Quitting your job just to start a business may not be the wisest thing to do without some substantial planning and alot of thought prior to the jump... Rather than taking the plunge blind-folded, many would be entrepreneurs are dipping their toe in to just test the waters first. It's the rise of the #sidehustle....
With a world that’s increasingly becoming digitised and fast internet access being commonplace in nearly every part of the world, many folk can’t help but consider quitting their full-time jobs to start a business venture.
Add to this the fact that the word entrepreneur tends to be thrown around quite casually, with many people not realising what it actually entails...
It’s not too hard to see the charm in quitting your job to start a business. You’re your own boss and doing what you love, especially when the likelihood of building a sizable income is dangling like a huge juicy carrot infront of you (but ever so slightly out of reach!). However, it pays to reconsider abandoning your full-time job just to pursue entrepreneurial dreams because the reality is that “go it alone” entrepreneurs are rarely the ‘modern-day mavericks’ who have it all.
In fact, many people who ditch their day jobs entirely to start a business fail in their first year, despite having great start up skills and adequate business training. We just don't hear about them because no one is going to do a press release to talk about that... so how can you make the jump a little easier to handle?
Research indicates that those who retain their day job while kicking off a new business are 33% more likely to find success in going it alone.
By keeping your full-time job, you can de-risk failure and ensure critical cashflow at the same time. Add to that a turbo boost by attending some marketing training workshops every now and then and you’ll be unstoppable.
Being impatient and even reckless enough to suddenly quit your day job in the hopes of making it big in business may give you temporary gratification, but it is generally a very risky and ill-advised thing to do.
Leveraging your day job in the early stages of your start up business lets you ease into it and build the required traits which you’ll need to make the transition from full-time employee to full-fledged entrepreneur. In fact, it's a great way to test your customer base out and research what sells and what doesn't, as you gradually make the transition.
As long as you’re willing to put in the time to reap the rewards later, your chances of making it big in the world of entrepreneurship are improving. It's all about the effort you are willing to put in to achieve your desired results. Follow this “hybrid path” to keep yourself in a safe zone by keeping your day job and testing the waters with your business idea at the same time.
A great way to do this is try out your business idea online first. As an ecommerce entrepreneur you can launch your #sidehustle in a low cost way and start building an audience who loves your brand. Write a blog about it and ask a digital marketing expert to help you gain some visibility. Or make your name known through affiliate marketing. Once people trust you, they will be more open to your business idea.
On the side, you can also take courses for ecommerce entrepreneurs like our Jump Start Ecommerce Programme to get yourself better primed for the business world.
Before going it alone, build up not just your practical business skills but also consider your mindset and personal confidence. A huge part of being successful is your ability to rise above challenges and tackle issues proactively. If you are not mentally prepared for these challenges, then your progress will be slower. Check out our courses for business owners to jumpstart your journey to success and reach out if you need online business coaching from our team of experts.
Give the above points careful consideration, bring your business training and start up skills up to speed – and you will be ready for success.