Can Entrepreneurship be a ‘side-job’
For most people, building a business from scratch not only involves acquiring and building the right talent, but also securing the right amount of funding to prevent financial difficulties. But, pursuing your dreams of becoming a successful entrepreneur does not mean you have to quit your day job. In fact, you can run your business in your spare time. Of course this may not be for everyone and to decide if you qualify for this endeavor, you need to make sure you get the following things in check.
Juggling Job and Business
Even if you run your business part-time, you will need to assume that you are doing two jobs to ensure both your job and business resume in parallel. This will without a doubt be a lot of work and effort, not to mention the emotional stress of managing multiple decisions in both types of work. The side-job aspect of running your business should not mean taking things easy, especially since you will probably not be making money due to the expenses you will have to incur as an entrepreneur.
However, keeping your day job will provide a number of advantages. Firstly, it can help secure your personal finances are met to grow and run your business without having to take any loans. Secondly, it can allow you to benefit from networking opportunities by raising awareness of your business from the ground up.
Importance of Business Support
The challenging of keeping your day job whilst running your business in your spare time can lead to high emotional and mental stress. The burden of making complex decisions, as well as handle other areas of your life can be overwhelming. This is why it is a good idea to have someone else in your team, a co-founder, one with whom you can share and interact regarding your business decisions. Mutual decision making can be important for effectively solving business problems and relieving unnecessary burden off your shoulders.
If you do not have a business partner, you should consider investing in a business coach or mentor. The advice, counseling, and support provided by a business coach can go a long way in running your spare-time business much more efficiently.
Don’t Do It For Too Long
Owing to the complexities involved, you should only keep your business as a side-job for a limited period of time. Stretching yourself too much in the hope of keeping it less risky will only affect both your work and future business possibilities.
You need to embrace the reality that your business needs full, uninterrupted attention, effort, and time and can’t be run properly by cutting 40-50 hours a week from your schedule. Eventually, you will have to quit your day job and pursue your business full-time.The wise thing to do is to test the water of your business when keeping it as a side-job. If you can see it has the potential to grow and make substantial money, then only you should quit your day job. Otherwise, you are better off with the 9-5 work shift.