Considering going into entrepreneurship but not sure if it’s for you? Do you enjoy the security of a steady stream of income but also want to express your creativity? Then you may want to consider becoming a part-time entrepreneur before taking the leap into full-time.
The trend of being a side hustler is on the rise, especially for millennial women. Many are pursuing the life coaching path in hopes of following the footsteps of Marie Forleo, Gabby Bernstein and other empowering thought leaders.
Become a part-time entrepreneur may be the ideal path for some who are still testing the waters. How do you determine if you’re better off being a side hustler? Or is it better to keep your day job on a part-time basis?
Having been both a full-time and part-time entrepreneur in the past, I’ve experienced the following pros and cons. Here are some key points to consider when deciding between being a part-time or full-time entrepreneur.
Pros of Being a Part-Time Entrepreneur
Being diversified helps to reduce risks. A study by the University of Wisconsin-Madison showed that people who engage in a venture part-time are 33 percent less likely to fail than people who quit their jobs and do a startup full time.
The steady stream of income from working at your office job, either part-time or full-time, allows you to take risks on your own terms.
Many entrepreneurs who are empaths or highly sensitive people may not enjoy the emotional rollercoaster of being a girlboss. Depending on their risk tolerance, the journey may not feel as rewarding.
Going part-time allows them the time to experiment and see if something works. Whereas for full-time entrepreneurs, there is less flexibility to experiment.
Often times, our “survival mindset” kicks into gear in times of uncertainty. We obsess over the worst case scenario and that generates fear of failure. But ask yourself, what if it does work out? Would it be worse the financial risks?
When it comes to entrepreneurship, it’s all about the spiritual development of the entrepreneur that makes it all the worthwhile. After all, life is about the journey, not the destination!
Cons of Being a Part-Time Entrepreneur
With limited time, there is an increased likelihood of burning out from spreading yourself too thin. Even if you truly enjoy your side hustle, there is always that fine line of going overboard when there are only so many hours in the day available.
In any type of entrepreneurship, the lifestyle can be emotionally depleting. Whether it’s volatile sales or volatile clients, it can be a tough to stay grounded. But there are numerous ways to develop a healthy mindset to remain motivated and aligned with your soul purpose in life.
Also, if and when the business starts to take off, more hours may be required to build on the momentum. There may also be a point to consider whether it’s better to become a full-time entrepreneur.
All in all, running your own biz is no small feat. Regardless of whether you are a one person show or have a small team, it’s a ton of responsibility.
But here’s the thing. No one has it all figured out. That’s why we are in this together!
Mainstream media isn’t calling it a “gig economy” for nothing!
Having a side gig is practically the norm for our ever evolving economy. Through websites like UpWork and Task Rabbit, side hustling has become easier and more accessible.
Even if you love your 9-5 job, it’s wise to have a Plan B. Perhaps you may enjoy freelancing as a photographer on the weekends? Or maybe start your own blog selling an online course? There are many who have made thousands selling their jewelry and clothes online!
Whether you want to house sit, Air BnB your place, rent out your car on weekends, tutor, or pet sit, the possibilities are endless. Get creative with it as you’re only limiting yourself if you think you can only make money by transferring your 9-5 skill sets.
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Even after having been in the online biz world for several years, I thought I had a pretty good grasp on how to earn money as a blogger. Wrong again.
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Get your financial ducks in a row.
How much money do you need to make in your side biz to be able to quit your 9-5? How far or close are you to achieving financial independence? Can you retire early?
If you plan achieve financial freedom, then go beyond just tracking your monthly expenses and savings. I used this free in-depth retirement calculator from Personal Capital helped me get smart on my numbers. See if you are close to financial freedom here!
Having multiple income streams is important to achieve financial freedom. But keeping track can be a major pain. I can barely remember my passwords to my social media accounts let alone all the other online accounts I have.
Through Personal Capital, you can also securely link all your financial accounts to get a complete picture of your net worth. Over time, you’ll see if your net worth is trending positively. Then, take steps to make adjustments in your spending and savings habits.
About 1 million people use the Personal Capital app to track and manage their net worth. Ready to face the numbers?
Check out more of my top recommended resources to help you along your journey to financial freedom.
Financial independence retire early (FIRE) like a boss!
Get FIRE’d up about financial freedom.
There are a endless ways to create side hustle income and reach FIRE. Investing in stocks, owning rental property, creating your own online biz, and so forth.
But it doesn’t mean you need to do it all. Just pick 1 or 2 that gets you excited.
Everyone's financial situation and personal interests is unique. It’s important to try out different side hustles to see what works best for you.
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