4 Advantages of Starting a Side Business, While you Work

Many professionals want to take control of their life and be their own bosses. They want to be entrepreneurs. According to?one study, 62% of Americans want to start their own business. When people think of entrepreneurship, they tend to think of the success stories of Steve Jobs, Bill Gates, and Mark Zuckerburg. These famous entrepreneurs are outliers and don’t accurately depict the rest of the entrepreneurs' journeys. Of course, you never want to dream small but do proceed with optimistic caution. With that in mind, there are a few things you can do to ensure you get started on the right foot that can set you up for success and set a solid foundation for your business. So let’s start that business but don’t quit your job… yet. Here’s why…

Test Your Passion

Before you start investing money into the building, creating, and marketing of your business, you need to make sure this is something you truly want to create. Take the time to ask yourself if this is something you truly want. The road ahead will be full of difficult choices and sacrifices. To test your passion, you need to work on your side business on the weekends and free up as much time as possible. Start with activities like watching tv, playing video games, and scrolling through Facebook and Instagram. Anytime that you can spare to craft your business will mean you can produce results faster. An additional benefit of testing yourself is you will likely avoid the trap of never getting started. Some people try to save up money for the next five years but when the time comes they never take the initial leap. Taking the time out of your day and creating a routine that allocates time to work on your business is a great sign that you are serious about starting your side business.

Benefits of Failure

The cost of entrepreneurship is an expensive one. If you do not have the financial safety net of your job, it can feel like the clock is ticking down. Your bills still have to be paid and your business is not at a point where it can support you. If your venture fails, the financial consequences can be devastating. On the other hand, keeping your job can make your side business feel more of a journey. Even if your business is not successful, you will have come out of the other side with valuable skills and lessons that you can apply to your next business venture or at work to land you promotions. You will have gained important insight that you otherwise would not have. A failure is an option for you.

No Ticking Clock

As mentioned before, jumping straight into full-time entrepreneurship can drain you financially without a steady income. One of the main advantages of having your job and starting a side business means you have the luxury of time. This allows you an opportunity to thoroughly think about one of the most important initial goals as an entrepreneur, which is product-market fit. Product-market fit is identifying who your ideal client is and what you should charge for your product or service. Undoubtedly, you will invest a lot of time researching who exactly your target audience is, what their needs are, and how to tailor your service according to these metrics. This initial planning and product development is something that should not be taken lightly. It is arguably one of the most crucial steps you will need to take because it will be the foundation your entire business will be built upon. You need to make sure it’s sturdy. Going slow might be the fastest way to get to your destination.

Flexible Budget

Maintaining your job means a steady flow of cash. This means you will have the funds to outsource some of your work. Look for opportunities to outsource, especially when it comes to the technical aspect of your business. For example, if you are not a software engineer but you want to create a website for your service or product, it is not a great use of your time to try and learn how to code. You will spend a couple of months just learning the basics. It is just not practical. Your time is one of the most important currencies you have and you need to be mindful of where you put your attention and focus. It will be much easier for you to save time and hire someone to do it for you. The result will be more professional and up to your standards. This will save you both time and money in the long run.

These are the beginning steps you should consider if you want to start your side business. Quitting your job and jumping straight into starting a business venture might not be a smart choice. The risks are too great and the chance of success is not guaranteed. But if you are serious about getting your business started, you can check out?Nest Solutions?and how we can help you accelerate your business to success from scratch.