Not all of us have the luxury of being able to spend their whole working week on their business. A large number of entrepreneurs only have the time to run their micro biz after they have done a full day of work already or at the weekend. This weeks tips column contains our Top 5 Tips for running a business on the side:
1. For as long as your business is to remain a side project, you must be careful not to spend much money on it. Hobby businesses can be great fun and it is even possible to make a nice little sideline of income too – provided you aren’t spending a fortune just keeping it going. For example, if you have a crafting business where you are crafting pieces that are being sold for less than they cost to make, you may well need a reality check.
2. It’s important to be upfront with your employers about your entrepreneurial interests. If they find out later on that you operate one or more businesses in your spare time that you have neglected to tell them about or have actively tried to hide from them, they will quite naturally start to wonder if your mind is fully on the job.
3. Make sure you have all the right tools for the job. Business software in the cloud is more or less essential so that you can manage the admin for your side business while on your lunch break or commuting to and from your day job. Without making use of these periods of time you might find that running a business on the side will eat into your personal life a bit too much.
4. Don’t worry about critics of your business suggesting your ideas are too “wacky” to be successful. Provided you aren’t investing a fortune in the venture, there is nothing wrong with being bold in business.
5. If it is possible, try to incorporate your side gig into your main work in some way. The skills you learn from entrepreneurship can usually be used to improve your overall work performance and if you can demonstrate this to your boss, they will have no problem with your side business.