All or Nothing: side businesses

Many of you want to own a business, yet there is a question when to leave your stable and probably good job.

Is it really that black or white when you need to decide to quit your job and start your business?

Side business is an ultimate answer.

You have the freedom to decide on the amounts of time you want to dedicate to it, you can also try a few things simultaneously, or focus on the best idea. You have some money, so you are not stressed to squeeze business for immediate profit by paying with compromised quality in product or service.

There would be barriers at first: fears, opposition from parents (they deem it too risky), laziness (at this point just come back to the point of why are you doing this), time, money and 'work & life' balance.

Whatever your goal is the business will just enhance it with more productive time spent, hopefully more money earned, useful contacts and networks. This is simply your personal and professional development.

Side businesses are:

1. Lifestyle (usually considered as ‘work from home’ or family businesses);

2. Easy to launch with very little investment;

3. Ones that need an extensive development process (say, you need to develop a software application first);

4. Less risky (simply put, you do not risk to lose everything, you are making a safer bet with this);

5. You can think of a business that is very closely attached to what you do at work, or on contrary something absolutely different (just follow your dreams and passions!).

Do not forget to consider:

- conflict with your current work (check contract and internal policies for a potential conflict of interest);
- time management (plan when exactly you are going to work on your side business - you still want to relax after work, spend time with your family and friends, etc);
- fun (don’t turn your passion into things that ‘need to be done’). Add fun to your side business by working in the park or in a crowded cafe - whatever will make it more fun for you. Fun fun fun!

17 Mar 2014