16/09/2013
The Secret to Juggling a 9-to-5 Job With an Entrepreneurial Venture
Having a side gig while working full-time is all the rage. In fact, many full-time employees will likely find themselves acting as independent contractors in the future, whether by choice or necessity. Harvard Business Review has reported that today's workforce of 17 million independent workers should rise to 23 million by 2017.
One of the best ways to begin a business is by using your free time to create a side gig. In "Social Networking for Business Success," Hannah Morgan and I call this type of freelancer a MOXIE - someone managing other extra income engagements. This type of entrepreneur is also known as a professional who has a "side hustle."
Perhaps you are convinced that having an extra income stream would be valuable, and you'd love to work for yourself, but you're asking, "I already work so many hours - how can I possibly become a MOXIE?" Jim Bahcall, an entrepreneur and the founder of Paper Shower, a combination wet and dry towelette product, has these suggestions for those considering a side business :
How to find new business ideas in everyday life
The idea for Disneyland’s Magic Kingdom was born on a family vacation. Walt Disney was visiting Tivoli Gardens, one of Europe’s oldest amusement parks, when he realized he could create a bigger, better version in California. His method is not unusual: Great entrepreneurs find new business ideas by paying attention to opportunities in everyday life.
"The world around you is filled with ideas that can be useful," says Andy Boynton, co-author of The Idea Hunter (Jossey-Bass, 2011).
(Photo: Reuters Pictures)less
Commit. If you want your side business to have a chance to replace your job, or even if you want to be sure to bring in a steady stream of revenue, it's going to take a lot of commitment and effort on your part. "Ask yourself if your passion for the new business venture is strong enough to surpass the frustrations and struggles of working all hours of the day and night," Bahcall notes.
Stay organized. Even if you consider yourself organized, you'll need to work extra hard to stay on top of everything when managing a full-time job and a side business. Seek out strategies and techniques that work for you, as you don't want to drop an important ball when you're juggling so much. You'll need to keep your current manager happy while catering to your clients or customers, so you effectively have many bosses.
Prioritize. Bahcall says: "It can often be tempting to do the easiest or most pleasurable tasks first, however it is important to prioritize based on what is most urgent, what will take the most amount of time or what carries the most weight." Ultimately, you should know exactly what you need to get done in a given time and be sure to allot your time wisely so everything is finished on deadline.
Constantly assess. When you're growing a business, you'll likely try projects and partnerships that may or may not work out. To succeed you need to be in constant evaluation mode. Your time is valuable, and you don't want to waste it on projects that aren't providing you a return on your time investment.
Start small. Unless you'd be prepared to walk away from your current job today, make sure you maintain that position as a priority while you are staring your side business. Keep in mind all of your other commitments, both at home and at work, when you set your goals. "If you aim too high and set unrealistic goals, you will likely find yourself discouraged and frustrated with your progress, or lack thereof," Bahcall says. "Balancing a side venture and a 9-to-5 job is tough, and it is important to cut yourself some slack when creating objectives for your entrepreneurial venture."
Celebrate each small success and recognize that each step leads you closer to long-term success.
Courtesy: Yahoo Articles
Posted by: Amarva Group
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