How do I decline a PhD offer by my master's thesis supervisor? So I'm currently finishing up my master's thesis and my supervisor seems to be happy with my work. The subject of PhD came up a couple of times during meetings and while I did say that I think it would be nice to do a PhD, I also said that I'm still thinking about it and considering other career options (not necessarily in academia). Then the last meeting she suddenly announced that the PhD registrations are now open and that I'm able to register. This caught me off-guard so for the next meeting I want to talk about that. In the meantime, I made up my mind and decided not to do a PhD after all, at least not for a year as I'm having another project running outside of academia.

How do I tell this to my supervisor? I'm afraid that she will be disappointed and that the remaining months of my master's thesis won't be as enjoyable. I have no reason to think this as she has always been friendly and praising my work. But you never know if she just was nice to get me to do a PhD. Probably overthinking this last part though.
"I have another project running outside academia and would rather try my luck in the private sector at that stage in my life. I have thought about this carefully and I will not be considering a PhD right now, but I might consider it in the future. Thank you very much for the opportunity and your support, it is deeply appreciated and I would be happy to keep in touch".