It is no news that a side business isn’t for everyone. Entrepreneurship will look all rosy on the outside but the real works begins when you start it. Every phase is a task from capital, marketing, products sourcing, behind the scene life and sustainability. There has been many cases of people who have started but never manage to finish it. I have seen friends who have become depressed as a result of quitting their 9-5 to face the entrepreneurship life and ended up with loss.
Before I go further, let me clear the phrase ‘Side business’ for those who do not seem to understand what this means.
A side business isn’t your major and full time job. It is an extra means of income while still involve in a full time job. It could be a freelance job, an online store, or even hobby that generates cash. Whatever this is, it has to be a sort of job that doesn’t affect your efficiency on the main job.
What Do You Need to Consider Before Starting A Side Business
#1: Your Current Job
What do you do currently? Is it in any way related to what you’ve decided to do as a side job? Do you work for a clothing retail store? If yes, then starting a side business as an online fashion salesman would in every way affect your current job.
Whatever side business you are choosing should not in any way interfere with what you currently do. No employer would love to find out that their employee is a competition to them.
Aside this, you must be sure that your side hustle does not steal your time and dedication to the current job. If it’s a business that requires you to leave you full-time job during the day, then it’s a no. It is important to separate both and run them independently without any major clash. And also ensure you read through the company policies and Non-Disclosure Agreement to understand you are not violating any rule by running a side business or a similar one while in employment.
#2: Do a Test Run on Your Ideas
I currently run an Afrocentric Clothing and Home Decor line called Debs Clothier. When I first started out, the first phase was a trial and error. Most of the home decor did not come out well but the acceptance was encouraging. Everyone loved the idea and wanted to get one for themselves and their loved ones. I wasn’t going to rush the process as I wanted perfection and serve a product with less negative critics.
Hence, I went back to my drawing board to figure out what went wrong with the first production and how to make it better.
#3: Maximize Your Night and Weekends
Your day job may be so demanding that you struggle to remember lunch break. But never undermine the power of night time and weekends as they afford you more opportunity to go over your side business.
If you are married and have kids to deal with, this may even be more cumbersome for you but it is important to adequately plan on how to manage them. You may need to ditch the unnecessary partying, hangouts and silly dates to ensure you have time to meet your clients’ and customers’ needs.
If you realize your lifestyle cannot afford you time to run your side hustle, then it is not for you.
#4: Do Not Be In a Rush and Be Prepared for All the Stress That Comes With It
A lot of people are always in a rush to see their side business grow that they rush and put in all their capital into production, marketing and even getting a physical store. This is not a wise decision depending on your target customers and business needs. Most business venture starts out as a loss before the business owner understand the ropes and how to make it stand the test of time.
Hence, always take it one step at a time and be totally patient with yourself. Also, while you are running a full job, your side job will come with so much stress that will try to derail you from your full time paying job. You must learn how to manage this stress and put it at bay so your paying job will not suffer while putting you at risk of loosing your job.
#5: Analyze Your Business Idea
After taking into consideration all of the above, it is important to sit with a pen and paper to anlayze your business idea by answering a few of this questions.
- Who are your target customers/clients?
- How competitive is the market?
- What product are your offering?
- How well do you love the idea of your new business?
- Does it solve a problem?
- What is your unique selling point?
- What is your marketing strategy?
- How do you plan to fund this business?
- What will you do in the case of a loss?
- What are the licenses and registration process your new set up require?
The answers to these will determine your readiness to starting and efficiently running your side business.
When Is It Ideal to Quit Your Full-time Job?
Have you heard of multiple source of income? We are in the era where people have unlimited potentials that can fetch them money and they’d go extra miles to be better at them. If you have the energy, dedication and time to do all these, why not? Unless your side business is growing at a fast paced level and requires more time, I will advise you not to quit your paying job yet. Or better still, if you find more fulfillment and peace of mind in the side hustle, and you can be a sole investor with adequate funding, then by all means you can quit.
But do not be on a struggling level and ascribe your losses and struggles to mean you cannot run two jobs at the same time. Every activities requires effective planning and a whole lots of test and error phase. Until you are sure you have done all this and score yourself, do not quit your day job.
Introducing My Side Business: Debs Clothier
Debs Clothier is the nexus between creativity and African heritage. It was birthed from the need to creatively infuse African prints into everyday life in a very eccentric manner. I chose Ankara as the flagship traditional product for unveiling African beauty in a variety of ways: designing home decor, outdoor outfits, or any branding accessories.
At Debs Clothier, we believe in connecting finesse with style; whether it’s in purchasing Ankara fabrics, or seeking to beautify your home, you can be rest assured that we will add glamour to your taste. We hold a promise: to ensign the African pride on every lover of African culture.
With a multi-talented work force, an efficient supply chain network and a competitive pricing model, we are able to deliver quality affordable products within the shortest time possible.
Thinking of putting an African touch to that ‘something’, look no further, we are here for you. You can follow us on Instagram, DebsClothier or start a chat with us on Whatsapp for inquiry and purchase.
Here is a slideshow of our products:
What side business do you currently run and what are some of the tips that has helped you while working a full time job?
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