Entrepreneurs come in all shapes and sizes. They’re not all Bill Gates and Steve Jobs. Some are the kids selling lemonade on the corner of your subdivision .
Side hustles can be fun. They probably should be; otherwise, why start one? Still, they need to bring in enough money to at least pay for themselves, if not achieve some greater personal financial goal. To that extent, you’ll need to use the typical “numbers” to determine if your side hustle is a success.
You’re more accepting of smaller profits in a side hustle because the investment is much smaller. A startup, on the other hand, requires much larger profits to justify the much larger risks you’re taking. Customer acquisition: This measures how many new customers are being gained and how quickly the business is growing.Burn rate: This measures how quickly the business is using up its available funds and how much runway it has before it runs out of money.
The same can’t be said for a startup. After all, retirement entails moving away from your full-time business. The exit strategy for a startup entails far greater intricacy than quitting a side hustle.