From Side Hustle to Full-Blown Career
- Covid-19 really did something wild to the corporate workforce. It was the first time that traditional office jobs became virtual within a matter of months. Pre-pandemic employees used to believe you needed to first work hard in the office before requesting raises, more benefits, and compensation, such as a flexible teleworking schedule. Supervisors and stakeholders questioned employees about requesting teleworking, even if it was for reasonable accommodation due to a disability. However, companies quickly discovered that employees not only were performing above the normal productivity levels, but employees were reporting an increase in overall job satisfaction. Most employees spend more time at home with family and avoid long commutes to the office.
- As quickly as society adapted to telework, it started to slowly disappear. When states lifted covid restrictions so did the expectation to work virtually. Many large corporations began to threaten employees to come back to the office with the idea that office continuity was more important to the development of the organization than the mental wellness of the employees. Many Millennials and the newly emerging workforce of Gen Z revolted at this archaic idea. Data and research have supported the idea that teleworking is an effective means of increasing corporate productivity.
- Corporations didn’t realize during the pandemic most Millennials and Gen Z were taking up social media to start side businesses, content creators, and using that additional revenue to pay off debt (like the wild student loans we have). Gen Z especially has redefined “odd job” as something magical in hustle culture. Some individuals have found financial success on social media platforms such as TikTok and Instagram. What is most interesting about this success is that people of all different occupational backgrounds have found hustle culture rather lucrative. More likely than not if you are reading this, you already have a side hustle or are entertaining the idea of one.
- So, this leads our discussion to whether it's a good idea to transition your side hustle to a business or just let it be your hobby that pays you a little on the side? If you are feeling the toxic corporate crux of the office and not receiving the compensation that you deserve… it might be time to explore getting a new job or starting a business. To determine which path you should take, I will be covering the mental and vocational readiness you might want to explore before turning your passion project into a full-time career.
- 1.Calculate Cost- So many questions about money first cross our minds when dreaming big about making it big. But sometimes the costs are overlooked. It is important to understand how much money you need to spend. Develop a budget worksheet and include any costs such as materials, labor, advertising, and insurance? How much revenue are you bringing in? What is your net worth after deducting costs? How are you going to afford healthcare insurance or dental insurance? Ask yourself these questions and more to help you determine the costs. Knowing your cost will help decrease self-doubt and reluctance to go solo.
- 2. Business Plan & Labor Market Research- The U.S. Small Business Association has excellent advice on what is needed to prepare a business for success. There are several downloadable Word documents of plans provided to help individuals get started on what a business needs to succeed.
- 3. Network & Find a Mentor- Finding a mentor is so important when first starting any business. Find someone willing to help guide you and be your coach during the beginning stages of your business. Starting a business can make you question if you are doing well in your procession and can honestly be a lonely road. By networking you can find like-minded people in your field to decrease isolation.
- 4. Mental Readiness & Selfcare- The most important aspect of starting your own business is your mental wellness. Taking days off, scheduling frequent breaks, and checking in with yourself on your overall satisfaction will decrease butnout. Making an appointment with a therapist that is a specialist in vocational/career counseling or financial therapy never hurts. No one wants to experience burnout while pursuing what you love.
- 5. Savings- Always have some savings set aside. I encourage working with a financial advisor to budget how much you should have set aside that is separate from your E-fund, investments, Roth IRA, and other assets. This will help decrease any anxiety or reservations you might have about any unforeseen financial hiccups. Savings can really put your mind at ease.
- 6. Positive Vibes- Research again has proven that being positive does manifest success. Both in your professional and personal life. I recommend reading a motivational book such as Dr. Varma’s Practical Optimism: The Art, science, and Practice of exceptional well-being. Getting your mind focused on what you are good at will let those skills flourish.
- I wish everyone happy success with their careers and side hustle. No matter what career you choose, make sure you are to live enriched life that makes you feel financially and mentally fulfilled.
- B. Jordan
