics, even when they may not be motivated to do so. Their best answers are below.

Forbes Coaches Council members share ways employers can help their employees strive for greatness in the workplace.

Forbes Coaches Council members share ways employers can help their employees strive for greatness in the workplace.

PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.

1. Match Strengths And Values To The Role

If someone isn’t motivated to improve or interested in the work, perhaps they’re not in a role that is the best fit for their skill set. Rewards can work to a point, but at the end of the day, matching the role to the person’s strengths and core values will take you further than motivational tips. Learn more about what excites them. Where do they excel? Make a match between person and role. – Laura Maloney, ADISA

2. Demonstrate Authentic Concern For The Employee 

You can’t fake authenticity. You must demonstrate a real concern for the individual if you hope to influence or even help motivate action toward positive outcomes. You have to earn and engender trust to help people achieve and rise to their personal best. They must believe that you care before they trust your leadership. – Jorge Gutierrez, BMOC Group

3. Provide Coaching And Appropriate Feedback

Generally speaking, positive feedback can be used with employees who are interested in the job or task. Employees who are not interested are best coached with negative feedback and consequences, as they fear failure more than wanting success. Fear of failure or loss is a large influencer in human behavior. Positive stroking doesn’t work for everyone. Learn how to use these tools correctly. – Gene RussellManex Consulting

4. Spark Their Curiosity 

The spark to motivation and drive is curiosity. When employees are allowed to develop their curiosity and explore areas that make them engaged, it leads to a stronger work ethic. Leaders can encourage communication by allowing questions and avoiding status quo thinking. If everyone is always in agreement in meetings, that is a big sign that there is a problem with curiosity. – Dr. Diane HamiltonTonerra

5. Show Appreciation For Your Employees 

Human nature is our friend when trying to move second-tier staff members to better performance. Instead of criticism, use praise and appreciation. As counterintuitive as it may seem, praise shows you are watching, that you care and that you notice when things go well. Those who receive praise from higher-ups will want more and, by stepping up their game, they will get it. It’s how we are wired! – Mitch RussoMindful Guidance, LLC

6. Cater To Their Perceptions Of Opportunity And Risk

Some people want independence, control and need results. Others want creative freedom, recognition and need approval. Some want a slower pace, predictability and need security in relationships. Others want information, time to assess and need to make the right decision. Everything we ask people to do has opportunity and risk for them. We need to learn both to meet their needs to get their best. – Jason KiesauJK Leadership and Oasis, A Paychex Company

7. Offer The Next Best Step To Grow

B and C players abound, and improving the level of your team depends upon those players getting better. Not all want to. Here’s how to grow those who want to get better: Simply offer them their next best step to grow into their talent, their role or their team. You might offer a project outside of work (e.g. run a marathon or work at a charity) as a place for them to get better. – John HittlerEvoking Genius

8. Create Specific Development Plans 

Companies must invest in offering workers tailored development plans to drive performance. Development assessments provide employers insight into competencies, behaviors, values and thinking styles of their individual talent. Using these development tools provide a detailed report and plan to give managers a tangible tool to use for developing the skill sets and motivation of each individual. – Kathi Graham-LevissXBInsight, Inc.

9. Gently Remind Them Of The Negative Consequences 

Though considered valuable, motivation is not necessarily a requirement in increasing employee performance. Another equally if not more important factor is the natural instinct of survival: the need to “survive,” i.e. remain employed or be employable, can have the same effect. Though it is controversial and should not be the first go-to solution, it should be considered an available option. – Kamyar ShahWorld Consulting Group

10. Have An Open Discussion About Work Ethic

Working with leaders all over the world, I have noticed that their definition of work ethic differs across various industries. For example, there are companies where staying long hours seems to be the sign of poor organization skills. Others perceive it as hard work. To be sure that you and your team are on the same page, discuss it openly and compare the findings with your company standards. – Inga BielińskaInga Bielinska Coaching Consulting Mentoring 

11. Engage Employees In How To Reach Goals

When a leader engages an employee’s opinion on how to reach the goals, as well as effectively aligns their skills in goal achievement, they can often increase productivity. This is because employees have more buy-in when asked their opinion and more self-esteem when their skills are utilized. This is in contrast to managers who give employees tasks. – Susan K. WehrleyBIZremedies

12. Find Out Why They’re Not Motivated

Find out why the employees are not motivated. Everyone wants to feel like their voice is being heard. Does the employee want to move out of the department or feel like their skills are not being utilized in the department? Having candid conversations will help managers pinpoint how to help with career development. Letting your employees know you care about their growth will motivate them. – Katrina BrittinghamVentureReady LLC

13. Change Their Negative Memorized Emotions

Unless a person struggles with low self-esteem, most people appreciate compliments. Leaders can use compliments to encourage employees who have low self-esteem. If an employee struggles with low self-esteem, it can affect how they view themselves and their world of work. Changing how they feel about themselves when complimented could over time create new memorized positive emotions. – J. Ibeh AgbanyimFocused Vision Consulting, LLC

14. Offer Positive ‘Nudges’ Toward Better Behaviors

Ensure your performance reviews are specific about which behaviors to hone. Then, craft personalized messages that suggest ways to include the new behavior in scheduled activities. For example, “Hi Alex, in today’s meeting you could encourage collaboration by asking quiet participants what ideas they have on an agenda item, and get group reactions.” In the next one-on-one, get Alex’s feedback. – Amie DeveroAmie Devero Coaching & Consulting

15. Show Them How Their Role Fits Into The Larger Vision

Browbeating doesn’t make accountability; it only makes compliance. To get someone to want to raise their game, they have to see how they play into the bigger picture. Think of the old story: Are you a bricklayer or a cathedral builder? Which one works harder and better? The one who sees the vision and wants to be a part of it. Why is your employee important? How are they part of your vision? – Sandi MitchellAPEX Leadership Mastery

Engaged employees are 140% more productive than those who are disengaged. Kimberly Jarvis discusses what managers need to do to enhance engagement on their teams.

This was is a replay of a live broadcast through Facebook about in May of 2019.

If you are a manager who needs to engage your team, book strategy session with me today.

How do you handle it when your job search is unfruitful? You have been getting interviews, but you get the email that they have decided to go with another candidate.

This video will provide you some encouragement as I share my story of ups and downs in my job search and unexpected opportunities and presented themselves.

You can watch the show live every Monday at 8 pm EST on my live platform here: bit.do/VentureReady-Television

To get a personalized job search plan, visit https://ventureready.net and book a career strategy session.

How do you find your voice when it seems no one is listening?

Kala Jordan-Lindsay discusses how to handle sudden job loss, getting rejections during the interview process, and overcoming depression.  This show was originally streamed live on my online platform: bit.do/CareerGPS.

To get help in your job search contact us today.

 

Check out this episode if you are a recent grad looking for an alternative career option or if you have job and are looking for extra income.

On Wednesday, July 31, 2019, Temitope Oyewole shared her story and encouraged women to “SOAR.”