How To Start A Side Business While Working A Full-time Job
Starting a side hustle is a great way to make extra money and learn new skills. One of the most common constraints people face is time: they don’t want to quit their job, limiting their free time for a side hustle. However, you can start your own business with some planning while working full-time hours. Here are a few tips:
Pick an idea that you’re passionate about. Starting a business can be hard, so it’s crucial to have a passion for what you’re doing. That way, the long hours won’t feel as daunting.
Start small and manageable. Don’t try to launch a new business while working full-time; start with a side project that you can manage in your spare time.
Set aside specific hours each week to work on your business. This will help you stay focused and avoid overlap with your full-time job. Create a budget for your business and track expenses closely. It’s important to be mindful of how much money you’re spending and how much you’re making.
Make sure to save some money for taxes: if your side hustle makes more than $400/year, you’ll have to pay self-employment tax (15% of net income). Save this in a separate account so that it’s readily available when April comes around.
Scout for Opportunities Online
You can make money online by looking for feasible opportunities to do on the side. Start by searching for freelancing sites or looking on forums to see what people are buying/selling.
Take advantage of the technologies that exist today. Slack, Trello, and Skype all have free options which you can use for your business communications. This will help you save time since it won’t require additional meetings or phone calls.
Establish A Routine
Set time aside to get started. This will help you see results faster than if you only worked on it an hour here and there over several months. Make a schedule and stick to it. This shall help you avoid feeling overwhelmed and stressed.
Let the Business Grow
Start with what interests you, then expand into other areas once your new business is thriving. Business growth can be difficult, but committing and seeing your business through is crucial.
It can take time before you start seeing results from your side hustle; however, once things get going, the profits will come in naturally due to increased demand for what you’re selling.
Streamline the Procedures
Once your business is growing, you’ll want to start looking for ways to streamline the procedures so that everything runs smoothly and efficiently. This includes:
- Choosing equipment with high efficiency
- Hiring employees or contractors if necessary
- Automating certain tasks
Streamlining procedures will free up your time so that you have more to devote to growing the business.
Marketing Your Side Hustle
No matter how best your product or service is, it won’t sell itself. You’ll need to put in some extra effort and market your side hustle in order to get new customers. This can include:
- Creating a website or landing page
- Developing a social media strategy
- Starting a blog or podcast
- Networking with other businesses
- Attending trade shows or industry events
Be sure to allocate some of your time and resources to marketing your side hustle, as it will be crucial to its success.
Always be open to feedback on your business. Look for new opportunities or areas that you can improve upon, and reach out to those who have relevant experience/expertise.
Getting feedback from other businesses in the same industry will help you stay up-to-date with best practices and give insight into what customers are looking for.
Don’t Forget your Full-time Job
Working a full-time job and starting a side hustle can be challenging. Ensure you set realistic expectations for yourself and avoid overloading yourself.
Maintaining a good work/life balance is essential to avoid getting burned out. Don’t forget about the benefits of having a stable job while you’re trying to build your new business.
To start a successful side hustle, you don’t have to quit your job and go all in. You can create a business that complements your full-time employment with some planning and effort. These tips will help get you started.