Working hard from nine to five and dreaming of better days ahead when you can work for yourself, doing something you love and not have to answer to anyone other than your very own customers and yourself? Wondering how and if you can make that happen? Is there really is a way to make enough money so you can quit your day job?
The answer to both those questions is a resounding yes!
When it comes to owning your very own successful home-based or other small business, there are lots of ready-made and extremely affordable business opportunities, distributorships, licensee opportunities and even small franchises for sale that will enable you to get started part-time and fast. And, they represent an incredible cross-section of exciting and growing industries.
For anyone who is tempted to take the plunge and decides to mix business with more business, they won’t be alone.
According to the U.S. Bureau of Labor Statistics, at least 50% of multiple-job holders work full-time in their primary job while working only part-time on their second. Additionally, the vast majority of them take on that second job to meet expenses or earn extra money. However, recent research suggests that an increasing number of individuals who work a second job are also doing so because they want to build a business of their own while still collecting a regular paycheck, with the ultimate goal of having greater freedom, following their passion and gaining some measure of independence.
While all of that is sure to sound promising, the reality is that starting a home-based or other small business or franchise, as exciting and energizing as that may be, is also hard work, especially when it’s not your full-time job. Doing it all well, experts say, primarily takes two things—setting boundaries and having realistic expectations.
In this case, setting boundaries means carving time out of your personal life to work on your new business enterprise and not allowing the excitement of what all you need and want to accomplish get in the way of earning a regular paycheck by working for someone else. Translation? Don’t work on your new business on the other company’s clock. If you do and you get caught, it may very well cost you the very thing you want most…the opportunity to pursue your entrepreneurial dreams. When it comes to starting a new small business and it’s your second job, hardcore time management is critical.
As for your expectations? You need to know from the outset that turning a business—even one where the business model is proven and the “how-to-be-successful” guidebook has been written—into a profitable enterprise takes time. In fact, it may be months or even years before you can make the final break with your full-time employer to become your own boss.
At the end of the day, starting a business of your own—especially when it’s your second job—requires a tremendous amount of planning and patience, not to mention stamina, but the potential payoff makes it all worthwhile. And besides, you’ll never know if you can make a serious go of it until you try.
If you’re a small business entrepreneur who started a successful small business of your own while still working hard from someone else, we’d like to know how you did it! What advice do you have for those who would hope to follow in your footsteps?