With the cost of living continuing to escalate, and the threat of unemployment around every corner, now is the best time to start thinking about expanding your career opportunities.
While still taking in your regular paychecks, a great way to stretch your finances and prepare for a more stable future is by investing in your own side business. Juggling two things at once is not easy, and failing in both will leave you empty handed at the end of the day, so don’t commit to your new venture unless you are sure you have what it takes.
The reasons for engaging in an entrepreneurial venture are varied; some do it for immediate extra income, while others are hoping to save for retirement. For some, the goal is to simply have a fall back in case they get fired or they lose interest in their current job. Whatever the reason, there are a couple of challenges that you need to be aware of before delving into your side business.
No More Weekends
You will never fully comprehend the words busy and hectic until you have had the agonizing pleasure of working 8 hours a day while also running your own company.
Creating your own enterprise, no matter how small, will take up huge chunks of your time. From getting the necessary licenses to overseeing your operational costs and hiring new employees, you probably will have to say goodbye to most of your weekends and holidays. You’ll also need to warn your family, as they will be seeing less and less of you, especially at the onset.
To understand just how much time you will have to devote to your two jobs, simply estimate how many hours each week you are currently devoting to your work, then multiply that by two, and you will probably end up with only enough time left for sleep!
Stress, Stress and More Stress
As you will simultaneously be working for two equally demanding bosses at the same time, expect to face stress at every turn. There are even times where you will wish you could split into two just to attend to the needs of both of your job and side business.
While it is true that all jobs come with varying levels of stress, committing to two things at once is bound to boost your anxiety, so be prepared.
Know Your Limitations
Since you are still employed, it is important to keep your current job a priority. Understand beforehand the existing rules and regulations of your company with regards to opening a side business. If you are intent on still being part of their payroll, then it is best to avoid branching into a business that is in direct competition with your current company.
As you are taking on this new venture as a part time job, it is vital that you learn to take it slow. Do not go all out with your new project and end up fired from your primary job.
Keeping your job while working towards a successful business is a huge risk on your part but the end results could reward you with the financial independence you have been searching for. The key is to keep your passion and commitment to succeed in both.
Jimmy is the business and automotive writer for TruckerToTrucker.com, where he helps new companies find the commercial trucks for sale that they need to grow their business, as well as deals on specialty equipment like a used refrigerated or tank trailer.