TiPS: Embrace ur Full-Time Job, get Organized, make Time, Website, Editorial Calendar, Diversify your Income Streams, Out-Source, separate Bank Account, Biz Budget, Transition Savings Account, Biz Emergy Fund, Network, Don’t leave your FT Job too Early, Dream BiG !!!
Side Hustles are one of my favorite methods of making extra money, and I love encouraging my readers to start up a side hustle or business. But side hustles start from scratch. 99.9% of “side gigs” have to be actively managed (and grown) “on the side” – often on top of full-time work.
Balancing a full-time job and a side business is not for the “faint of heart”, but it can be done. If you work hard, the tips below can also help you make it happen and help you to (eventually) quit your job and do your side business full time, or at the very least (eventually) bring in more income faster.
The Distinction between a Side Hustle and a Side Business
Most people do not differentiate between the two, and honestly, almost any side hustle can turn into a side business.
The main difference between a Side Hustle and a Side Business is How you treat it !!!
Definition of a Side Hustle . . .
working another job besides your main job without the intent of it replacing or out-earning your day job. You primarily do this because you want to quickly pick up more cash without investing your own money. And you’ll use this extra cash to fund your financial goals. The side hustle however, will always be the side piece.
The Definition of a Side Business
A side business is when you sell a product or specialized service in addition to working your main job with the intent of this business one day being your main source of income.
Here are a couple of the other key differences:
- Side businesses require a significant amount of time to develop your product or gain and maintain mastery of your service.
- with a Side business as opposed to a side hustle, you start thinking about your brand.
- You value how customers view and interact with your product or service.
Best Side Hustle is Blogging, but you buy a Domain name & pay for Hosting.
15 Tips for Balancing a Side Business with a Full-Time Job
The tips below work even if you’ve got a simple side hustle as well. These tips are for anyone who wants to create more balance in their life and find more time to earn money on the side.
Tip #1 – Embrace your full-time Employment (for now)
No matter how you feel about your salaried job – be grateful for your full-time gig. It probably keeps you fed, your bills paid, and the income necessary to focus on building your side business. Yes, full-time jobs can be a total drag, but they serve a purpose.
Tip #2 – Get Organized
Here’s How: designating a certain room in your home for side hustle work or just keeping a desk calendar with both full & part-time deadlines on it, being organized will seriously increase your productivity. My favorite tip for staying on top of things in the “biz” while also working FT is to make a To-Do List of a few that need to get done each day for your business. Then only do the most important things and don’t worry about the rest. You can tackle a few more things the next day, and then the next day, etc. Do more when you can – usually on the weekends). A business was built with a million small baby steps.
Tip #3 – Set aside Time each Week
When? Do you work better at night or on the weekend? Are there days that you just can’t bring yourself to work on your side business? Finding out what times and days you work best can help so much with keeping motivated (as well as avoiding procrastination). (ie, work every Sunday afternoon & evening on my Blog hustle for a few hours at a time. Even after going to work for myself full time, it still felt very natural to me to continue doing this, so I did. Basically, if you train your body into good work habits, the desire to work will follow easily.
Tip #4 – Set up a separate Website for your Side Business
If you have a side business you’d like to grow into full-time income, you need to market your side business like a legit one. This means – at a minimum – getting a Website for your business so you can look professional online and so people can find their way to what you offer. Building a Website is now easier than ever. Get an inexpensive Hosting package – so you can have more creative control over how your website functions and what it looks like.
Tip #5 – Create an Editorial Calendar
This step is for anyone actively marketing their side business.
- For Bloggers, a Content calendar is a godsend and is something you should be doing every month.
- If you run a small business or online store, Calendars can help you complete priority tasks, such as keeping up with Email marketing & Social Media promotions.
- Even if you don’t Blog, you need to have some type of Calendar for all of the marketing activity you’re doing.
The concept is simple: make a list of what content (or marketing activities) you’ll need and when it needs to be finished. The good thing about calendars is that they allow you to work forward instead of coming up with posts off the cuff or having to read through dozens of emails and orders to find what should be the priority. If you know what you need to accomplish you can get right to work at it.
Tip #6 – Diversify your Income Streams
This may sound easier said than done and as an “info-preneur” I get it. It can be hard to figure out ways to diversify your initial income to grow it. But if you don’t have a skill that translates to something someone buys, what do you do? It may be time to get creative. Even if you have an income stream that makes up to 90% of the money. When working for yourself, you’ll need something different for that other 10%. The important thing is to diversify your income in the event something happens with that primary revenue source.
