Given the gig economy, some careers are launched from starting your own business, freelancing, contract employment, or expanding a hobby. One of the safest ways to migrate a career transition is to start a “side hustle” or a part-time business that allows you to develop your skills while trying out the new career.
don’t quit your day job (yet)…
Until your side hustle is up and running, you will need some income to pay expenses and live. Whether you are couch surfing, sharing accommodations with friends or family, have your own place, or supporting a family, the stress of providing income solely out of your business initially may doom you to failure before your enterprise gets off the ground.
Quite honestly, one of the biggest wastes of time and money is to spend money on your start-up that is not necessary. Focusing on expensive business cards, glossy brochures, and entertaining clients can run up your credit card balance when no money is coming in or take a bite out of your paycheck.
Starting your business can be done in a couple of hours. You can do the following:
- Setup a free websites on WordPress or Wix and buy a domain for $20
- Go out in your community to take some great, original photos for your site
- Get a separate number for your business free on TextNow app
- Create your “letterhead” in MS Word or Google Docs
- Here’s the scoop on free business cards. so get professional cards for a small fee
Focus on business skill building and income generating activities and keep the name of your business simple. You can always change it when your client base grows.
focus on business growth
Unless you are concentrating on a “boutique business”, you will want to grow your business. Finding a balance between the needs of your business and your current income can be challenging.
Respect your current employer. Work on your business outside of your job hours. Negotiate flexible hours or employment that is project-based focused on results. Temporary employment may provide you some income until your business can support you.
Getting paid promptly is a key part of your new small business. Setting up structures to accept timely payment from any location allows you to be paid without “waiting for the check in the mail”. Some convenient payment options include credit card readers attached to your smartphone, a PayPal or Square account, or a merchant account through your bank. Setup a separate business account and avoid mixing your personal and business funds.
If you are selling products are part of your business and your website is setup to handle online shopping carts, you should select an online payment system as well.