Making the Revenue While You Build Your Business
People start a business as a result of a wide variety of circumstances – some were laid off their corporate job, some simply wanted control over their schedules (yea, right), some had desires to “do it better” than the company they worked for: the list goes on.
In 2000, I was suddenly widowed and in 2003 I was laid off of my corporate job. I had 2 children to support and the in the year I was laid off, absolutely no one was hiring. There was no other new job to slide into. So I created my own business as a computer tutor.
Many entrepreneurs will start out on their new venture by having a “side gig” to fill in the missing revenue. This part-time job is not their dream, glamour job, but it’s a safety net, while the revenue in their new company slowly builds. I chose to skip the safety net.
While having the security of a part-time job “while you’re getting started”, may appear to be sound advice, it can also lead to failure.
It looks like this…
The Downward Spiral
You work on your business 85% of the time and pull in about $12,00 revenue the 1st year. You work your side gig 15% of the time to add up your revenue to try to make a “normal” salary.
You now have reduced amount of time and energy to work your brilliant business, so the revenue really doesn’t climb too high. Next year you make a whopping $14,000. You not only keep your side gig, you increase your hours. Business now gets 80%, the side job 20%. Hey you need the money, right?
You get disappointed that sales on your offerings are low. You feel it’s because your prices are too high. You run sales events, discounts, specials. Your lower prices are sure to attract more customers.
But the revenue does not climb very high at all and income might even get worse. You increase your hours on your side gig. 75% business, 25% side job.
And now you’ve pulled in $13,000 your 3rd year, and you have less hours to work on developing your business.
Focusing On Success
As a new business owner and single mom, I knew that if I had a safety net, I feared that instead of being a full-time business owner who also works weekends at Target, I would wind up being a full-time Target employee who works her business on the weekends. That would provide a consistent revenue but loads of unhappiness, diminishing self-worth and lack of self-fulfillment.
While fear may attract you to grab the part time gig, I’m going to be blunt – your side job will wind up putting you out of business.
The solution is to work without the safety net. Practice and fall down and get braver and fall down and get more skilled until you stop falling down.
Getting to Success
Work your business for real success: the number one ingredient in making that happen is to hire a coach, a mentor, some kind of professional who will devote time and expertise into helping you chisel your business into a revenue producing machine that will support you, with no need for a side gig.
It’s seems counter-intuitive – spending money on a coaching program when you’re not even making money yet. You’re right, it feels scary as hell! I’ve been there. I’ve spent money into flexing my business muscles and regretted not a penny of it.
Are you working with a net? How much of your time is spent on the “side” gig? Isn’t it really your full time job, with your business becoming your side hobby because you just can’t seem to make it work?
I dare you to take away your net. Work 100% on your business. Find a mentor or coaching program. Do what it takes to build your results to a point that’s much higher than what you would have made as a part-time teacher, or store clerk, or office assistant. Place 100% of your courage, your energy, and your faith into developing that business you’ve dreamed of. Kick away the net and make it a reality.