Side hustle to small business: do you have what it takes? | Hiscox

June 07, 2019

Working a side hustle while holding down a full-time job is not for the faint of heart. Leaving the security of a 40-hour-per-week job with benefits for the ups and downs of entrepreneurship takes courage.

We asked 400 people who turned their side hustle into a full-time small business what it took to make that leap.

Side Hustle Survey Results:

• They worked an average of 20 hours a week, in addition to their 40-plus-hour full-time job. Most of this time was at night and on the weekend.

• It took an average of 19 months before they were ready to ditch the security of their full-time job and strike out on their own.

• They needed to be sure they could generate enough money – an average of $43,862 – before they were willing to take the leap. But it took three years before they earned as much as they had at the full-time job they left.

• Seven months after leaving their full time job, the average entrepreneur hired their first employee.

 

side hustle to small business infographic

These courageous entrepreneurs were willing to put in the long hours, juggle their responsibilities and take a pay cut so they could make their dreams of being their own boss come true.

Learn more about turning a side hustle into a small business at www.hiscox.com/side-hustle-to-small-business.