So, have you decided that you’ll be an entrepreneur by keeping your 9-5 job? Okay, cool.
Unless you’re a retiree, that’s how most people begin their online business.
If you can juggle your time properly, it’s a safe bet because starting an online business without having a steady income to finance your project and to put food on the table is a risky proposition.
If you have a full-time job, you already have your financial needs taken care of hence, can concentrate on your business without having to worry for your next paycheque.
You can work on your business in your free time and you’re absolutely under no pressure to start making money immediately. This works perfectly for you. You have your own 9-5 job that pays you for your expenses and at the same time, you’re silently working your way up to being an independent Internet entrepreneur. A stable and dependable source of income will provide the necessary buffer against financial risks and high failure rate of an online business start-up.
You are hoping that one day, you’ll quit your job and work full time on your online business.
And until that day arrives, you’re mentally prepared that it’s going to be a long and arduous journey.
You have already decided that you’re going to be an Internet entrepreneur and there’s nothing that’s going to stop you from achieving your goal.
Why Do People want to be Internet Entrepreneurs?
Or rather, why is it that among all start-up models, the online business option is the most attractive? And especially to those already with a 9-5 job?
Well, firstly, it’s very easy to start. It’s like anybody could start an online business and there’s no entry barrier. The only pre-requisite, it seems, is an enthusiasm about the idea of making money from a computer through the Internet.
Besides the relative ease with which one could start an online business, there’s also the overall flexibility it provides. Here, you are own boss and there’re absolutely no targets to be met and no datelines. You could work at your own pace. Meaning, if your office work compels you to stay away from your online business, you could still continue working on it when you’re free. There’s no job in the world that provides you this kind of freedom.
Online business start-up is less costly too if one compares it with other traditional brick-and-mortar businesses. Hence, the initial capital investment is very small.
The idea that one could make a regular and passive income from the comforts of one’s home is very alluring. It’s a very easy and straightforward business model.
But Will an Online Business Work as a Side-Hustle?
Since stepping out as an entrepreneur is risky, many people play it safe by keeping their full-time jobs. While it looks like a perfect arrangement where you can enjoy the best of both worlds, it does not work always. There are many critical limitations about working a part-time online business. Even if you are able to manage both your office work and your online business towards the beginning, there will come a time when you have to make the call to either quit your current job or to work part-time on your business forever. An online business, like any normal business, requires your full attention and dedication to run optimally.
Many people start an online business as a hobby and later on scale it up as a full-time business. But a part-time business is not what most people are looking for. Everybody jumps in with dreams of having an independent business to call his own to be his own boss.
Benefits of Keeping Your Day Job While Working Part-Time on Your Business
The first and most important benefit is that of the protection against the potential risk of business failure. Quite obviously.
When you have your paying day job, you can always fall back on it in the event of your start-up business not going the way you had expected. Most online businesses take a long time to get going and to achieve some measure of success. You will be needing an assured income stream to pay your bills and for the upkeep of your family.
With the kind of competition in the online business sphere, the progress curve in any niche is long. The first year of any business is crucial and it a time of learning. You are most prone to making mistakes too. Now, if you quit your job early and invest all your earnings, you are potentially going to run your business on zero income. You do not like that to happen, do you?
Keeping your present job also allows you to expand your potential business contacts and to seek help from concerned people in your circle without having to incur extra expenses.
Having to juggle your time between your job and your business means you will be learning good time management skills. This will prove to be an important life skill that you can leverage in your business later on. You are fully able to understand the value of time.
The Disadvantages of Working Part-Time on Your Online Business
An online when it matures will not be able to reach its full potential if you cannot give your time and attention to it. It will not be as easy as it was in the beginning.
When you’re with your full-time job, you won’t have much time left to work on your online business.
There are so many things to learn about the business and so many strategies to follow.
No two businesses, even if they are in the same niche, are alike and follow the same path.
One needs to keep on experimenting with a different combination of strategies to arrive at something that fits perfectly with your business.
A website, when it’s new, needs to be visible to be able to establish its brand. It needs to be found in the first page of search engine result pages under different keywords.
It’s a fairly simple idea: the more time you have for your online business, the more blog posts you are able to write. The more time you could dedicate yourself on your business website, the more scope for experimentation.
When you have little time left for your business after your office work, it will naturally take longer for your business to establish itself and start working optimally.
If you stay employed, it will become increasingly difficult for your business to grow.
If you’re working on your business on part-time, it will remain like that only – a part-time business.
If you think your business will be more of a hobby and for you to have a creative outlet, then it will never reach its full earning potential. You will also feel less motivated to guide it to reach its full maturity since you will always have the safety net of your full-time job to bail you out from all troubles and hardships.
The worst part is when your business starts affecting your job. If you stay till late in the night to work on your website or feel distracted from the main job that feeds you the bread and butter, the quality of your work in your office might dwindle.
You might have to face the music from your boss if your overall performance starts sliding, and in the worst-case scenario, you might end up losing your job.
And suppose, if you are able to manage both your job and your business effectively, your family or social life might suffer. After all, you have only 24 hours in a day, and very soon you will find that you have less and less time for your family.
Should You Quit Your Job the Day You Decide to Start Your Own Business?
Maintaining a full-time job while still working an online business has its share of advantages and disadvantages.
The most crucial factor that comes in is the “time”.
If you think you could manage both the things at the same time, well and good.
It certainly pays to have a full time, salaried job during the start-up phase of your business because of the reasons already stated.
Also, having a full-time business teaches you the value of time and discipline needed for nurturing your business ideas.
However, it’s not an ideal situation if you ever dream of generating a full-time income from your business. There are just too many factors going against it.
You do not want yourself to be caught in a “neither here nor there” kind of situation, do you?
It’s not as if it’s impossible to have a side business while still being employed. It can be done. Many people do it.
- Do not let your business affect your family life.
- Do not let your business affect your health. Having both means you will be working till late in the night and on your weekends. You should be watchful if you think you’re following an unhealthy practice.
- Make sure that your business project remains a secret in your workplace. If tongues start wagging about your online activities, it might invite jealousies or the ire of your superiors.
- Never use your company’s resources – stationary, Internet connection, computers, etc. for your own business. That’s unethical.
- If your business expands and starts demanding more attention, either quit your job or get additional support for your business.
It’s up to you to plan your work capacity. You do not want an early burnout, do you? But till the time your business starts running smoothly, you might want to keep your job. However, it might not be possible to manage both ultimately. The call is yours when to quit or to continue!