With a great business idea, it can be tempting to drop everything to chase your dream. You’ll be tempted to act — especially if you’re not happy in your job and your position at your company.
But, leaving your current employment to start a brand-new business from scratch can be extremely risky. There’s so much to consider, even if your business idea is incredible.
1. It’s highly likely that you’ll be investing your own money into your business idea, whether it’s service or product based. As with most startups, it will take time for our business income to grow.
2. If for whatever reason, the business doesn’t pan out, you’ll be left in dire straits — out of a job with no income. And, whatever savings you have will be eaten up by the time it takes to return to the workforce.
A side hustle is less stressful because:
- Staying in your current job while starting up your side hustle is a great way of taking things at a more relaxed pace. You’ll be able to take your time developing and experimenting with ideas. You’ll continue to have the safety net of a steady income.
Without the excess pressure, you’ll be able to come up with better ideas to ensure your business is a success going forward. As a side hustle, your business won’t be anywhere near as stressful as it could be if you had thrown yourself into it straight up.
- You can still lean on your network. Quitting your job to start a business means working by yourself for a while. Having the capital to employ others will be a luxury. And, working in isolation takes time getting used to.
Starting your business as a side hustle means you’re still have a network of work colleagues and friends. You can always bounce ideas off people you trust. You can seek advice and lean on them for their expertise, encouragement and enthusiasm.
- If your side business gets too busy, you are reaching critical mass. It’s time to pat yourself on the back and, then, decide if you still want to keep your regular job.
It is a great feeling to resign your job when you have something clear and firm in your future. It’s freeing, fulfilling, and satisfying to make the move.
A couple closing tips
- Do not, under any circumstances, work on your side hustle or use the employer’s equipment while you are on business hours. It is simply fraud and meat for your immediate termination for cause, bridges you don’t want to burn.
- Do not run your physical and emotional health into the ground trying to serve two bosses at the same time. If you find yourself working 18 to 20 hours a day, you are failing at your main job and your side hustle.
Ready to get your side hustle going?
Got an amazing business idea? Ready to get your side hustle going? I’m thrilled for you!
My Boomer Booster MasterClass will guide and support you at this extremely exciting stage of life you’re about to enter.