Building A Side Business? 5 Tips For More Success

(MENAFN- ValueWalk) While there's nothing wrong with holding down a W-2 job with a steady paycheck, having revenue from your own business comes with many benefits. There's never been a better time to become your own boss, especially if you're looking for extra income or ways to fight inflatio .

Here are five tips for successfully building a business on the side of your day job.

Before starting a business or leaping from employee to self-employed, define what you truly want to achieve in your career. Never let external markers of success, such as a big paycheck or a fancy job title, become more important than your heartfelt calling and goals.

Consider your definition of success and any changes you'd like to make to your life in the near and distant future. Try asking yourself:

• What type of work makes me happiest?
  
• Where do I want to live?
  
• What types of people do I want in my work life?
  
• What does a good life mean to me?

The answers will reveal a lot about what your next career or business move should be.

The best side businesses combine work you're excited about with something you're uniquely positioned to provide. They also have a large potential customer base and appeal to people or companies willing to pay you well for your skills and experience.

Working for yourself can seem glamorous, but it's critical to understand the downsides. You might have little pay, no insurance benefits and unpredictable clients.

Keeping a reliable day job while you grow your side business is an excellent way to minimize pitfalls. Having the security of a job and the excitement of becoming an entrepreneur gives you lots of upside with much less risk.

A steady paycheck may give you the confidence to take business risks - such as buying advertising, equipment or software - that will make your venture more profitable. Even when you want to start a side hustle busines , one of the fastest ways to ruin your financial future is to take a flying leap from a steady paycheck.

Creating a business on the side can protect your income and benefits, widen your network and improve your skills. And if you plan to go full-time, you can use your extra income to shore up your high-interest savings accoun so you have a strong financial safety net if your business income takes a dip.

If you start a business on the side, or you already have, you'll probably be juggling a lot and working more, perhaps a lot more. You might need to work early in the morning, late at night or on weekends to fit it all in. That could stress your relationships or cause you to burn out if you don't take some precautions.

Once you're confident about your business idea or income, you may need more flexibility in your schedule. At that point, consider different ways to tailor your business for your day job and vice versa.

For instance, can you negotiate with your employer to work fewer hours or days per week? If you have a long commute or spend significant time getting ready, packing a lunch and getting out the door, working from home could save a lot of time for your side business.

If you can't get more flexibility with your day job or worry that even asking for it could jeopardize your career, there are other options to find time to build your side business.

One is to structure non-negotiable time for your business into your day. For instance, make a rule that you'll step away from your desk for a solid hour (or longer if possible) during lunch to accomplish something meaningful for your business.

You might find a nearby cafe or reserve a conference room in your office where you can work and eat undisturbed. The idea is to create a routine that allows you to focus on your venture and complete essential tasks regularly.

When your day job is so unpredictable that it prevents you from working on your side gig for long periods, consider getting a different job with a more reliable schedule. Or, investigate ways to make extra money with a passive income ap .

As you build a side business, it's essential to maintain focus on your role and avoid getting distracted. Stay engaged and committed to an employer that is committed to you. That's important if your side venture doesn't work out and for your professional integrity.

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