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6 Signs It’s Time To Turn Your Side Hustle Into A Full-Time Business – Tracking Times
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6 Signs It’s Time To Turn Your Side Hustle Into A Full-Time Business

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From Etsy shops to freelance design work, it seems like almost everyone has a side hustle these days. In fact, one 2017 survey found that approximately half of all Millennials have some type of side hustle, “in a bid to boost their cash or chase a long-held passions.”

In my experience, a big motivator behind starting a side hustle, is a desire to eventually leave behind the 9-to-5 grind and work for yourself. But how can you have confidence that you’re ready to turn your side hustle into a full-time gig?

During a recent interview I did with Justin Gignac, Adam Tompkins and Emily Slade of Working Not Working, I was able to gain a few extra insights into what helps entrepreneurs know it’s time to finally take the plunge. Here’s how you can have confidence that you’re ready to take your side hustle full-time.

1. You’re Financially Ready

It doesn’t matter what your side hustle is; chances are, you won’t be making a ton of money right from the get-go. In addition, many entrepreneurs need loans or investments to start growing their business—and that requires good credit.

As Working Not Working founder Adam Tompkins advises in his interview, “You need to have a couple months’ rent in the bank—a little bit of a cash buffer.” Why? Well, Tompkins and Gignac didn’t really pay themselves much until they were a few years into running their business. A strong credit score and a healthy savings can make all the difference during those early stages.

2. Your Personal Work Is Gaining Attention

Traditionally, many freelancers try to gain attention for their work through projects they complete for smaller clients or by putting up spec work. As the Working Not Working team explains, however, one way to know your side hustle is ready to go to the next level, is when your passion projects are starting to gain attention.

“We know so many people who put stuff out on Instagram and it turns into a full-time job for them,” Gignac explains. “I think that’s what you need to do. You need to go for what you’re into. People want to hire passion.” If your passion projects are turning into job offers and building your online following, your side business is ready to expand.

3. You’re A Motivated Self-Starter

Once you start working for yourself, there’s only one person responsible for your results: you. That means discovering the most reliable ways for keeping yourself motivated for the long haul—whether that’s plastering motivational quote posters to the walls around your workspace, regularly rewarding yourself at the end of the workweek, or otherwise, you’ll need sustained motivation in order to make it full-time with your business.

Fellow entrepreneur and podcast guest, Stephanie Joanne, who currently works for herself as an online business coach, puts it this way: “Yes, talent and great ideas are important, but they’re not everything. At the end of the day, if you don’t have discipline or you’re not a self-starter, you will not be successful with your side hustle. You have to develop these entrepreneurial skills before you try and take it full-time.”

4. You Know Your Business Basics

If you don’t know how to actually run your own business, things will quickly fall apart. Are you aware of the many mistakes that derail young companies? Do you fully understand what your overhead costs will be? Have you priced your product well for your ideal customers? Do you have a well-thought-out growth plan to help you expand at a sustainable rate? Are you aware of trends and shifts in your niche? The better you understand your market as a whole, the easier it will be to make a smooth transition.

5. You’ve Mastered The Art Of Self-Promotion

Never forget that your side hustle is a real business. That means you’re going to need to devote a fair amount of time (and financial resources) to promoting yourself and your solutions. After all, how else are you going to find new clients?

As Tompkins explains, while this can prove to be a challenge, it’s an essential art to master. “Think of it more like you’re starting a business of one person rather than going freelance. The self promotional aspect is hard for a lot of people, but it’s really really important. There are a lot of talented freelancers out there who don’t do it well and don’t succeed because of it, and less talented people that do it well and succeed more.”

6. You’re Missing Out On New Projects

As you gradually expand your side hustle, new clients might start reaching out to you, or your current clients might want you to do more work. “There’s all these great things that just open up as soon as you say yes to a project,” Slade says. “It sort of sets a tempo.”

Of course, it’s hard to take on additional work for your side hustle if you can only dedicate nights and weekends to it. If you’ve reached the point where you wish you could say yes to more projects and feel like you’re actually missing out on financial growth by turning them down, then the time has probably come for you to go full-time.

Living The Dream

Leaving behind your old job to fully dedicate yourself to your side hustle can be scary—but it doesn’t have to be. As so many people have learned, when the signs are pointing in the right direction, you can move forward with confidence as you start chasing (and living) your dream.

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As Nigerians Battle Pains Of Soaring Petrol Price

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

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BY IFEANYI MOGBOLU

The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.

It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.

