Do you dream of giving up your job and being your own boss? Making the jump from employee to entrepreneur and business owner can prove daunting, as well as rewarding.
Some people find getting a ‘happy balance’ by remaining in employment but embarking on a side hustle. As a result, they run their own business on the side while working full time. Others want the challenge and rewards of running their own full-time business.
Side Hustle or Full-Time Business
If you’re deliberating whether to start a side hustle or full-time business venture, take a look at the following pros and cons of side hustles and full-time businesses to help you decide.
Side Hustle Pros
Diversify Your Business
You might already run a business and are thinking about starting a side business. Side hustles can be the perfect way to diversify your business. By varying its range of products or services, you can increase the profitability of the business.
One example of a business embarking on a side hustle is the multinational furniture retailer, IKEA. In 2017, IKEA announced it was considering opening a chain of standalone restaurants.
Peace of Mind
We can never be sure that any kind of business will be successful. By starting a side hustle and remaining in employment, you can have peace of mind that if your business doesn’t work out, you’ll still have work and be generating an income.
Give You a Competitive Advantage in Your Career
Starting a business requires you to learn new skills. Such skills can be used to develop your own career and give you a competitive advantage.
Starting a side hustle can be the perfect way to unleashing the creativity inside you.
Be a Better Problem Solver
No-one said running a small business wasn’t without its problems. Starting any kind of side hustle is bound to create some kind of problems. By overcoming such problems, you’ll become a better problem solver, something you can use to help you in your career and on a personal level.
Side Hustle Cons
Your Employer Might Not Approve
Not all employers approve of their employees starting any side business and might even put an outright prohibition on side hustle ventures, as they want their employees’ full attention. Your employer’s views on side hustles should therefore be considered before starting your venture.
Assignment of Intellectual Property
Companies that create significant amounts of intellectual property might require their employees to sign an agreement that states intellectual property produced while you are employed at their company is owned by the employer. Again, this is something to consider before you devote time, energy and resources into creating an invention.
Insufficient Time to Devote to the Side Hustle
Being employed and operating a business on the side might not leave you with much spare time to spend with family and friends. Juggling the two will also mean you will have less time to dedicate to getting your side hustle up and running and thriving.
Little Down Time
Working in a job and running a side business naturally requires a lot of time, energy and commitment, meaning you aren’t left …read more
Read more here:: SmallBusinessTrends