One of the better ideas for your career is to become your own boss. Today, one of the simplest ways to achieve this goal has arrived: set up a side gig or a second at home gig while you still have a full time job, let your day job provide safety and security until you can make it on your own.
The most exciting part of starting a side gig is that it can create a new and better career with unlimited growth opportunities that you can only achieve by being the owner of your own online gig service. To succeed you need to have an entrepreneurial mindset; you will need a strong drive and see the side gigs as a way to find your future success. If your goal is to be an entrepreneur, and in charge of your own career, then a side gig is a very good way to advance your career. The most immediate reward is making more money on top of your regular pay, especially in a volatile COVID-based economy.
The real issue involved in building a new business is that it is tough, very tough. Most people will fail; over 90% of new business fail, and now with COVID-19 I would guess the number of failures is even much higher. So you have to work a plan and we put together the five most important steps.
Keep in mind with a side gig you limit your risk and expenses. You’re mostly just investing your time (your own free self education). This could be very beneficial. Again most great entrepreneurs succeed after multiple attempts and failures at starting a business. So even if this is a tough lesson, it might better prepare you for a very successful future.
- Plan to grow it over time
Most people want instant gratification. In my years of building businesses, it almost never comes easy. It is hard work, day to day. The hard working grinders almost always win over time. There are many skills you will need to acquire to grow a business such as, products, marketing, accounting, and more. In time you will need to be able to handle these issues.
- Self appraisal
You need to be honest with yourself in your appraisals. You need to focus on building a business where you have real skills, not repeating what a friend is doing. Provide a service that is very competitive and hopefully you have a competitive advantage. Price to win clients. Be honest about your communication skills and improve them if needed. This is not easy and it is almost impossible if it is outside your skill set.
The most successful not only have very strong skill sets but also have that drive that will take them though the tougher patches. The good news is you can think about these issues and problem solve while you’re working your traditional job and come to the side gig with innovative fresh ideas. This is often a real plus.
Make your service original and different from the crowd. Look at the competition and see what you can do better. Provide some flair, but make sure you always supply a good solution to those who are paying you.
- Ask for honest reviews
Try to understand your weaknesses, and work hard to be frank about those weaknesses. Try to make them into strengths. I find this has been a mainstay in my business life: you will always need to work on your weaknesses.
- Make Sure You Have Plenty of Cash Flow
Don’t focus so much on your new side gig that you lose your ongoing job; most side gigs take longer than planned. Only rarely does a business just explode, and those are often the ones the media focuses on. What the media doesn’t tell you is that this might have been that person’s 5th or 6th business launch before becoming “instantly” highly successful.
The sooner you learn the ins and outs of business the better off you will be, but you must realize this is a much rougher road than most jobs. Your business almost becomes your child. One of the most critical factors is that most people stop because they run out of money. If cash flow is strong, you can service even through the roughest markets.
Make sure you can live on your side gig income before you leave your full time job. That transformation will take more time than you will plan for. It will often appear not to be working. When something is not working it often needs to be tweaked. But the truth is your side gig service might never fly. So make sure you’re on firm ground before you leave your main employer.
We recommend that if you post gigs, you should use almost all of the various platforms, but Freelance Global Gigs (FGG) Low Cost Marketplace is growing very rapidly and is only about half the cost of the market leader. At FGG we do more to make you successful.