If you’re ready to turn your side gig into a full-time small business, first of all, congratulations! That’s an exciting step. But as thrilling as it may be, there are some realities you need to know about making that side hustle a career — and it’s wise to be aware of them before you leave the stability of your current job, if possible.
Average Salary for Small Business Owners
For starters, there’s an average salary of just over $56k1 for small business owners in Canada ($97K in the U.S.2), and when it comes to common health benefits, a full 76 percent of small business owners have none. Nearly a third of small business owners don’t take a salary, even though the vast majority work nights and/or weekends.
However, even with all of that in mind, perhaps the most important thing to know is that 92 percent of small business owners don’t regret starting their businesses, so if you feel called to make that move, perhaps now is the time! Take a look at the graphic below for more insights on what you should know before taking the plunge.
I wanted to thank our Guest Author, Kathleen Garvin. She is a writer, editor, and content strategist based in St. Petersburg, FL. She’s worked for back-to-back startups and has experience in the healthcare, tech, and personal finance industries. Thank you, also, Salesforce Canada for this amazing infographic.
Where To Find More Help With Your Side Gig
Are you ready to start a side gig or even a full-time business of your own? Utilizing a Business Coach can help you considerably in your success and even through scaling your business. We help you through each phase of developing your business using proven strategies, planning, resources & tools.
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