It is no longer news that a side-hustle along with the regular 9-5 job is a trend in Nigeria. Almost everyone has at least 2 to 3 source of income in addition to their main job to keep them afloat during the rainy days; no thanks to the economic downturn.
As a growing entrepreneur who wants to set up a business in a country where the economy is not so favourable there is a need to struggle to either keep the current job to fund the up-and-coming business or source for capital which is not so plausible at inception. You may want to keep your job that provides a steady source of income to also stabilize the standard of living pending the time the business will blossom, or you just want to have a side income even though you love your job.
On the other hand, for whatever reason for starting or working on a side business while still on a job; it is worth it. For the reason that it actually helps saves financial problems that might spring up in the process of growing the business and also lowers the risk of starting a business with little or no capital. Most entrepreneurs and executive business owners started out by shuffling through their day jobs and side businesses. Keeping your day job while working out the side business could serve as a backup plan if things go wrong; it also provides the opportunity for diversification.
In the book “Originals: How NonConformist Move the World” by Adam Grant, he confirmed this by saying “Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If you’re risk averse and have some doubts about the feasibility of your ideas, it’s likely that your business will be built to last. If you’re a freewheeling gambler, your start-up is far more fragile….”
With the benefit that comes with shuffling your business and keeping your side business, it is not an easy job but feasible as it is a smart decision any entrepreneur or ready-made business owners can ever make. It will require more long hours of work, energy, time and emotional management skills.
Here’s how to successfully handle your side business with your day job;
Be Aware that Your Full-time Job Requires Concentration
As a serial hustler, know that your main job requires your full concentration and energy while working out your side business. No doubt, there would be times when you will be tempted to ignore your day job that pay the bills to focus on the budding side business just to make it grow as fast as possible.
But, no matter how much you want to pay attention to your side business, you will still have to give your main job everything it deserves – energy, zeal and proficiency to deliver sound result. Hence make parallel your side job with your promising business as this could also help in honing some skills that are applicable to the budding business.
Make Sure Your Main Job Doesn’t Suffer for Your Side Business and Vice Versa
If you are still holding on to your main job while grooming your side business, ensure that your main job doesn’t suffer for it. Your main job is just as important as your side business because it provides a stable source of income, compensation and every other benefit that comes with it.
As an entrepreneur, if you get laid off your main job because you didn’t deliver good results due to your focus on your side business – it might increase the chances of financial problems because the main job provides more than the business would provide at the time.
Conversely, money is not everything but of course financial security is an important aspect to every business. But then, find a balance between both.
Focus on Time and Task Management
Apparently, we all get the same 24 hours in a day as every other successful entrepreneur but time is trickier to handle than money. If you want to successfully manage your main job and side business, it is important that you perfect your time management skill.
Managing your time can be achieved if you plan out your daily tasks using applications like Asana, Trello, JIRA or even notepads. You can also ask for alternative work arrangement from your boss – maybe a chance to work remotely rather than commuting 4 hours to work every day.
You can manage your workload by prioritizing on what really matters; you don’t have to work yourself up by taking up other responsibilities that are not so important. Also, setting a reasonable timeline could make your work easier and faster.
Ask for Help
As a budding entrepreneur, it is very much okay to have a partner with whom you can share tasks with. Having another person on the team makes it much easier to entrust projects with and carry on business even when you are not there.
Perhaps you’ve tried every time management hacks you know and you don’t seem to be making progress in the process of balancing your main job and side business, seek for help. There are so many freelancers and contract employees that would be willing to work or better still get a co-founder if you are taking the business on a bigger scale. This will help lift some of the burden off you as you’ll tend to share responsibilities.
Beyond of all these mentioned, work smart and tread carefully so as not destroy the work relationship you already have at your current place of work because they are often more imperative.
How else do you think you can balance your business and side job? We would love to hear from you in the comment section.