Relatively speaking, side hustle seems to be a new term but the idea has been around for years. Having a secondary part-time job a.k.a side hustle is no longer optional but a necessity. To live a successful life, a life of wealth and influence, you must build a side hustle. In other words and for emphasis, you must be decisive, determined and disciplined enough to explore a side business.
According to stearsng, there are no fixed lifestyles, there are no fixed roles, and there are no fixed jobs in Nigeria. Most employees have nurtured the habit or attitude of diversifying their income base into other business ventures, while balancing both jobs.
More than a million youths across nigeria now engages in at least one side hustle. You shouldn’t be too busy to invest your time in building a side hustle.
How to build a side hustle while holding on to your day job.
Personal experience. I ran at least 3 businesses on the side while working for a man. I rented an office, hired employees, and worked with them remotely while doing a good job for my employers. Permit me to first debunk an insidious lie that has killed many careers:
“Your salary is the bribe they give you to forget your dreams.” It is just NOT true.
“Your salary is what you earn while giving value to your employers and learning to run a business at their expense”.
We can’t all start business straight out of university. Many of us have to work for food, clothing, and shelter after graduating. Others need to support struggling family members. Whatever your reason, please don’t see paid employment as a betrayal of your goals.
Steps to building a side hustle or business
Step 1: DON’T STEP TOO FAR FROM YOUR CORE COMPETENCE.
If you work in banking, you probably understand finance better than most people. If you work for a FMCG, retail may be your forte. If you work in tech… find a niche in your natural sphere of influence. My father was the CFO for a major corporation in the 80’s when he had the genius idea of building an agro-chemical business on the side. It’s a bad idea. Accounting and agro-chemicals are so far apart that the business never succeeded. Stay in your lane, please.
My first side business was a tech development firm. We built business strategy implementations tools. I was a business leader implementing a new strategy for my paid employment. The tech we built was based on my experience delivering value to my day job’s board of directors.
Step 2: ALWAYS START SMALL.
There are no guarantees in business. As you learn to invest your time and money, your side hustle can fail despite the best laid plan and even excellent implementation.
Start small, then scale slowly until you can do it full-time. I have a friend who started a restaurant in Lagos with about $250,000. He had the money and thought it would be a good idea to blow out the competition on day 1. Bad idea, he lost everything.
for more of this, check out @tayooye on twitter.
Step 3: WORK WITH A PARTNER.
It is important for one of the business owners to work full-time in the business. If that’s not feasible, give a small equity holding to your most senior employee. That way someone in the business has ownership stake that binds him/her to the firm.
Step 4: RECOGNIZE THE PLACE OF INSTITUTIONAL SUPPORT IN YOUR DAY JOB
You are a star employee. That’s great. Corporations however have strategies to help you succeed. Please make sure you can deal with the uncertainties of entrepreneurship before making the jump.
Step 5: DON’T LEAVE YOUR DAY JOB UNTIL YOUR HUSTLE CAN PAY THE BILLS.
You’ve gradually built a business while working for the man. Is it time to resign and face your side hustle full time? Maybe. But please be sure that your side business or side hustle can pay the bills before making the jump. These are just my first few thoughts on how to build a side hustle and/or starting a business while holding on to your day job. Please feel free to share your thoughts on this, while contributing your nuggets and sharing your personal experience/insight.
How can I cope with a 12 hour shift in a mentally demanding environment? Though I have alternating weekly day and night shifts.
Desire + partnership. You can do anything if you want it bad enough. But you also need a partner. Someone who can implement while you think and strategize for the business.
How do you work around the conflict of interest issue?
Don’t compete directly with your employer and don’t become a supplier to them. In my view, most businesses that don’t violate direct competitive and suppler clauses won’t get you in trouble. Phil Knight ran Nike as a side hustle for about 10 years while working at PWC.
How do you deal with employers who don’t tolerate this – the side hustle? Some even have it in their rule books that. Any suggestions?
Your time is yours after 5pm. Trust me, even your Boss has a side hustle. Give your employer your best till 5pm/close hour and then face your hustle afterwards. Keep it quiet, though. Nobody needs to know you’re not going home to watch TV after work.
Quote to remember:
“Every day job needs a side hustle. Every side hustle needs a day job. Work on your side hustle until your day job becomes a side hustle” – Oluseyi Adebayo
What does it mean to have a side hustle?
A side hustle is any type of employment/job undertaken in complementing one’s full-time job. A side hustle a.k.a side business is could be freelance or piecework in nature, providing a backup or additional income. Side hustles are often things a person is passionate about.
What can I do as a side hustle?
10 best side hustles you can start in 2020
1. Graphics Design
3. Social Media Marketing Agency
6. Affiliate Marketing
7. Uber Driving or Ride sharing
8. Motivational Speaking
9. Write a Book
10. Start a Blog
How do I start a small side business?
Here are my 5 steps to starting a side business while keeping your full-time job
Step 1: Don’t step too far from your core competence
Step 2: Always start small
Step 3: Work with a Partner and outsource your weaknesses
Step 4: Recognize the place of institutional support in your day job
Step 5: Don’t leave your day job until your hustle can pay the bills
What’s the best side hustle for me?
The best side hustle for anyone depends on a number of factors, including your current skills, experience and temperament, the time you have to devote to it, and your overall interests, passion and goals. Check out our full list and you’re sure to find a side hustle idea that sparks a flame!