Double Life: A Guide to Launching a Side Business While Working 9-to-5
In the era of side hustles and “gig” work, many people find wanting more from their careers. They want more freedom, more money, and more creativity. How can you achieve that?
An increasingly popular way to do this is through a side job, or a “hustle.” Or maybe you have an aspiration to build a full company and transition into entrepreneurship? No matter your motivation, the prospect of starting a side gig or consultancy while holding down a full-time job may seem overwhelming. However, many people do it with great success.
There are a few essential steps to successfully kickstart your side business without jeopardizing your day job and primary income.
Assess Your Readiness
Launching a side gig demands a realistic self-assessment. Consider your passion, skills, and the market demand for your offerings. Are you ready to commit the extra time and effort required for entrepreneurship? Is your goal to replace your job eventually, or just generate some extra income? Ensure that your motivation aligns with your goals and that you have the necessary skills. If not, start by coming up with a plan to acquire the skills before you start. You may want to talk to people in your network who have started businesses to get advice, insights, and recommendations before you take action.
Manage Your Time
The cornerstone of a successful side gig while working full-time is impeccable time management. Not only will you work longer, but you should aim to work smarter and you’re your time strategically since you’ll have more demands on it. Create a realistic schedule that allows you to allocate dedicated hours to your business without compromising your day job. This may mean using your lunch hour, evening, or weekend time –at least in the beginning—to get the business started. Utilize productivity tools, set clear priorities, and establish boundaries to avoid burnout. You may need to start your business on a very small scale at first to see how well you can balance it with your primary job.
Consider Your Employer
Before embarking on your entrepreneurial journey, it's you may want to be transparent with your employer. Review your employment contract to understand any restrictions or conflicts of interest. Some employers have “anti-moonlighting” policies. If your side gig complements your current job, your employer might see it as an asset. Present a well-thought-out plan, emphasizing how your side business won't interfere with your primary responsibilities.
Legal and Ethical Considerations
Understand the legal implications of running a side business, including registration, taxes, and any licenses required. Consult legal professionals to ensure compliance with local regulations. You may even want to hire a business coach to help you get started.
Building Your Brand
Establishing a strong personal brand is key to attracting clients to your side gig. Leverage social media, create a professional website, and network within your industry. If possible, consistency in branding across your full-time job and side business will enhance your credibility. If your current job adds creditability to your expertise for your side job, than leverage that!
Embrace Learning Opportunities
The journey of entrepreneurship is a continuous learning process. Embrace the challenges, learn from failures, and seek mentorship. As time allows, attend workshops, webinars, and networking events to stay updated on industry trends and expand your skill set.
Starting a side gig while maintaining a full-time job requires careful planning, dedication, and effective communication. Assess your readiness, manage your time wisely, and foster open communication with your employer. By navigating legal considerations, building a strong brand, and embracing a learning mindset, you can successfully launch and grow your side business while still holding down a full-time job.