Over thirteen years ago, I decided it was time to quit my job and to rely on my side hustle as my main source of income. It was the scariest thing I had ever done. I don’t regret a second of it.

But would I do it again in this economy? That’s a good question. I think it’s a good call to be loads more cautious than I was almost fourteen years ago. So let’s talk about that.

Do you hate what your day job?

I think this is a question you really need to start with before deciding to do anything. If you like or love it, then it’s a good idea to stick with it until we see where the economy is going. And then keep building that side hustle in case of layoffs. It can be a cushion if you happen to fall.

But if you’re indifferent or you just don’t like your day job, then it’s time to really think about this. Is it the job or is it the company? Has their every been a time you’ve liked your career? What can you do to get back to that? Would moving to another company help?

If you find you are constantly in a negative place with your job and you just can’t get any enthusiasm up for it, then I would start working towards ramping your side hustle up to be your main hustle. Because life is too short to be unhappy.

Is your side hustle sustainable?

I can crochet for awhile. But I’m also older than I used to be and my shoulder seems to hate me. So there is a severe limit to the amount I could crochet. Maybe I still have a good day where I could crochet ALL THE THINGS. But I will pay for it the next day. If crocheting was my side hustle, I’d have to say it wasn’t sustainable at all for me and leave it for something I do on the side.

Is your side hustle the same way? Is there only so long your body or mind can actually do it?

There is nothing wrong with keeping something like that as something fun you do when you have time. You do not need to scale everything.

But if, on the other hand, you can totally do it all day every day, then you might want to consider it.

Are people willing to pay you enough to live off of your side hustle?

Yesterday, we saw a crochet booth at an event we were at. It was great to talk to other crochet artists and see what they were making. As soon as we walked away, however, my first thought was, “How are they making a living off of that?”

My experience with selling crochet is that people will lowball your work and just be downright mean. There is no way that I could make a living off of how much people want to pay for my work. And for my own mental health, I don’t even have it as a side hustle. Once again, life is too short to be unhappy and having people pick at my work to try to get me to accept less just makes me unhappy.

On the other hand, when I decided to go out on my own for social media, I had had a lot of inquiries for work. There was enough that I knew I could make more than my daytime work was bringing in at that point. So it was a natural leap. And the economy really supported the leap as well.

So be honest with yourself about the demand for your side hustle. If it’s not there, keep it as a fun thing you do. If it is and you’re having trouble keeping it at a side hustle level, then it might be time to take it bigger.

Is this a forever job or a just-for-now job?

Are you receiving a bump for your side hustle because of a trend? Remember that audience will disappear unless you create a relationship with them and you will forever be chasing them with the next trend. Even if you feel like you have the stamina right now, that might not be true a year from now. So ask yourself if you really want to constantly be chasing. Or maybe you just ride this wave for now.

Why do I say this? It’s really hard for someone who has owned their own business to get hired back into an organization. So if you are going to go this route, you have to be absolutely sure there is longevity in what you are doing. Otherwise, you are setting yourself up for failure when things do die down and you are having trouble getting customers.

If you are finding your side hustle has gotten insanely busy, it’s not a bad idea to ride the ride for a bit and see if in the long run it’s just busy right now. In this economy, it’s honestly the safest option.

Do you have enough money to sustain yourself while you get your side hustle to full-time?

I have seen a number of people take the leap with not enough savings. They have to get another job sooner rather than later.

Even if things have taken off with your side hustle, the best thing you can do for your financial security is to have at least six months savings to sustain yourself. If everything goes well, you’ll be able to save that money for any down periods you haven’t accounted for yet or to give you time in case the economy is no longer supporting your business. If everything doesn’t go according to plan, that money will be there to support you as you grow your business.

To me, this is the most important consideration when deciding to make your side hustle full time. If you’re on the fence about what to do next with it, start saving immediately. Then when it’s time to decide what you’re doing next, this will be one question you can check off easily.

What made you decide to quit your day job for your side hustle?