Good morning America!
Today I will addressing sidepreneurship. My post was inspired by a couple of meetings that I had, since my last post. One of the common themes that came up is the “sidepreneurship” business model. You know, starting a business while you still hold your main source of income.
Do you have a sidepreneurship? Lets find out!
A side business, if properly planned, can be a wonderful way to increase your income. With technology tools that we have now, you can easily establish a home based business that runs parallel to your main source of income. Also, for some people that are risk averse or have limited financial resources, it is an attractive model to test their idea(s), since you won’t have to wait until your business venture matures to reap financial harvest (you have a full-time job or another business that provides financial resources). As an entrepreneur, the goal is to grow the side business to match your job income as soon as possible. With good cash flow it become easier to resign from your day job and at the same time demonstrate tangible results to potential investors.
If the side business is only intended to provide you with extra cash, that’s fine. It can teach you some entrepreneurial skills. However, sidepreneurship, unless it is planned as a business, doesn’t make someone an entrepreneur. A side business unless is deliberately planned to become your main source of income, it will be forever in a state of neglect, it will never mature, and it will never make it off the ground and become self-sustaining.
However, if you are thinking of your side business to provide you more than just some extra cash, you need to plan your sidepreneur venture as a business. Otherwise, you become a wannapreneur. The wannapreneur is the person who wants to create a business but don’t actually create a business.
The good news is that it’s possible to go from wannapreneur to entrepreneur. All you have to do is build a business that generates enough income to quit your day job. When your job is building the business, then you are an entrepreneur.
Let me clarify that sidepreneurship by itself is not a bad concept. The problem I see is that people have the main source of income and at the same time they have these “other things” on the side they hope will work out. Many times, I listen to the sidepreneur provide a list of projects they are working at the same time. I wonder, how do you plan to launch/complete any those projects?
I know some of the readers are or have been in this situation. I have.
The key questions that has helped me organize my thoughts when I am facing multiple potential ideas/projects are…
- What is the outcome I want?
- How can I launch one of these ideas/projects into the world and see the outcome I hoped for?
I’ll share more about that in my next post.
For now, here’s what I want you to do…
1. Determine your main project
2. Define your main side project
3. Define the outcome you want to achieve.