If you have a successful side hustle, chances are you’ve contemplated pivoting this gig into a full-time role. As dreamy as this sounds — getting to be your own boss and earning more money than a 9-to-5 job would ever pay you — the reality is it’s a lot harder and more expensive than many realize to embrace entrepreneurship.
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Want to test whether you’re ready to take your side gig and turn it into a full-time job? GOBankingRates has developed a quiz with nine questions based on common advice provided by personal finance experts. Choose from three multiple choice answers, tally your responses and see the results for how you’d fare as a business owner.
How Would You Describe the Demand for Your Products/Services?
A) Extremely consistent. I have bread-and-butter clients who are happy with what I provide and new customers regularly find my side gig through my marketing and advertising efforts.
B) It ebbs and flows. Some seasons are slower for me than others.
C) Do friends and family count as customers? Because they’re my biggest clientele.
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What Does Your Financial Picture Look Like?
A) Solid. I’m debt free, have substantial savings and maxed out retirement accounts.
B) It’s OK. I could have a beefier emergency fund than I do now and I’d like to get out of credit card debt.
C) I’m struggling to make ends meet.
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Is Your Side Gig Generating Consistent Revenue?
A) Yes. I track the numbers every month.
B) Sort of. Not all clients pay me in a timely manner.
C) I’m barely breaking even.
Do You Have a Business Plan for Your Side Hustle?
A) Yes.
B) I’m working on it.
C) What’s a business plan?
Could the Money Earned From Your Side Gig Replace Your Full-Time Paycheck?
A) Yes.
B) No, but this could change if I invest more time in my online presence and network more in-person with potential customers/clients.
C) Absolutely not. I need both income streams just to stay afloat.
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Do You Have an Emergency Fund?
A) Yes. I have more than three to six months’ worth of savings in it, too.
B) Yes, though I recently pulled some money to pay for a medical expense and haven’t replenished it yet.
C) No.
Would You Be Able To Afford Full-Time Workplace Benefits as a Self-Employed Individual?
A) Yes. I’ve spoken to a financial advisor and have enough money set aside for estimated tax payments, among other expenses.
B) I could afford some of these benefits, but others would be a lot harder. For example, I’m worried about paying for healthcare out of pocket, and I’d need to be on my partner’s plan.
C) No. I don’t know how I’d save for retirement without my employer-sponsored 401(k).
Do You Have a Business Bank Account?
A) Yes.
B) I will soon.
C) No.
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Would You Be Comfortable Hiring Employees or Outsourcing as the Side Gig Scales?
A) Yes, though I’d be careful to make sure these are key hires I can afford.
B) I’d like to automate as many of these processes through free software as I can.
C) Isn’t the point of taking your hustle full time that you get to be the boss? I’d like to call the shots on my own!
Your Results
If you answered mostly A’s … You’re well on your way to becoming an entrepreneur. You’re in good financial health and confident about the short- and long-term future of your side hustle turned small business.
If you answered mostly B’s … 2025 won’t be your year for turning your side gig into a full-time job. That’s OK: It’s better not to rush into it. You might be able to make this pivot in a few years time once you have more customers and prioritize saving up more money.
If you answered mostly C’s … Your side gig isn’t ready for prime time. If you find this side gig doesn’t have the potential to become a full-time business, consider exploring other side hustles instead. You might find one that’s a much better fit for your skill set and is naturally in demand with customers to focus your efforts on. In the meantime, consider trying out finance expert Dave Ramsey’s 7 baby steps to ensure you’re paying off debt and saving up enough money to build wealth for yourself and your future profitable small business.
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This article originally appeared on GOBankingRates.com: Are You Smart Enough To Turn Your Side Gig Into a Profitable Full-Time Job? Take This Quiz To Find Out
