Turning your side income into a full time income is arguably one of the most fulfilling experiences. The day you decide to quit your job and go full time with your side business will be a day that you’ll remember forever. For me that day is yet to come. For many of you reading this that day has long come and gone.
Today I wanted to discuss blogging. Many aspiring full time bloggers read Studenomics. I myself would love to blog full time one day (either that or become a professional beer tester).
Trent Hamm of The Simple Dollar was was kind enough to take a few moments out of his busy schedule to add a few thoughts to this project.
Me: You have discussed in the past how on top of your already rigorous writing schedule, a few times a week you go to the library and conduct massive amounts of research. Did you expect to work this hard when you transitioned to full time blogging? To go along with this, what would you like to tell any 20-something that’s interested in making money from blogging?
Trent: I knew what the work load was before I made that choice because I was already largely doing it in conjunction with a separate full time job. Choosing to blog full time basically freed up about 55 hours a week.
If you want your blog to be successful, it has to be about something you’re passionate enough about to write about every single day for years. If you can’t see yourself doing that, blogging is not going to work for you.
Me: You are a published author of one book and have another book coming out. Besides the obvious benefit of income that is derived from blogging, what are some of the other benefits of blogging that 20 -somethings need to consider going forward?
Trent: Those three areas are quite beneficial, but the biggest advantage of having a popular blog with a large audience is that you essentially get crowdsourced advice for whatever question you might have. If I have some issue I’m struggling with, all I have to do is write about it and I’m inundated with tons of suggestions, many of them good ones. I do this constantly, often doing it when it doesn’t seem direct at all.
Once again I must apologize to the get rich quick crowd. Trent’s responses must be a stinger. Quitting your job to turn your side income into a full time income isn’t a breeze. It involves more than figuring out what beach you will lay on tomorrow.
If you’re still interested with going full time with you side business, then please continue reading…
After speaking with many pro bloggers and internet entrepreneurs I derived interesting results. There were three conditions that most of these internet money makers mentioned where you’ll know it’s the right time to go full time with your side hustle:
1. When the income is high but an extra kick is needed.
According to the money makers I spoke with–You’ll eventually get to the point where your side income is producing a phenomenal income (either hovering around your current income or surpassing it) and a little more time is needed to kill it.
2. You got money saved up.
Call it an emergency fund. Call it an entrepreneur fund. Call it bank account 1029438101. Call it whatever you want as long as you have the money saved up. The one thing that I absolutely loathe about “make money” or “get rich quick” gurus is the casual tone they have with quitting your job. Yeah, you know the routine: “Quit your job to follow your passions and everything will be okay.”
Are you kidding me? Do these people not realize how scary it is to quit a job and lose a steady source of income? Having a family and bills coming in makes this process much more scarier.
I would love to promote the feel-good stories of those that quit their jobs and bounced back with an amazing business venture, but I don’t want to spread that type of thinking. That’s simply the “survivorship bias.” Unless you create the next Facebook, you need money saved up. Having money saved up will alleviate much of the stress that comes with transitioning from employee to entrepreneur.
3. Your job is interfering with your side business.
It seems like many internet entrepreneurs reached the point where they wanted to spend all of their time on their side business and their work simply became an inconvenience. I know that new internet money makers will feel the same way but there’s a one key difference– both careers should be paying you about the same amount of money. The next key point here is that you’re totally in love with one career, while the other is your temporary bread winner, but not a true passion of yours.
If your day job and your side hustle are paying you roughly the same amount of money, you could be on to something. Factor this in with the fact that both are negatively affecting each other instead of complimenting each other, you’ll know the time is right to transition to full-time with your side business.
Do you have a side income stream? If you do, then at what stage are you guys at presently?