Should i quit my job when my side hustle have started to earn more?

I am working in a stable job with decent pay. Over the past few years i have been working on a side hustle and recent months it has consistently beat my salary and i believe there are more potential to it.

I managed to establish workflows in my side hustle to the current stage while my job was less demanding. The side hustle now only requires 5% of my time. Currently my job's demand is rising exponentially and i am seriously considering quitting my job.

My concerns are, if i drop my current job, i will half my income and forfeit all the benefits such as leaves and CPF. But the job is taking too much of my mental space and will slowly but surely affect my mental health.

My short term liabilities are all taken care of (Marriage + BTO)
Business income varies 20-30% from best and worst performing months due to seasonality.
Sustainability of E commerce is questionable, thou i think mine has a better than average position.

Would like to get some advice and understand what are further concerns i should consider before taking the leap of faith.

Thanks in advanced.

Discussion (39)

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Ally

03 Apr 2023

I took up a side hustle while working full time and I think if you can do both at the same time then just do both (just take note dont sacrifice your health)

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YOC

01 Apr 2023

Perhaps you can quit and rely on your side hustle but continue to look for another job (if that's where your interest lies)

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Eugene

24 Mar 2023

Making the decision to quit a solid career can be a difficult one, even when you have a thriving side hustle. Before taking the leap of faith, there are several factors to consider.

Firstly, it's necessary to examine the sustainability of your side hustle. While it's been successful in recent months, there's always a chance that it may not continue to perform at the same level in the future. You may want to consider the potential for growth and expansion, as well as any potential risks or challenges that may arise.

Secondly, you should consider your financial situation. If you quit your employment, you will lose your regular salary as well as perks such as leave and CPF. You may want to analyze your present spending and determine if your side hustle revenue can cover your living costs and any other financial responsibilities you have.

Additionally, you should think about your long-term career goals and how your side hustle fits into those plans. Is it a short-term solution or something you see yourself pursuing in the long run? Will it offer opportunities for advancement and development?

It's also crucial to evaluate the potential impact on your mental health. If your job is consuming too much of your mental space and negatively impacting your well-being, it may be time to explore a shift. However, you may want to consider alternative choices, such as lowering your working hours or arranging a more flexible work arrangement with your employer.

Overall, it's important to weigh the potential risks and benefits of quitting your job to pursue your side hustle. Get input from trusted friends, family members, or mentors who can offer extra insight and support while you make this decision.

Wishing you the very best in your decision!

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Seedly Rookie

Edited 18 Mar 2023

For the sake of your (mental) health and since your short term liabilities are all taken care of. Just make sure you have at least 6 months of emergency funds set aside before quitting your job ...

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