Did you know that around 53% of Gen Zers have a side hustle alongside 40% of Gen Xers. These are the data as per April 2023 Bankrate Survey of 2505 US adults. These side hustles while employed allow people with time to find the right business idea.
Launching a business while keeping your daily job is a common path for aspiring entrepreneurs. However, it presents its own unique challenges.
While most people will tell you that they want to start their own business,
This is because navigating the complexities of a daily job, personal life and launching your side hustle to make money has the potential to result in burnout. And if not managed well, may even lead to failure.
To help you sail through this challenging journey, here are a few tips that will help you get more traction as you start a side business of your own!
9 Useful Tips For Starting a Side Business With Your Day Job
Read on to know some valuable tips to grow your side business while you keep your day job.
Establish a Structured Schedule
Creating a schedule in advance, committing time to working on the new venture and most importantly sticking to the set schedule is of prime importance. This is because when you’re working on your side job business ideas alongside your full time day job, time can often be a constraint.
By blocking time in advance for your new business, you can make balancing of the two most important commitments more manageable.
Identify Your Passion and Skills
The foundation of the best side business eventually lies in your passion and skills. Sit with yourself and reflect on what truly excites you and something you’re good at. And just in case, if you lack important skills that relate to your interests, there is no better time than the present to hone them. Get details of how to register as MSME to open your side business.
For instance, many corporate professionals are nowadays opting to quit their full time jobs to pursue their passions – be it cooking, traveling, running a small business or becoming a full-time content creator. Nowadays, many online content creators and Youtubers are following their passion and embarking on a journey of entrepreneurship.
Also Read:- Top Low Investment Business Ideas
Set Clear Goals
Defining clear and achievable goals is the key to success in your entrepreneurial journey. Set long and short term objectives for your side business ideas. This approach will state a clear roadmap for you, keeping you motivated and focused on the journey ahead.
Always remember, in order to make your larger goals a success, you have to start small. Hence, focus on bringing one satisfied customer, and eventually aim for the second, third and so on.
Differentiate Yourself From Competitors
Competition is inevitable in any kind of business. Regardless of the niche, competitors will try to outperform your services and offerings, thus aiming to attract your loyal customers. To minimize this risk as far as possible, it is essential to differentiate yourself from customers.
You must have a competitive advantage in any form like smart pricing, top notch features, intellectual property etc that set your brand apart.
Let’s consider an example of the two prominent Indian coffee brands – Cafe Coffee Day and Blue Tokai Coffee Roasters. While both these brands are celebrated by coffee enthusiasts, they differ from each other in their offerings.
CCD provides a casual cafe experience with a diverse menu including coffee, beverages and snacks. Blue Tokai, on the other hand, focuses on single origin coffee beans, providing a more educational coffee experience to the customers.
Learn to Delegate Tasks
By now, you should recognize tasks that can be delegated. A single person cannot excel in everything at any given time. For instance, you might be excellent at management but lack behind in graphic design skills. So, it is recommended to not learn every new skill in the near term.
Focus on doing the things you are good at and work to outsource rest. Also, outsourcing great talent is affordable in the long run, especially as the value of your time increases manifold.
Utilize Your Day Jobs To Pay Off Debts
There are so many people who come with ideas of side business while employed. What they do is take advantage of the regular paycheck from the full time job to pay off debt (if any) and save as much as possible.
Having a steady income helps you make sensible decisions for your new business as you are not under any financial constraint. If you are a college student and want to generate a passive income, here are few business ideas for students.
Ask For Genuine Customer Feedback
Honest customer feedback acts as a catalyst for continuous improvement. Without insights from your first few customers, your business could pose a serious risk of failure. This is because without feedback, you might invest so much of your effort, time and money into a plan only to sense later that it wasn’t the best idea.
Hence, make a habit to seek feedback from your customers as it will provide a constant push to enhance your products and offerings throughout your entrepreneurial journey. On the other hand, positive feedback will act as your powerful testament and contribute to the growth of your side hustle.
Prioritize Your Wellness
Physical and mental well being should always be your top priority. Consider including factors such as a rich protein diet, exercising, healthy sleep habits and moments of relaxation in your everyday routine to avoid burnout.
Know When To Quit Your Day Job
Before you start working on your sideline business ideas, it is recommended to set a financial goal. And it is this goal that will determine the right time to quit your day job. Never leave your full time job until your side hustle is providing you with substantial cash flow. While it is absolutely fine to take calculated risk, you should never rush into anything without having a fair chance of success.
Working on side small business ideas along with your 9 to 5 is an act of balance! Think of your day job as a safeguard that helps minimize the risk while you test the feasibility of your side hustle. If you want to open trading business but concerned about finances than have a look on Low Investment trading business ideas.
Key Takeaway
Remember, the key is to start small and stay focused! As you advance, it is crucial to set clear and achievable goals and learn to delegate tasks while remaining flexible to change.
Being an entrepreneur can seem like a daunting task at first but identifying what you are good at, what differentiates you from others and how you can reach out to your target audience can help you create a lucrative business plan.
Consistently taking actions and staying committed to your goal will eventually help you make a smooth transition from your full time job to pursue your side business. Many people have interest in trading to earn extra income but one can also turn trading into a full-fledged business
Frequently Asked Questions FAQs
What are some of the most successful side business ideas?
Successful side business ideas depend upon your skillset, market demand as well as current market trends. However, here are a few business ideas that have proven successful – Ecom site, digital marketing agency, green businesses, home renovation services etc.
Also Read:- Best Successful Business Ideas For Women To Start In India
Is it possible to start a side business from home?
Absolutely! Starting a side business from home is not only possible but also beneficial and increasingly common in the present days.
When is the right time to go full time with your side hustle?
Deciding when to quit your job and go all in your side hustle is a crucial decision. You must consider financial readiness and time constraints.