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Episode #115
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This topic may seem like a strange one for me, because in the past I’ve raved about side hustles! I’ve said how they are a great way to add an extra stream of income alongside your job, and how they also can be a way of trying out an idea before going full-time as a business owner.
I’m not taking that back. I still believe a side hustle can be a great option... BUT having worked with many aspiring entrepreneurs over the past few years who are in busy corporate and professional jobs, I’m now sure that side hustles are not for everyone.
Side hustles can be perfect for someone who…
- Has a job where they actually do get to arrive at 9 a.m. and leave at 5 p.m. every day and are able to switch off from it, leaving all thoughts of work behind when they log off.
- Can spend an evening or weekend without checking your work email every 10 mins or logging in to catch up on that urgent project.
- Have oodles of energy after they finish your work day, and can jump into business mode straight away.
- Can drop their work hours to part-time to make time for their side hustle.
- Is not that concerned about being totally free in where, when and how they work. They just want to have an extra stream of income alongside their job.
If one or more of those describe you, then fantastic! You're in the right lane, cruising at your perfect speed and a side hustle can be a great next step for you.
But here's the thing. For many people buried under demanding careers, building a side gig might be like trying to ride two horses with one saddle – it's tricky and probably not going to end well.
And here are three reasons why…
Reason 1: Double the Clients, Double the Trouble.
Picture this: Your day starts with a pressing email from an internal or external client you serve in your full-time job who's urgently waiting for an update. You're brewing your morning coffee, mentally preparing for the day ahead, and then a notification pings. It's a message from your side hustle client, wondering if you've had time to review their latest request.
Both are crucial, both demand attention, and both believe they should be your top priority. It's like being pulled in two different directions at once, a human tug-of-war with no real winner.
You find yourself managing two distinct sets of expectations, personalities, and timelines.
Think about the cognitive overload, too. As we switch between roles and responsibilities, our brain needs time to adjust, a sort of mental palate cleanser. It's not just double the work; it's double the strategic thinking, double the negotiations, double the compromises, and double the potential for conflict. And this duality can be mentally exhausting, leading to decision fatigue, burnout, and not being productive in either realm.
While the idea of bringing in other income streams and embracing entrepreneurial spirit sounds amazing, you need to weigh these against the real-world challenges of serving two masters. Because in the end, spreading yourself too thin might not yield the depth of success you are looking for.
Reason 2: The Shackles of Corporate Rules.
Diving into the world of side hustles while tied to a corporate job is like trying to swim with one foot chained to the pool's floor. You might make some progress, but there's always that weight pulling you back. This anchor often takes the form of stringent corporate rules and guidelines.
For starters, many companies have policies regarding outside employment. They might require employees to obtain prior permission before starting any external business opportunities. If you have a side business that they see is in conflict with your job this request could be turned down. Even if it is allowed it can have restrictions. I totally get why the companies have these rules, they have to protect themselves. They invest heavily in crafting and maintaining a specific brand identity.
If your personal brand clashes with this image, it could be troublesome even if your business is totally not related to your day job This is especially relevant in the age of social media, where personal and professional boundaries blur. A single tweet or Instagram post that goes viral, even if you don’t respond, can impact your image and in turn employer’s company image and reputation.
Now, yes you can work within the restrictions but it makes it that much harder and takes more time, time you don’t have.
Reason 3: It's a Detour, Not a Shortcut.
We've all been on those road trips where a 'short detour' becomes an unexpected long-winded journey, taking us miles away from our original destination. Similarly, side hustles can sometimes look like enticing shortcuts to our dreams, when, in reality, they can divert us further away from our primary goal of leaving the employee world and being a full-time entrepreneur.
The energy, time, and resources you invest in a side gig are often borrowed from the reserves you could be directing towards plotting your escape from the corporate world.
Also, there's the illusion of progress. Because you're busy and you see some financial returns from your side gig, it's easy to think you're making headway towards your end goal. But are you really? Or are you just running in place, mistaking activity for achievement?
What to do instead
If a side hustle isn't the golden ticket for those of you in demanding careers, what is the alternative?
Well, if you are ambitious to build a business asap, you feel called to do something more meaningly or impactful in the world and you are willing to put in the work to make sure you are ready, then here’s what you do….
The answer?....You build a simple digital business that is ready to launch as soon as you leave your job. By simple I mean having one idea, one product or service that you know people want and one way of selling it to them.
A digital business has many advantages, the main ones being there is less complication because there are no physical products or brick-and-mortar premises, and the upfront initial financial investment is pretty small.
Yes, you do still need to do additional work alongside your job to get this done, but there are no extra external pressures on your time. No clients with questions, needing your help or problems to solve. You are in control of when, where and how fast you build your digital business.
You do need to be focused and disciplined, or it can end up being this business you are always building and talking about but never getting around to launching.
You need to have a robust and detailed strategy and launch plan so you can stay on track.
You also need to make sure your house is in order, in other words practically and financially you have planned to bridge the gap between the salary you earned and your income from your business.
Overall, this approach will allow you to become your own boss more quickly and with great ease. You are not splitting your mind power between the demands of two sets of clients. You don’t have to navigate the rules and regulations of your employer and you are not being slowed up by the day-to-day running of a business on top of your job.
THE BOTTOM LINE IS…
Side hustles are not for everyone. In the right circumstances they can be a good choice, but not for those who have super busy roles, are ambitious to do something more impactful in the world and who genuinely want to leave employee-dom as soon as possible.
At the end of the day, it's not about doing what everyone else is doing. It's about crafting a path that respects your well-being, honours your ambitions and aspirations, and aligns with your unique situation.
Don’t waste your time squeezing in a business on the side. Instead, go full out on building something simple that you can launch with a bang when you step away from corporate conformity and into your sparkly digital entrepreneur shoes!
