CONSIDERING A side business? You’re not alone.
According to the Bureau of Labor Statistics (bls.
gov), side businesses are on the rise: In fact,
approximately ; percent of Americans only do
part-time or side business work, nearly double
the number from just a decade ago.
Is there something productive you enjoy doing
in your spare time that you are already doing for
free? It could be the perfect passionate “side hustle.” Make time in your schedule to decide how it
would best serve the public and, eventually, what
to charge for it.
Even if you are settled and happy in your full-time position, there are numerous advantages to
developing a side hustle you love.
Increased emotional fulfillment. You may
have had many reasons for taking your current
position, from creating financial stability to
enjoying job security. On the other hand, side
hustles are often done for one reason: emotional satisfaction.
Extra money. One of the biggest advantages
of side businesses is that any income is in addition
to your main gig. You can ramp up your side hustle
during times of need, such as covering holiday
expenses, and taper it down as the rest of your
life demands more of your attention.
A next-career “test drive.” A common misconception is that you have to quit your job to truly
pursue the business and have it succeed. In fact, the
opposite is the smarter route: Test your business
idea before you leap. A side business is the perfect
venue to determine your ideal customer, figure out
your best product or service and understand the
financial opportunity available.
Less pressure. An added bonus of a side
business is that you don’t have the same pressure
to actually make money. Apple, Slack and many
other billion-dollar companies began as side hustles. By being cultivated for free in the founders’
spare time, many great businesses were able to
grow organically. C
Spare-time side moves
IN IMPROVISATIONAL comedy, although
the performances are ad-libbed, the actors
use certain principles to fuel their act. Four
Day Weekend (
improv troupe in Fort Worth, Texas, is
applying their art to the business world and
offering tips to help entrepreneurs.
Co-founder and Costco member Dave Wilk
offers four tips on how to use some improv
principles in business.
1. “Yes, and.” This is the guiding prin-
Be aware of how you acknowledge the other
person’s ideas. Saying “yes, but” is really
saying “no” while wasting time and creating
confusion. Word choice matters.