8 Ways to Work a Side Hustle and a Day Job
I have a secret.
I have a day job.
I have a day job and Locally Obsessed started out as my side hustle.
I have been dubbed a workaholic and also a “crazy person” on more than one occasion by more than a few people!
The thing is, it works for me! Side hustles are completely doable! You just have to start by considering a few important things.
If you are dreaming about starting a side hustle, hopefully this post will give you a little guidance on how to make it fit perfectly with your lifestyle!
Here are 6 things to consider when turning your side hustle dream into reality.
1) Identify your financial goals.
-Do you want to be able to pay for your, supplies or the products you love (this applies to direct sales aka MLM as well as DIY gurus!)
-Do you want to earn extra income if so how much, enough to be able to go for a date night once in a while, go on a vacation? buy a new car? quit your day job? take over the world?
What is it you want your business to achieve for you FINANCIALLY, be specific. Break down how much income you will have to generate in order to achieve these goals. Not all side hustles need to lead to quitting your day job.
2.) Define your “why” and the core feelings associated with it
Why do you want to have a side hustle? to earn extra income? Why do you want to have extra income, is it to go on vacation? WHY, why do you want to go on vacation? What feelings do you associate with your goal? Are those the feelings that you want to feel?
Many of you will identify your why as your family. If that is the case make sure that your side hustle brings you to a point where you will feel stability, love, happiness etc when you achieve your goal. Make sure that it doesn't take away from these feelings.
3.) Remember your priorities. Is your priority family? fitness? financial freedom? Figure out what they are and fit your side hustle in where applicable. If you prioritize family then you want to make sure you are spending the majority of your free time with your family or working towards a goal that will enable you to spend more time with your family. Remember that a second job will eat into your time, are you ready to share your time with this new venture? Where will this stand on your priority list?
Answering the questions above, your GOALS, your “WHY” (the feelings behind your why) and your PRIORITIES should be your first step when considering a side hustle. The answers to these questions will determine how much time and energy you should put into your new venture and how to manage your hustle while working your day job..
4.) Do you have a good support system? A side hustle can be time consuming, you need to know that your loved ones are on board. Your side hustle needs to be balanced with your partner, children, family and friends. It's a lot to consider and you need to know that you can count on help in your life to make your side hustle successful. Your support system is key or maintaining 2 jobs at the same time. You'll need to maintain balance in your life and set boundaries (for more on setting business boundaries, check out this blog post from a few weeks ago!) Remember to surround yourself with great people. You are the average of the 5 people you spend the most time with so spend time with smart, kind, successful people!
5.) Work smart not hard
I don't completely agree with this statement. You will still have to work hard and the concept of “work smart not hard” is actually enough of a topic for a separate blog post but in short it is as follows:
-Plan your work time with “To Do'“ lists,
-Prioritize, delegate or outsource (more about this in #6)
Do the things you are good at and work to outsource everything else. It's more affordable in the long run as the value of your time increases significantly. Outsourcing doesn't just mean getting help with email correspondence, copy writing, blog posts, social media management etc it also applies to house cleaning, child care, errands etc. Anything that helps free up your time is beneficial to the side hustle.
7.) Take time for yourself and self care. All work and no play leads to burnout. Be sure to take care of yourself, get some sleep and take time off.
8.) Make sure that your side hustle is not a conflict of interest with your day job, this could get you into a ton of trouble that could result in you getting fired or even complicated legal battles.
If your goal is eventually to leave your day job behind build a sustainable flow of customers before quitting. I would advise not to leave until your side hustle is providing a sustainable, growing cash flow that is at least 75% of what your day job pays you.
You should also make sure to have at least six months worth of savings for both personal and business. If you have a family to support, restrain the urge to immediately quit even more so.
Hopefully after considering this advice you will know exactly how much time and effort you can devote to your side hustle and how and when you can fit it into your life.
If you have any tips you’d like to share please leave a comment below, if you liked this post please share it with your friends!
Thanks for reading and stay tuned for our next Bi Weekly Business Tips blog on June 5th!