Making the leap from side hustle to full time business is a big step. Find out what you need to carefully consider.
You may be ready to take your business full time when:
Be clear about when you will decide whether to commit full time to your business. This could be when:
Taking your business full time can have knock-on effects on other aspects of your life.
Once you earn over £1,000 from your business, you need to report your income and register for self-assessment.
If you’re operating as a limited company, rather than a sole trader, you’ll need to comply with rigorous tax and reporting requirements.
You may have less free time while you’re working on your business. Think about how you’ll manage any other commitments, and what impact this might have on your wellbeing and on those you care for.
Make sure you can manage without your regular income. Check if there are any restrictive clauses in your employment contract that might limit who you can do business with.
Talk to your local jobs and benefits team to find out what support you can get while you work on your business, and to find out how your benefits might be affected.
When you’re ready to make the change, prepare a plan setting out how you will manage:
