The key words for abandoning your money-making 9 to 5 job and turning your side hustle into your main gig are “lucrative” and “opportunity.”
Most people who decide to take the leap have been hustling on the side for years. They know ins and outs of making a few bucks on the side, and have met with people who can help them start on their own.
With all the experience under your belt, you’ll no doubt reach the point where you can turn your side hustle into a lucrative money maker. In other words, the opportunity has presented itself. Now, all you’ve got to do is grab it and pray hard that you make it to the other side.
Going on your own is always a big gamble. And the more money you want to make, the bigger a risk it becomes.
So, how do know when it’s time to take a shot at being a millionaire?
- Your passion overflows
It’s happened to a lot of first-time entrepreneurs. You wake up one morning after being on the job for many years and there’s something in you that tells you this is the day. Your passion’s got the best of you.
It was like that for Sam Walton, founder of that mega-retail empire all Americans know as Walmart. Walton worked at odd jobs in college and began managing a variety store after World War 2. He took out a loan to buy his first store and soon bought a second store. In 1972, he opened the first Walmart in Arkansas.
- You know the risks and are ready to take it
Understanding risk is the reason professional daredevils stay alive despite the danger.
You know the risks, but you also see opportunities. And you also relish the chance to beat the odds — and win. Make sure to do your homework, do the math and have more than enough money to help you survive the first year.
Evan Williams, one of the founders of Twitter, grew-up on a farm in Nebraska. He dropped out of college; worked at technology jobs and start-up firms, and worked as a freelance software programmer for Hewlett-Packard and Intel before deciding it was time to do it on his own.
He became an internet entrepreneur and founded several internet companies. He’s now worth $1.7 billion and sits on Twitter’s board of directors.
- Ensure your product or service is something people want
Nine out of 10 start-ups in the United States fail. But despite these bad odds, there is no lack of brave entrepreneurs every year that keep on trying.
Fortune magazine said the “top reason” start-ups fail is “They make products no one wants.” It said 42% of all start-ups failures was due to the “lack of a market need for their product” This was the single biggest reason for start-up failure.
Devote most of your time making sure your product or service is the right one for the right market.