One of the most frightening days of your day is probably quitting your job and officially becoming an entrepreneur. On that day, you will know there will be no more steady paychecks, no more health insurance or retirement plans. No more days off for being sick or paid vacations.
On that day, income goes to zero. The terror of not having a steady paycheck was one of the most frightening experiences for many to had experienced. Worst of all, not knowing how long it would be before you would have another steady paycheck.
Very often, it is this very fear of not having a steady income that holds most people back from starting a business. Perhaps you’ve faced this fear yourself.
When I was young, in the pre-Internet days, there weren’t nearly as many ways to have a business on the side. It was generally an all-or-nothing proposition. Today, however, technology gives want-to-be business owners a distinct advantage. It’s easier than ever to start small and smart, building a business on the side while still having the security of a paycheck.
The following are ways to start a business without quitting your job. Trust me you’re not in this alone !
First off, starting a business is going to take a lot of your time. So, you might as well do something you enjoy. Take a look at how you spend your free time. What are you really passionate about? Maybe it’s cooking. Now, find a way to make money doing it.
The trick is to look at what services you can provide and find the product angle. If you can do that, you’ll be making money even when you’re not working. That’s a true side hustle.
Another way to build a great side business is to build an investing business. I know a couple, for instance who have a passion for real estate. Together, they’ve learned how to find the perfect single-family houses to turn into room shares. So far, while working full-time, they’ve purchased three houses. Each one cash flows significantly thanks to their business model, and better yet, they’re paying off the debt on their assets. It’s their retirement plan to have a portfolio of cash-flowing houses that are completely paid off.
This requires some time investing in your financial education, as well as making it a priority to save money for investing, but once you get in the game, the sky is the limit. And it can all be done easily in your free time
The temptation for those running a side business is to do all the work themselves. But a much better way is to find quality contractors or even an employee or two who can work in the business so you can spend your time managing them and building the business.
If you want to run a successful business while working full-time, you need to become an expert at productivity and time management. Cut the TV time, stop going out for drinks, and buckle down. You’d be surprised what the work you do in an hour or two in the evenings and a half-day on Saturday can do for you.
At the end of the day, the time will come, if you follow the advice above, when you’ll still have to quit your job. So count the cost if you truly want to be an entrepreneur. Today, it’s entirely possible to build a great business while working full-time. Start today, and build a better tomorrow.