I can count the number of wannabe entrepreneurs I know by the thousands – usually with just a quick scroll through any of my social media accounts. Everybody has a side gig and a domain name. Few, however, are running those side hustles effectively enough to turn them into full time endeavours or even profitable streams of income on the side. This can be especially compromised if you fall into the overwhelming category of entrepreneurs who are working while working – trying to balance their alternative aspirations with full-fledged jobs or careers. It’s a struggle for most, and a reality for more and more millennials trying to do something bigger in their lives.
Today, I’m sharing four ways that you can improve that delicate balance between your full time job and your side hustle.
1. Decide what success with this side hustle looks like to you.
Are you aiming to eventually leave your full time job and turn your side gig into your main stream of income? Do you want it to grow into consistent, residual income that can produce an additional, even if smaller, source of income as you focus on your full time? Whatever the best case scenario for you, make sure you have a clear vision for what you want to do with your business, so that you can best plan how to go about getting to where you want to go.
2. Create a schedule and hold yourself accountable.
If you’re spending 8 hours a day committed to someone else’s passion, why not clock in and commit to your own? Even if it’s just two hours of work before bed, this structured time allows you to consistently plan and execute the tasks it’ll take to take your hustle from dream to reality! It may not be daily, and it may not be 8 hours, but when you hold yourself accountable to a strict schedule, you’ve consciously made your hustle a priority. This might mean turning down girls’ nights because it cuts into your self-imposed work schedule, but it’s all just a part of the bigger picture.
3. Take advantage of management systems designed for entrepreneurs.
Whether it’s accounting software to manage invoices and financial statements, or a client relationship management system that automates reminder emails and correspondence, an investment into a system especially designed for the side hustler may be the best investment you make. Organization and efficiency are going to be paramount to your success in whatever stream you decide to make your own, so embrace all things simplified and automated to get the daily tasks done right.
4. Pay careful attention to your bottom line.
Passion projects and hobbies are all activities that can be funded by your full time job, but if what you intend to do is turn your side hustle into a legitimate business, then you’ll need to start keeping track of it like one. Pay attention to your expenses, and determine if you can maintain profitability without relying on your main gig to keep the side hustle going. And when looking at the resources your committing, don’t forget, time is money too.
It takes a special type of person to look at a 40 hour work week and say “I can do more”. It’s not easy, and will almost certainly result in restless, stressful nights, and lots and lots of compromises. But chances are you’re the no excuses type who thrives on the opportunity to build something of your own and turn that side hustle into a full-fledged career or empire. So what are you waiting for?
Comment below and shout out your own side hustle! Let me know how you balance running your own business with all the other responsibilities in your life!