10 Reasons Why You Should Keep Your Day Job

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Turning your creative hobby into a side business can become quite lucrative. But don’t quit your day job just yet.

You’re good at it and you’re able to make money from it. It couldn’t get any better than that, right? Turning your creative hobby or passion project into a side business can become quite lucrative.

According to this article, starting a side business can also provide a certain level of freedom, be a source of pride, and provide an opportunity to learn new skills, among others.

However, that does not mean that you should go ahead and quit your 9-to-5 to take on your side business just yet. Here are 10 reasons why you should keep your day job while first starting your entrepreneur journey.

10 Reasons Why You Should Keep Your Day Job

1. Security

While nothing is promised to us, having a regular 9-to-5 job seems completely more stable than relying on clients to make a living. You know how much you make every couple of weeks and exactly when you’ll get paid.

When becoming your own boss, it takes time to build up a clientele that a corporation already has. Supply and demand may fluctuate heavily, and you never know when and if the market for your products or services may go down drastically.

2. Responsibilities

Being your own boss means that you call 100% of the shots. Working for a corporation, you always have to respond to somebody even if you have a high title and are in charge of others beneath you. Being your own boss, you will have to take the blame and find ways to remedy any issues that take place.

You will be responsible for your services to those who work under you. At the end of the day, you cannot shirk the responsibility of anybody else’s actions but your own. You’re building your own brand, and your brand represents you, not your workers.

3. Knowledge

Every successful entrepreneur must know their business inside and out. This takes time, and just because you know how to make colourful soaps does not mean that you should immediately quit your 9 to 5 and jump into the business.

Let’s say you start your own custom soap business. Have you thought about creating soap that can cater to all types of people? Have you thought of common allergies? How about what scent or colour works best when it comes to marketing?

These are all things that you will need to know and need to learn before executing your brand. These are not things you can acquire in a month or two. You have to take the time to build your knowledge base before fully committing to being your own boss.

4. Longevity

Is your product or service trendy, or is it something that people can use for years to come? This is just one of the many factors you have to consider before leaving your secured job.

Remember Silly Bandz? You might remember this craze, but when is the last time you’ve seen those colourful rubber bands?

You must make certain that you are able to provide something that is not just a trend but will be profitable to you in the long run. It is okay to have a side hustle for something trendy; this can help you gain more knowledge and insight into what it takes to become a successful entrepreneur. Just know that it takes more than a trend to create a successful business.

5. Talent

While you might have a very special talent or skill that does well on a small level, your skill might not carry over well when trying to sell it to the masses.

A great example might be that you have a food business on the side and all the people in your town know and love your food. Because you’ve gotten the praise of close family and friends and a few others, you feel confident enough to take your talents to a larger scale.

These talents may be seen as mediocre two towns over. Maybe your friends also helped hype you up a bit more than they should have, and now that you’re rolling with the big dogs, your services aren’t being received as well as you had hoped.

6. Stress

Falling a bit under the responsibility umbrella, stress can take a significant toll on an individual. No company or brand starts with almost guaranteed success, that is, unless you’re a Kardashian/Jenner.

If you cannot handle the anxiety and stress associated with your business, things will begin to fall apart from the very start.

When you’re working at 9-to-5, you typically start slowly, and you have somebody there to guide you and train you. In the case of being your own boss, you are the one who has to take on that stress and not only teach people the ropes, but you must learn them for yourself.

7. Resources

Starting small and expanding your business is expected. However, adding more resources for your product or service means adding more funds and potential debt for your side hustle as well. Money, or running out of money, is one of the top reasons why small businesses fail quickly.

Yes, you might be able to either raise or save enough money to keep your side hustle afloat for a few months, but what happens when you have to pay lenders their money back or if an emergency occurs and your business is doing okay, but it isn’t doing great?

One or two people cannot run a successful business. You will need a team who has the knowledge to have less burden on things you don’t know about. This team will cost you money.

8. Competition

Wherever you are employed right now, regardless of the service or product they provide, they compete. You, too, will have competition with your side business. Whether you are selling something entirely new and unique or not, there is still a market and a supply and demand of the masses. Buyers must decide what is important or interesting enough for them to spend their dollars on.

9. Experience with Marketing

You might know who your clientele maybe, but do you know how to pull these customers in so that they will continue to be loyal customers? Knowing what people want and need from you is a task within itself as you have to find ways to get this information accurately.

10. Multiple Income Streams

When you’re first starting a business, you’re going to need money to make money. Your 9-to-5 job can help you stay afloat as you mold your brand.

If you quit your day job, yes, you may have more time to focus on your company’s specific aspects, but you will still need the particular resources that your job offers you now. Some positions provide benefits that can be beneficial in regards to your side hustle.

Follow your dreams but don’t forget to live in reality too. Everybody has to start somewhere, even if that means staying put in a position for just a bit longer.

 

Image via Alexander Suhorucov from Pexels