Do you have what it takes to start your own business? If you know that it's not going to be smooth sailing, martinis at noon, totally glamorous, and always fun, you're at least thinking you know what you're in for. In this episode of Women in Business, I'm telling you the truth about the side hustle.
Just like having kids, there is never a perfect time to start your business. You might start it as a side hustle, or you might go all in, but whatever way you do it, there are some things you need to know. It's HARD working a full-time day job while building your side hustle empire on the side – harder still if you've got family and other personal commitments to keep up with, too.
So many women find themselves completely stressed out when their side hustle starts taking off. They're making money, but losing time. They literally feel like they can't catch a breath. But there is a way you can balance all the hours in your day so you don't feel like you're going insane.
I always advise that you take advantage of the time that you're still getting a regular paycheck. Do things like learning new skills or up-leveling your existing ones, getting your business entities set up and legal, and start setting aside money in your savings account. In fact, getting substantial buffer funds built up might be the most important thing you can do when you're starting your own business.
Lastly, I'm talking you through both the right and the wrong ways to quit your job. What to do if you absolutely hate it and can't face another day. What you should do if you're friends with your boss. And how you can leave your 9-5 with your reputation still intact.
Are you ready to take the leap from side hustle to CEO? Do you feel completely overwhelmed with the amount of work you have on? How long can you support yourself using your savings funds?
In This Episode:
- Why there is never a perfect time to start your business
- How hard it is to build a side hustle while working full-time, especially when you're not fully committed
- What happens when your side hustle business starts to be successful and profitable
- How you can balance your hours between all your personal and business duties
- How you can uplevel your skills and learn new ones while you're still at your full-time job
- How you can take preventative measures to set up your finances before you start your own business
- Why you should prioritize building a savings account
- What you need to know when quitting your day job
"There is never a perfect time to start a business, there are much better times than others. And it will always be a risk, a leap of faith, and it will be scary. But nothing great ever comes from our comfort zones!" ([4:32])
"If you're not willing to commit a few months to really invest your time into getting things going, then don't start. If you think for a second that you'll be able to put in a few hours into your business here and there and then coast… if it was that easy, then everyone would do it." ([7:27])
"Quitting your job is a huge risk and so is starting a company." ([12:04])
"I don't care how close you are with your boss, you have got to put your notice in writing. Give them two weeks' notice and clearly spell out what your last day is going to be. Because this will cover you in case something goes sour." ([19:24])
Are you a female millennial entrepreneur who wants to start or scale your service-based business but not sure where to start? Go to http://www.drcortneybaker.com/10-secrets to get your free copy of the 10 Secrets Female Millennial Entrepreneurs must know before launching their service-based business. Get your free copy now!
About Dr. Cortney Baker… She is an award-winning entrepreneur, researcher, author, speaker, and an advocate for gender equality. As a leadership expert and mother of three, she is passionate about inspiring and empowering women to lead with greatness.
Dr. Baker is the author of the best-selling books: The Ten Do's and Don'ts for Business Leadership: Lessons to Lead Effectively and Unlimited: Conquering the Myth of the Glass Ceiling. She is passionate about helping ambitious female millennial entrepreneurs go from side-hustle to CEOs!
Feedback? Questions? Comments? For more information or to reserve Dr. Cortney Baker to speak at an upcoming event, please contact her at: [email protected] or 1-469-708-8840.