People are quitting their jobs like never before. More and more people are turning to a “side hustle” – some for the extra cash to make ends meet, others to try build up a new business that can provide their primary means of employment. “Side Hustles” turn into real jobs, and pathways to new careers. Wedding photographers, for instance, may start out doing it as a hobby, but then word of mouth helps them realize “Hey, maybe I could do this for a living!” People who work in a restaurant for sub-standard wages realize “maybe I could get a food truck, or start a catering business.” People are more willing to take risks because opportunity is all around us.
Once you find your new business idea, then you have to figure out how to balance the extra work and time required with your day job. You have to grind. You may need help. You may need partners. Family members may be source of support, inspiration – and potentially co-workers or investors in your idea. Building a new business takes a lot of skills – prioritizing work, being able to make decisions in a timely manner, staying in touch with people, networking for new opportunities, and making your existing clients happy. It’s a juggling act when you first start your own business.
So, once you have dipped your toe in the pool, and you find that the water isn’t that bad, then what should do next? How do you make your night job pay? First, you have to treat it like a real business, not a hobby. You have to focus on making your customers happy, and making sure you meet your commitments and deliver your product or service on time, and within the budget. Your customer doesn’t want surprises – especially in the final bill! You have to keep track of your expenses and how much money you’re making from your new business. You have to keep track of the pennies, if you want to end up with big dollars.
The next thing to do is assemble your team of advisors – open a business bank account (and get to know your banker); find a good accountant for small business owners; hire a lawyer to set up a business entity to protect your personal savings if bad luck should strike your business. The lawyer can help you set up sales contracts, enter into a lease, and hire employees. And finally, in most businesses you will need insurance. If you sell food, if you make candy, if you will make clothes, if you open up a store – so many of these activities include an element of risk. The key thing to do is get help so that you can manage your risks, and focus on growing your business.
For assistance, feel free to email or call me. I have helped hundreds of people start their own business. I am happy to put that experience to work for you. mattvanrynesq@gmail.com. (315) 877-1741. I look forward to working with you!
