Episode 55 – Don’t Quit Your Day Job: Why Starting A Side Business May Be Your Secret To Success
You’ve had an incredible idea for a new business.
You’re pretty much obsessed.
You think about your new business day and night – in the shower, on the train, and yes, at work.
In fact, it’s such a fantastic idea that you’ve already started drafting your letter of resignation in your head…
…imagining the day you can waltz out those doors and get busy doing the work you are really meant to do…
But hold on there, let’s slow down a bit.
Satisfying though it might be, you don’t have to quit your current job to start a new business.
Some people balk at this idea.
It seems like double the work.
And where’s the fun of being an entrepreneur if you’re still clocking in at a JOB every day?
Other people are more cautious:
They could be be afraid to leave the stability of their full-time job and make the leap into being an entrepreneur.
You may be surprised to hear where I come down on this topic.
I think there’s no need to burn your bridges before you start.
Don’t quit your day job—at least not right away
I actually believe that many people (if not most) should stick with their day job when they start a new business—at least for a while.
For many, the ideal situation will be to start their idea as a side business.
And, depending on your business model, it’s good to estimate another three months before you’re seeing truly regular income.
So, six months to start – and that’s if you do everything right the first time. (Like hiring a business coach, which definitely cuts down on the margin of error.)
Now, how many of us have six months wages saved up for a rainy day?
Having a stable income to help support you in the start-up phase is incredibly important.
Your stress tends to skyrocket when you start a new business.
The last thing you need is to worry about paying the bills on top of everything else.
The absolutely last thing you want is to descend into desperation mindset in the first year of your business and struggle financially.
So what are the benefits of starting your business on the side?
1. Funding your startup
While starting an online business is cheap compared to other options, it’s not free, and it will cost more than you think.
And while you don’t need to spend tons of money on a website or a logo right away, it’s also true that the more you invest in the right things up front – like education and coaching – the more likely you are to be a success.
Very few of us have access to venture capital or massive savings accounts to fund a new business venture.
So it makes a great deal more sense to start a side business and keep your current job (and income) – at least for the time being.
2. The luxury to test and validate your idea
According to Bloomberg, eight out of ten small businesses fail in the first 18 months.
That’s eighty percent.
There are many reasons why, but one of the main reasons is not that the idea is bad or that customers don’t want it, but rather that the marketing message isn’t clear.
I recommend using a process of testing in the marketplace for seeing what people best respond to to get your idea working.
Sometimes your idea will take off right away, sometimes it may need some tweaks before it works.
If your mortgage isn’t depending solely on your new business, you’ll find you have much greater freedom to test what works and what doesn’t in your business.
3. You can afford to be the boss
Finally, as you may have realised, when you start a business you literally have to do EVERYTHING:
You are the writer, the social media manager, the marketer, the programmer, the project manager, the CEO and the VA.
It’s a lot. Like, a LOT, a lot.
If you don’t want to have to do all that yourself – or there are big gaps in your knowledge of, say, how to build a website – you can outsource the work to a third party or pay someone to help.
And believe me when I tell you that investing in the right kind help early on will pay massive dividends later.
So my answer?
Yes, it will be more work in the short term, but there are far more reasons to keep your job for now than there are to rid of it.
And, imagine the sheer elation you’ll experience when you can literally moonwalk out the office knowing you don’t need them anymore rather than cutting your ties and being unsure if you are doing the right thing.
Of course, there are exceptions to every rule.
If you’re starting a new venture in your current field, you certainly don’t want to violate any non-compete clauses you may have signed.
And, of course, there are some jobs that would make running a side business frankly impossible.
But for most people, a side business is usually the least stressful least risky way of starting a new business.
I’ll be going into more details in the coming weeks on how to start a side business, so if you’re interested in how it might work, be sure to click the image below to sign up for my newsletter to ensure you don’t miss a thing.