It seems like everyone you speak to has a side-hustle right now. Perhaps you even have a second gig of your own and want to take it to the next level. For budding entrepreneurs, deciding when to leave your full-time job to pursue your own business is a big decision, but we’ve enlisted the help of some successful female founders to help make it clearer. Keep scrolling for some key things to consider when deciding whether to quit your job to pursue your side-hustle full time.
“When I first started Glamazon, I decided to test the market before making my side-hustle a full-time gig. I had a basic website built for about $500 and signed on 10 salons in Sydney for a test run. I created a closed Facebook group with 200 girls and every day, after calling the salon managers, I would reveal the availability of beauty appointments at the 10 salons and copy a link to my website to book. When customers booked, it sent me an automatic email, I called the salon to book in the customer and then sent what looked like an automated confirmation email back to the customer. In two weeks I booked 49 appointments for the 10 salons, generating over $2,000 for them. This was enough validation of a product/market fit and was the catalyst to me pursuing Glamazon full time to take it to the next level.” — Lauren Silvers, Glamazon
“Generating your first dollar from a non-family member or non-friend, and having a customer repeat a purchase is a milestone that might suggest you’re ready to take your side-hustle full time.” — Lauren Silvers, Glamazon
“It’s important to be realistic when quitting your job to focus on your side hustle, and being realistic means understanding that we need money to survive. In my experience, I became so obsessed with Glamazon from the outset, that I started to secretly save money to be able to eventually leave my job and still survive for a year. After eight months of solid saving, selling my car, selling my wardrobe on eBay, and cashing in some old shares I was gifted one birthday, I had saved enough money to quit my job. I immediately moved back in with my parents to save on rent and food and stopped going out. Nothing worth having comes without sacrifice!” — Lauren Silvers, Glamazon
“I believe there is a misconception when it comes to raising capital or reaching out for funding; that when you have an idea it deserves a capital injection from investors. Investment is there to help accelerate organic traction and growth and to support founders who are able to demonstrate that they can execute. My advice would be to release a [minimum viable product], do any manual testing you can just to see how the market responds. Once you get traction from that it could be time to look for funding.” — Lauren Silvers, Glamazon