It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.

The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.

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The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.

It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.

There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.

QUOTE:

The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground. It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum.

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Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

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Bill Gates, GMOs, KASHIM Shettima

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.

Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.

In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.

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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.

In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.

He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.

VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.

“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.

“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”

In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”

Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.

Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.

He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.

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Managing, Leading, Building Institutions And Sustainability

The two primary tasks of a top-level leader are to exploit and explore the organisation with people for now and in the future.

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Babs Olugbemi

By Babs Olugbemi

One of my concerns for leaders is their capacity to be ambidextrous. Regardless of years of experience, knowledge, and leadership capacity, the lack of a clear distinction between managing and leading on the one hand, leading and building institutions on the second layer, and ultimately focussing on sustainability is a significant threat to successful leadership change.

I have followed events and people at C-suites, coached some, and developed frameworks for leadership development. Based on the personalities and styles of the new leaders, I have confirmed my fears about leadership sustainability in most African organisations.

“Successful leaders can aptly differentiate themselves and their roles without necessarily seeing activities as performance, focussing on what is required of them with appropriate tenacity and influence.”

The challenge for leaders is how to lead for the present and future without losing sight of the stakeholders’ immediate performance expectations. Successful leaders can aptly differentiate themselves and their roles without necessarily seeing activities as performance, focussing on what is required of them with appropriate tenacity and influence.

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In my walk as a leadership coach, I have keenly observed leaders who are managing rather than leading. Managing involves ensuring that processes achieve their intended outcomes. Leaders are above managing and should focus on creating an enabling environment for innovation, inventions, and team collaboration. The primary role in leading is not to monitor process outcomes, though critical to the company’s overall objectives, but to align corporate values with the people’s aspirations to create an engaged and ownership-thinking mindset ready to take on challenges and explore opportunities. An alignment of corporate and personal goals will not only deliver the present performance expectations. Still, it will also incubate innovations to adapt to future market demands and the sustainability of the business.

Unfortunately, the capacity for ambidexterity is rare and often marked by leaders’ exposure, approach and styles, perception, and perspective of their roles in the organisation. A leader with a wrong foundation in these areas is set for failure and awaits unfavourable decisions from the board of directors. A top-level leader might manage their teams instead of leading them. Not all leaders can combine leading for the present with building institutions. However, anyone able to submit themselves to an institution-building mechanism can champion sustainability. Aside from being a leadership coach, I help leaders achieve sustainability.

Mathematically, creating an ambidextrous organisation is beyond leading. It is to lead and build an institution that focuses on sustainability in all aspects of the organisation—employee fulfilment, customer retention, strategy effectiveness, performance evaluation, stakeholder management, process improvement, and goal congruence.

In a nutshell, the role of successful leaders in ambidextrous organisations is striking a balance between exploiting current assets and capabilities to ensure short-term success and allocating enough energy and resources to exploration to ensure future viability. The two primary tasks of a top-level leader are to exploit and explore the organisation with people for now and in the future. The two seemingly contradictory aspects—exploitation and exploration—encompass different strategies and processes and have different targets and outcomes (March 1991; O’Reilly & Tushman, 2004; O’Reilly & Tushman, 2013).

O’Reilly and Tushman described the two concepts as follows:

  • Exploiting: Exploiting involves building on an organisation’s achievements and maximising returns on previous investments. It focuses on responding to current business demands to remain efficient and competitive within an established market niche, as well as on maintaining an existing customer base and stakeholder relationships. Examples of exploiting are activities focused on continuous improvement, benchmarking, and redesigning business processes.
  • Exploring: Exploring focuses on expanding an organisation’s knowledge and capabilities, pioneering new products and services, and discovering and venturing into untapped markets.

The common area of practical bottlenecks in exploiting and exploring in organisations is a need for foundational trust and cohesion among the resources, especially the human capital, which are often treated as costs rather than assets to the organisations. Among all the factors of production, only humans can be ambidextrous with the capacity to think about changes in economic parameters and adjust their behaviours to match the time, content, and contextual requirements.

While organisations might have the resources to deploy in fighting competition, technology to obtain first-mover advantages, and production capacity to maximise output from input, none is compared with the potential of an engaged workforce.

Therefore, for leaders to be successful, they must refrain from operating in the realm of managing. They should operate in the capacity of institution builders, with the mindset of creating sustainable leadership and growth with people first and other factors of production second.

Consequently, only the leaders who prioritise their people over profits, pride, and organisational arrogance will be successful in the long term.

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