Are you interested in starting your own business, but worried about giving up the stability of your full-time job? Have you ever considered starting a business on the side?
Some of the world’s most successful businesses like LinkedIn, Slack, and Trello were started as side hustles. So, if you’re thinking about starting a business, but hesitant to give up your full-time job, don’t be.
There are many reasons why starting a business on the side can be a great way to make extra money and build financial security.
In this blog post, we’ll explore 10 of those reasons and show you how easy it can be to get started.
1. Develop and Test out your business idea
One of the biggest benefits of starting a business on the side is that it allows you to develop and test out your business idea without quitting your job.
Take the time to research, develop, and perfect your product or service before going all-in on your business. If your business doesn’t work out, you can simply walk away and still have a full-time income to support yourself.
I started my blogging business on the side and it eventually turned into a full-time business generating multiple six-figures per year. If I had quit my job to start my blog from the beginning, it would have been a much riskier proposition.
2. Validate your business idea
Another benefit of starting a business on the side is that it allows you to validate your business idea. This means that you can see if there’s actually a market for what you’re selling before quitting your job and investing all your time and energy into the business.
Demand for your product or service is the lifeline of any business therefore ensure you carry out market research by surveying your target market, conducting interviews, or using online research tools to validate your business idea.
Ensure you get customer feedback early on, on your product or service so that you can make the necessary changes before you’ve invested too much time or money in it. This can save you a lot of heartache down the road.
3. Build a customer base
Starting a business on the side gives you time to build up a customer base before you have to rely on the business for income. This is important because it takes time to build relationships and trust with potential customers.
If you’re starting a business that requires customers to make regular purchases, it can take months or even years to develop a loyal customer base that provides a steady stream of revenue.
Building a customer base while you’re still employed gives you the financial stability to weather any ups and downs in the early days of your business.
4. Make money while you sleep
If you want to make money while you sleep, starting a business on the side is a great way to do it. This is especially true if you have a business that’s based online or requires very little maintenance.
For example, I have an e-commerce store where customers can buy products 24/7. Even when I’m sleeping, my store is open and making sales. This wouldn’t be possible if I had to rely on a traditional brick-and-mortar business model.
5. Have more control over your work-life balance
When you’re employed by someone else, you have very little control over your work-life balance. You’re at the mercy of your boss’s whims and can be asked to work long hours, weekends, or even take a pay cut.
Starting a business on the side gives you more control over how you spend your time. Of course, you’ll still have to put in the work to make your business successful, but you’ll be able to do it on your own terms.
This flexibility is one of the main reasons why people decide to start a business in the first place.
6. Get paid what you’re worth
Another great reason to start a business on the side is that you can get paid what you’re worth. When you’re employed by someone else, you’re limited by their budget and what they’re willing to pay you.
But when you’re in charge of your own business, you can set your own rates and make as much money as you want. Of course, this will depend on the success of your business, but it’s a great way to earn more money than you would at a traditional job.