- So you started this amazing side hustle
and you're starting .to see a little bit of cash coming in.
Well, hold your horses.
It's not time to quit your nine to five just yet.
But good news for you,
I've actually put together five questions
that you need to ask yourself
before making the leap into a side hustle.
See, when I started my side hustle back in 2016,
I was actually working two jobs at the time.
I was driving for Uber
and I also started a cleaning business on the weekends.
And I didn't decide to take the full leap
for at least a year to almost two years later.
And for me, I waited until I got to the point
where I actually felt like I was working not one, not two,
but three jobs.
So when your side hustle starts to become a second job,
meaning you're making just about the same amount of income
and you're working about the same amount of time,
then and only then it might be the right time
for you to leave.
But before you do that,
let's get into the questions
that you need to ask yourself first.
(computer glitches)
The first thing you need to ask yourself is,
is this side hustle sustainable?
Meaning, is this business going to last,
or is this like the widgets of a couple of years ago,
the spinny widgets
that were popular for about a year or two,
and then the trend went down?
So if you're in a position where your side hustle
is just capitalizing on a trend right now,
whether it be online or offline,
it's probably not a good thing.
You want to make sure that your business
is actually sustainable
and it's going to last for the long term.
Number two is ask for external validation.
Well, what do I mean by that?
Well, contact some family and friends.
I recommend talking to at least 10 people, if not more,
and ask them their honest opinion about your business,
because believe me, they will tell you the truth.
And you want to look out for things like red flags,
where they might say, "I don't know, Bob.
I mean, it's pretty cool,
but do you really think you can make money doing this?"
Or, "It seems like you're having a lot of fun,
but you're not really making any money."
Those are red flags.
So reach out to your friends, reach out to your family,
and get their opinion.
Get their advice on what you're working on.
And they will tell you, trust me.
Number three, personal finances.
Are your finances in order?
Now, I know you're excited and you want to take the leap,
and believe me, I've been there.
I just wanted to drop everything and just go for it.
But it doesn't work that way.
You got to plan because if you fail to plan,
then you know what.
You plan to fail.
My recommendation is to have at least six months
of earnings saved up.
For some people, that might be more.
Also, you need to think beyond your salary
because now you're going to be working for yourself
and you're going to have to start thinking about retirement,
401k, savings, health insurance.
These are all added expenses
that are going to come into play.
So make sure you think about those
before making your exit plan.
Number four, what is your interest level?
Is this something you're truly excited about?
Something that you can see yourself talking about 5, 10,
20 years from now?
Because if it isn't and you're just using it as a way
to get out of the current situation you're in,
it's probably not a good idea.
This has to be something that you see yourself doing
for the long haul.
And number five,
probably the most important bit of advice I can give anybody
is talk to your spouse.
If you're married, if you have a partner,
if you're living with friends or family,
talk to them about what you're doing.
Make sure that they're aware of your plan.
Does your spouse agree to support you 110%?
Because if they don't,
then it's probably not the right time.
Do you have kids?
Because you got to think about them.
Like I talked about in the last question, savings,
health insurance, 401k,
all those things are going to fall on your shoulders now.
So make sure you're ready.
Now, a good way to actually validate
and make sure you're ready
is to take these five questions I gave you
and rate them on a level of one to five.
So one being not quite ready,
five meaning you're totally ready.
If you can go through these
and answer three out of five with a five or more,
let's say a score of 20 or higher,
then you're probably in good shape.
But if you're going through all these questions right now,
and you're saying, "Eh,
I'm at about a one or a three for all of these,"
you're probably not ready, but that's totally cool.
Go back to the drawing board, work a little bit harder.
See, what's working, see what's not working.
Trust me, good things come to those who wait.
Like I told you before, I worked three jobs, guys,
until I went full-time with my side hustle,
and I waited two years.
But guess what?
I couldn't be happier.
It is well worth the wait.
Hey guys, Judd Albring here.
Thank you so much for watching.
If you enjoyed this, please subscribe, like,
share with some friends,
and I look forward to seeing you in the next video.