Hustling is what separates serious entrepreneurs from the hopefuls and the wishful thinkers. But just how much work can you add on to your full-time entrepreneurial ventures before it eventually backfires and causes negative consequences? As with anything in life, there are pros and cons to be considered when moonlighting as an entrepreneur. Here’s three pros and three cons to help you decide for yourself.
#1 Stable Income
Cash flow is undoubtedly the biggest hurdle for any business. It takes time for a company to generate steady income that can support their expenses and financial responsibilities. Having a side job from which to draw capital can give you the runway you’ll need to grow your business, especially during its first few months. More importantly, it ensures that you have money to pay personal expenses including utilities, rent, food, and cellphone plans. This financial stability can give you peace of mind that you won’t be out on the streets when your business hits a roadblock.
#2 Opportunities to Network
Having a side job forces you to go outside where you have plenty of opportunities to socialize and meet new people. As an entrepreneur, you can use your business as a conversation topic. Talk about what your company does, how it operates, features that make you different from competition, etc. You can find a lot of potential investors and clientele by networking through your workplace.
#3 Lends a Different Perspective
Having a side job, especially one that is outside your business’ industry, can lend a fresh perspective or angle from which to manage your business. It gives you new ideas on how to create or refine your product, how to add to your services, what marketing approach to use, which unlikely audiences to scope out and target, etc.
#1 Divided Resources
You only have 24 hours per day, at least eight hours of which are used for personal hygiene, sleep, and eating. In addition, you use time to commute to and from your work and business. After everything else that isn’t related to your business and side job is subtracted, it only leaves you a couple of hours to work with.
#2 Fewer Reasons to Aim High
Having work and earning stable income can deter one from aiming high and succeeding as an entrepreneur. You become more comfortable to work just enough so that you can pay your bills on time.
#3 Subpar Business Output
Having a side job, whether it be during the day or night, can drain you physically and mentally. This can affect your productivity and the decisions that you make for your business. To avoid such problem, clearly divide your priorities and have hours set specifically for your business and side job.