Many people dream of starting their own businesses as a way of escaping from the monotony and indignities of the office grind. They imagine themselves being free of their boss at last, living life on their own terms, and just having a much better life than they were before.
These are all pretty good and compelling reasons for becoming an entrepreneur.
Quitting your day job prematurely, in order to start up a business, however, is almost never a good idea by any stretch of the imagination.
In virtually every instance, it’s better to start your business as a side hustle. Why, you ask? Well, here are a few reasons.
Desperation isn’t actually a winning strategy
You may have heard the idea that “being hungry” makes you a better worker, and drives you harder to become an entrepreneurial success. Well, it might, but it might also just make you panicked, upset, wild-eyed, and desperate for any break that comes your way.
If you rely on your new business to succeed at any costs, you may well sacrifice opportunities that would allow that business to thrive substantially, further down the line, in your frantic haste to seize upon whatever inferior but more immediate opportunities may present themselves.
Desperation isn’t the right frame of mind for making shrewd, strategic business decisions. It’s the right frame of mind to set you scrabbling for any mediocre opportunity that comes your way so that you can put your anxieties to rest.
By starting your business as a side hustle, you can be more aloof and calm about your business dealings. This, in turn, may help you to turn the business into a genuine and enduring success, not just a short-term focused hustle.
It’s almost certainly going to take you a while to make decent money
You may quit your job as soon as you set up your new business, eyes gleaming as you Google Vauxhall garage near me and get ready for the imminent acquisition of your dream car.
But almost no successful startup is successful in a hurry. And if you’ve quit your day job in the anticipation that your new business will pay the bills in a month or two, you’re likely to find yourself in deep water.
A business is something that must be nurtured and developed. When that business begins as a side-hustle, you can begin building your income to the point where it makes sense to turn it into your main gig. But don’t do this prematurely.
You have no guarantees and failure is always possible
The vast majority of startup businesses fail, so the general wisdom goes, but it’s nonetheless a popular idea among drive entrepreneurs that people who work really hard and have grit never do fail.
That is, of course, not true.
Some of the most successful businessmen in the world, including Richard Branson, have many failed businesses to their name. The reason they ultimately succeeded was because they learned from those failures and kept moving on.
If all your eggs are in one basket and you rely on your first business succeeding, you may be in for a shock. There’s no guarantee of success and failure is always possible.