When you have a steady job you have security – you get a definite monthly salary that sees you through. When you quit your job to start a new venture on your own, it is always a risk. You don’t know when you will start earning money. You don’t know how much you will get. And most important, you don’t know if you will get any returns or not. This can get very frightening.
So if you want to start something of your own, it’s a good idea to do it while you still have a regular job. That way your risks are lower, you still have your monthly salary and if the new business fails, you still have your job.
Something you love doing
Now what are the various things you can do as a side business? One enjoyable way to earn extra money is to do something you love doing. Think what your hobbies are and turn one of them into a business. If you like writing, you can write blogs, e-books etc to begin with.
Another option is to sell things online – you can turn your writing into an e-book that you sell or you can give tuitions online. These activities don’t take mush time so you can concentrate on them in your spare time.
Do your own research
You can do what I have done – invest money in the share market. Do your own research, read up about it and get a good trustworthy financial advisor who can guide you on where and when to invest. These shares will bring dividend income for you and if you trade regularly you can make money by buying low and selling high. Another idea is to buy property and then rent it out to get a second line of income.
How to manage
Now let me give you some tips on how to manage this side business. When you decide which line you want to take, concentrate on building the business, plan out your strategy so that it brings in money. All the regular, mundane work you should leave for others to do, don’t waste your time and energy on that. In order to do this effectively, you have to get a good, knowledgeable, trustworthy, hardworking team to work on your business. Pay them well – maybe a bit more than the market – and they will never disappoint you. Having a good team in place means you can devote your time to building and growing the business.
Devote time to it. Don’t start and then forget about it. If you are serious about it then make time for it. Any business whether it is part-time or full-time will be a success only if you give it time and energy and effort.
This is the age of technology and communication. So use technology to set up and grow your business. Use available software and other communication tools to run the business, track progress and earn extra revenue.
You don’t have to quit your job to start and continue this business if you follow my suggestions. Later when this starts making sufficient profits and is on its way to becoming successful, you can think of leaving your job and devoting all your time and energy to this business.