In today’s weak economy, having a second source of income or multiple sources of income seems to be the only way to get a little ahead of just getting by. Let’s face it, most of us have taken a decent hit to our pockets and for those who have not the pressure of sustaining seems to keep growing and growing. Those of you in the 9-5 rat race or main street job market are now questioning the security of that guaranteed paycheck. The burning question on your mind is, “Do I need to become a part-time entrepreneur?”
People being part-time entrepreneurs and having sideline hustles has always been around but the number of people who are venturing towards such activity seems to be growing consistently. I cannot find the exact statistics or numbers on people engaging in part-time entrepreneurship but searches on such topic produces a great deal of information and opinions on the subject. So the bottom line is that people are actively seeking ways to supplement their income in order to live the American Dream. For most, placing a given amount of time in the world of entrepreneurship is an opportunity they believe as benefiting them to get a little further ahead. And as the traditional job market and the security we once associated with it continues to break down, more and more people will continue to migrate towards entrepreneurial endeavors.
For those of you who have an interest in becoming a part-time entrepreneur, here is a guideline on how you go about doing so.
A. What Are Your Skill-sets? What skills do you possess that you believe can be of value to other people? All of us are at least good at one thing and have the potential to master that skill with a little attention and focus. For instance, I am good at writing and analyzing information. My mom is good with numbers and being personable with people, especially clients. These skill-sets help us to pursue our entrepreneurial interest in our particular field of work and do so with a little leverage. Think about yourself and pinpoint exactly which skill you believe you can capitalize upon to develop into a side business.
B. What Are You Passionate About? Skills and passion are two completely different things. For example, I am skilled as a writer and I am passionate about entrepreneurship and helping people explore the world of entrepreneurship. I have other skills but I am not passionate enough about them to develop them into a more complex activity. As a part-time entrepreneur you do not necessarily have to be passionate about what you do, you just have to possess a valuable skill. But passion helps you sustain in the long-run by helping you overcome the hardships that come about with being your own boss and entity. Remember, do not mistake skills for passion. Passion is what you do day in and day out even when no monetary gain is involved.
C. Determine How You Can Transform That Skill/ Passion into Income. Using me as an example again. I am skilled at writing, I have a passion for entrepreneurship and in turn I transformed those two things into a blog that will be developed into a more extensive business model. The reason behind you becoming a part-time entrepreneur is to create an extra income stream but to do so requires you to focus on the business aspect and not to possess the hobby mindset (I’m just doing this for fun). Think about how your products and/or services can be of great value to people and then constantly drive home the point of why this value is worth being purchased. Also remember it is a process, it does not develop overnight so you must learn how to scale and persevere.
Being a part-time entrepreneur might sound sexy but it requires a great deal of work and persistence. After your 9-5 or whatever form of work you do, you have to get right back to the entrepreneurial grind and that grind can be very consuming. So do not perceive part-time entrepreneurship as something that should be taken lightly or that just comes easy. It will kick your ass.
In the next post we will cover how to balance your J.O.B.( just over broke), entrepreneurship and your life.