This archive report was first published on 11 January 2020.
As the cost of living continues to rise, having multiple income streams is no longer a luxury, but a necessity. With formal employment becoming increasingly uncertain, starting a side business is a smart financial decision that can provide a safety net for the future.
According to a recent article in The Standard, 'I make Sh1,000 daily from motorbikes' (January 11, 2020), having a side hustle can be a game-changer for those looking to supplement their income. But how can you balance a day job with a side hustle without burning out?
Here are some tips to help you grow a side hustle while holding down a day job:
1. Make the Decision ¶
Many people in formal employment are afraid of starting a business, but fear should not hold you back. Companies shut down, retrenchment happens all the time, and the hardest workers can get fired. A secondary source of income is a necessity for someone thinking long-term. Don't wait to be fired or retrenched to start a business or make wise investments. Start now when you're not desperate.
2. Do Your Research and Learn from Those Ahead of You ¶
Consider your schedule and figure out a business that won't strain you too much. You don't want to burn out. Start out by listing your strengths, skills, and passions. Come up with a business idea around what you have an interest in so that you're not just chasing after money, which gets old quickly.
3. Draw Up a Plan and Identify Your Competitive Advantage ¶
Once you've decided on the kind of business to start, make a plan for it. Always keep in mind that starting a side hustle will be more challenging for you than for an entrepreneur who's in business full time. You need a concrete plan that ensures you're not setting yourself up for failure. Detail how you're going to raise capital and identify partners to help run the business.
4. Jump Right into It ¶
Many people have idea books full of business plans that have never seen the light of day. After researching and brainstorming on the most viable idea, the next thing to do is to start. Start with the fear, the doubt, and the uncertainties. If you fail, you'll learn and probably never repeat the mistake; if you succeed, you'll have achieved the goal of starting.
