It’s no secret that starting and running a business is not an easy venture, especially when you cannot afford to quit your day job. Here are five ways to build a side business without losing your job.
When it comes to starting a business you need a lot of planning and research the market you want to offer your services to. Importantly you often rely on capital to ensure that the business is running. The skyrocketing cost of living isn’t making things easy for aspiring entrepreneurs. While workers and startups are swimming above water to get by, multiple streams of income are more important than ever before. If you have always wanted to be your own boss make sure that you take calculated decisions and understand that it won’t be an easy journey. In the meantime here are ways you can start your side hustle without losing your job:
Disclose your intentions with your boss: The first step to do this is to make sure that you go through your contract and see if there are any terms and conditions pertaining to this. If not stipulated share with your boss that you want to start something on the side to bring extra income, as long as you will not be the company’s direct competitor. You have to disclose early on to avoid getting fired or burning bridges.
Find your target market: Network as much as you can and build a strong clientele for your business. Evaluate your unique selling points by studying what sets your services apart from competitors, and maximise on them. Find ways of creating a loyal customer base by creating a good relationship with your customers.
Never use company resources: No matter how tempting it is, never use company resources for personal gain, from their time to their intellectual property. Using company resources to benefit yourself is not only disrespectful but it’s considered stealing and that can get you dismissed on the spot.
Take baby steps and be realistic: You probably work approximately nine hours in a 24 hour day, then there’s family commitment and other activities that consume your time. Set realistic time frames outside office hours to build your business. Experiment as much as you can with your market and in your business to see whether it’s viable. Set realistic goals and don’t take on more projects than you can handle.
Outsource the skills you need: Excel at what you can do best on your side business and outsource other skills your business needs to do well. If you are a great writer, for example, and offer those services, but cannot design outsource design freelancers. Most importantly, don’t poach your colleagues for your side hustle. Your boss will find this offensive; one day you will be a boss and you will sure want your employees to respect your company, wouldn’t you?
Do you have a side business? How are you running it?