The idea of the “side hustle” is growing in popularity, and thanks to the internet, it is now easier than ever for regular people to start a business and maintain their current job. While some people will disagree with the idea and believe that you should dedicate yourself to your business 100%, there are actually many benefits to starting a business on the side. And, in many cases, people who end up failing do so because they jumped too soon. Here are some of the biggest benefits of keeping your job when starting a business.
Access to More Financing Options
When you’re employed, you have more options available to you as far as financing goes. If you start a business, it will take a while to build business for it, and any type of financing you’ll get will be dependent on your income or credit score.
With a job, you could get anything from short term loans to payday loans if you need a quick injection of cash in your business. Many new payday loan lenders allow you to apply completely online and many will allow you to pay them back within 31 days. This could make all the difference if you’re in need of supplies or need to buy or rent an important piece of equipment.
Your Best Opportunities Might Be on the Weekend
In some cases, businesses make most of their money on the weekend. This is especially true in fields like the restaurant sector for instance. If you were thinking of starting a food business, one option could be to start as a caterer at first to test the waters. This would allow you to learn a bit about some of the financial aspects of running a restaurant and keep your job as a backup. You’ll also be able to see if you like the business and if it’s something you could actually do.
Your Job Could be a Resource
If your business is related to what you’re doing, your job could actually be a valuable resource to you. You could get specific advice from senior people in your company and even turn some of them into mentors. You could also find people who’d be willing to partner up with you on your new venture and will also have plenty of chances for professional networking.
You’ll See if You’ve Actually Got It in You
Not everyone is ready to make the transition from employee to business owner. Going from getting a paycheque every two weeks to having to actually hunt for your food can be difficult for some people. You don’t want to find out that the pressure of having to find clients and deliver to actually make a living is too much after you’ve sent your resignation letter.
As you can see, there are tons of reasons why keeping your day job can actually be a sound business decision. Make sure that you check if this would be feasible, and think twice before you make your transition.