Tip #7 – Out-Source where you can
This is a toughie. When building a business you want to bring home as much bacon as possible. And paying other people to do the work cuts into that profit. So people don’t want to do it, but your have to. It so important. Because even if by some miracle you can do it all, you really can’t do it all expertly. This is where having help really becomes so essential. Here’s a quick exercise to help you learn how to out-source.
- Make a list of all the things you do in your side business.
- Now, put an asterisk beside the things that only you as the owner can do.
- The rest should be out-sourced to a virtual assistant, or perhaps to a technology platform that can automate it for you.
Other items to Out-Source: book-keeping, taxes, or chores at home (like cleaning or grocery delivery) so that you can free up more of your spare time for the essential parts of your side business. Ultimately, you want to be able to support yourself with your side business. Or at least become very comfortable. That’s the goal, right? This means trying to maximize your earning potential while still working the day job. The tips below will help you with the “money side” of your business.
Tip #8: Get a separate Bank Account asap !!!
When you own your own business it is important that you keep your business and your personal accounts separate. It can be tempting to deposit payments straight to your checking account, but what happens when tax season rolls around? What if there are business expenses to pay? You don’t want to have your business earnings tied to your personal accounts or you could run into trouble if you are audited by the IRS. By separating your business earnings from your personal earnings, you’re creating plenty of records of your Cash Flow. Before opening business accounts at your regular bank, take the time to research the benefits of other institutions. If you have an online business, an online bank may make more sense and have better benefits than a brick-and-mortar business.
Tip #9 – Make a Business Budget (& Stick to It !!!)
Take your business finances seriously. Devote as much love and care to them as you do to your own personal finances. It’s especially important to create a Business Budget so you know how much you can save from your side business earnings each month and get you to that all-important goal of leaving your full-time job. Creating a budget will also keep you from dipping into business income for personal expenses.
Tip #10 – Get a Transition Savings Account
It’s also important during this time to put away as much extra money in savings as you can, to prepare for the transition from your full-time corporate job to working for yourself. This “transition account” will eventually help replace your full-time income and help with any personal emergencies that may arise while you’re busy scaling your business. So seriously, get a separate savings account for your work and enjoy the peace of mind.
Looking for a FREE savings account? Check out the high-yield savings from CIT (online) Bank. It’s a great interest rate, AND they just debuted their new “Savings Builder” feature which gets you their highest rate (currently 2.5%) if you can commit to auto-saving $100 each month.
Tip #11 – Start an Emergy Fund for your Business
Your business should also have a separate Emergency fund that is completely separate from your personal Emergency fund. Take an inventory of all of your expenses related to your Side Business and don’t leave anything out. You want to be able to cover the expenses for your business for at least three months in the event you don’t make as much as you think or you’re unable to pay for them.
Take the first step by opening up a high-yield savings account so you have a place to automate your savings to that isn’t directly tied to your primary checking account. Again, CIT Bank should be your only option, because of its higher-than-average interest rate (25x the national average) and no-fee structure. All it takes is $100 to open and you get rewarded for automatically saving each month.
Tip #12 – Be grateful for your Side Business
I mentioned before being grateful for your full-time job, but don’t forget to express gratitude to the universe (with an affirmation) for your side business: the Clients that believe in you, the people paying you to do what you love, and the energy to make it happen. At any level, in any job, the skills and extra income benefit you.
Tip #13 – Network your booty off
No (wo)man is an island !!! This is especially true for business owners. Entrepreneurial depression is real, and it makes such a difference to network & connect with other people in your field. It’s also nice to chat with people who know what you’re going through. When you are working your full-time job and aren’t so reliant on side business income is a great time to reach out to other side hustlers and both promote your business & make new friends who are working towards the same goals as you.
Tip #14 – Don’t leave your FT Job too Early !!!
This is probably the biggest mistake you can make – if your leave w/out sufficient funds to get you thru – until your Side Biz brings in enuff $$$. You not only want a healthy amount in savings for the transition, but you want to have a business that makes close to your same level (or more) of full-time income if possible.
Tip #15 – Dream BiG !!!
My Blog originally began as a side hustle, turned into a side business, and then my full-time occupation. When I began, l can honestly say I never (in a million years) imagined that it would become my full-time job or even a profitable hobby. “the Sky is the limit !!! It’s cliche, but if you can dream it (and work for it) then you can definitely achieve it. I’m the living proof – as many other successful Entrepreneurs are !!!
Comments: Do you know any other Tips to balance your FT job w/ ur Side Hustle and/or Biz?
fm Best Fin Life 2-22 Enhanced by Peter/CXO wiz4.bix
For more Info, click on Self-Employed.