I believe you should start a business as a side-hustle first, that way you can learn some of your hardest lessons in business while you are still working a full-time job. This is part 2 of my series on how to be a successful side-hustler. This post focuses on the top 10 Don’ts of side-hustling. (Read Part 1 here.)
- Don’t start your side-hustle without developing a life plan. It’s important that you spend quality time with yourself to figure out what you want out of life and why you want it. Then, you need to start a business that aligns with your big picture goals for your life and your business.
- Don’t quit your day job too soon. It takes on average 12-18 months for a small business to break even let alone replace your corporate salary. Keep your day job as long as you can because it could be 24 months before you can even pay yourself.
- Don’t forget your day job comes first. I know that you are excited about your new business, but don’t lose focus on your main gig. Make sure you are still giving your best effort at work.
- Don’t have a side-hustle that competes with your employer. If your new business competes directly with your day job, you do need to leave your job once you start actively promoting your business. Don’t fool yourself – you will be found out. You always want to operate with full integrity.
- Don’t use company time, materials equipment to work on your side-hustle. As tempting as it may be just to run off a few copies of your contracts at the office. Please don’t! The fastest way to get caught is to have your boss grab your stuff off the community printer near your cubicle.
- Don’t waste any time. Stop watching TV, keep your files in the cloud, (I love dropbox.com), get a mobile hotspot so you can access the internet anywhere and get work done. The key is to maximize any down time.
- Don’t start side-hustling without the support of your family and friends. It’s hard to start a business; you need support. Make sure you have a family meeting so that everyone is aware of your new business, and that you need their help. If your spouse is highly risk averse, be sure to prepare a presentation so they understand what you are doing.
- Don’t take on more than you can handle. You need to protect your reputation. Only accept orders or work that you can deliver. Make sure that you have your contractors in place to assist you. Time management is critical.
- Don’t expect to become an overnight success. There are no get rich quick businesses. You must put your time in to hit it big in business. You must plan for success. Develop your plan and work your plan.
- Don’t get discouraged by initial setbacks. Starting a business is an amazing journey. You are going to learn some lessons as you launch your business, and some will be more expensive than others. But, you never lose in business, either you win or you learn.
Part 1 & Part 2 are coulpled togeather very well. Fear in business success has always been my achiles, Im slowly working on it do you have any tips for fear? Thanks
Jayson–
Fear’s tricky. I’d say fake it until you feel confident.
-Melinda
Good advice to not take on more than you can handle. Debt isn’t very forgiving so know your thresholds.