May 22, 2024

Business Bib

Business & Finance Blog

4 Tips For Running A Side Business

4 min read

Are you working a 9-to-5 but have a great entrepreneurial idea that you are eager to execute? Balancing a side business with your career can be fulfilling but is also an overwhelming task to consider.

You may be afraid of how you can be productive in a side business when you already have enough responsibilities as it is. This is perfectly normal and has likely gone through the mind of every entrepreneur that managed to shift careers and successfully turn their side business into a full-time endeavour.

This is where you need to reflect on the importance of freedom of creativity versus toiling away in a job that isn’t satisfying to you. That’s not to say you should just drop your career to start a side business! On the contrary, running a successful side venture is entirely possible while working a full-time job with a little bit of knowledge and a lot of hustle.3

Here are 5 tips to help you kick-start your dream business, even if you are already engaged in a full-time job.

Outsource

In order to take as much weight off your shoulders as possible, you should seek to outsource as many tasks as you can without breaking the bank. This way, you can focus entirely on the core of your business and let others deal with more menial tasks.

Do you have any family or friends that you can trust with certain tasks or that have any special talents? If your side business involves any sort of graphic art or web design, you may know someone who possesses these skills and can help you grow your business.

You could task a family member with simple things such as answering e-mails, shipping orders or anything else that might help you with time management. This can make them feel like they are a part of your business and you may be surprised how many people are willing to help!

Running a side business is also likely to make you have to keep a closer eye on your financial situation which can be a massive time sink as well. For this reason, it may be wise to outsource some tasks to an accountant or seek the aid of a tax expert so you can concentrate on your business.

Commit

Once you’ve got a great business plan drawn up and have contacted people in your inner circle to see if they are willing to help with some tasks, the next step is to commit to the business. It may be difficult at first but once you find your rhythm things will become much more manageable.

Commitment often means that some form of sacrifice will be involved. You may need to devote your relaxing time in the evening to your new venture but always keep in the mind that the payoff will be worth the effort.

Be practical about your goals

This is very important to remember: a small victory is still a victory. The goals you set for yourself in the beginning should be realistic and attainable. Do not expect to become a fortune 500 company overnight!

Setting goals is more about achieving many small victories that will eventually look like a major win when you put them all together. So be sure to relax and pace yourself, your company needs to be nurtured before it can attain a significant growth spurt.

Manage your career

Quite possibly the one thing that is holding you back the most from pursuing your dream is the fear of how you will manage when you already have steady employment. Here are a few tips to ensure that you don’t hinder your full-time position when kick-starting your new venture:

Be aware of any company policies that might apply to your business
If your business is related to your 9-to-5, inform yourself about the contract(s) you have signed, especially non-compete clauses
Don’t work on your business during company hours
Refrain from using your current job’s resources (including your work computer) for your side business
Don’t allow your side business to affect your performance at your current job

Final thoughts

While the road to a successful side business is likely to be bumpy, the destination is often worth the trip. Working a 9-to-5 while trying to jump-start a side venture can will be daunting but with the right combination of commitment, outsourcing, goal-planning and career management, it is entirely possible to come out on top and trade your day job for a more fulfilling career path.