Side Hustle or Full-Time Business: Pros and Cons
Yes! You get your dream job after months of waiting, and everything seems to be going fine. Three years down the line and you feel like giving up your supposed dream job to start your own business. Probably it was until you got into the system that you realized working for someone else was not for you – this is one scenario.
Another scenario that plays out in many employees’ lives is striking a balance between working as an employee and having another side hustle. With the bills piling up and the salary not covering all the expenses, the only alternative would be getting another side gig.
Interestingly, these two possibilities have their pros and cons; some people find it pleasing to have their own business, shoulder the risks and live freely like a boss. In comparison, others enjoy the opportunities their business and work provide for them. However, it is important to choose the area that best suits your kind of person before venturing into these practices. Therefore, this article will help you choose the best option tailor-made for you.
Here are the pros and cons of being a business owner versus having a side hustle while working.
The thrill of having a business registered in a name that resonates deeply with you is what many people crave. The independence, freedom, and control of the company’s activity or business is the most rewarding feeling for some people. Ironically, people start as employees having a side hustle before shifting focus to being a business owner full-time. Here are some advantages of having a business of your own.
Enough time to devote to your business
Imagine working at an Immigration consultancy firm, and your phone keeps buzzing because of people making orders of your products. However, this situation will not arise when you are a boss in your own right. As much as you can delegate duties, you would still feel hard done by that you cannot attend to the orders first hand. By being a business owner, you become on top of situations; you can devote all of your efforts, money, and time to the business. Hence, it is rewarding when the business starts to flourish.
Watching your business grow from your only customers being your immediate family members to people outside your state clamoring for your products can feel anyone with goosebumps. The confidence boost you get from seeing how hard you have worked and the rewards are truly showing is one of the greatest feelings you can get. Seeing your brand being advertised on TV, Social media and getting the recognition it deserves is sure to be an impetus even to do much more while being a business owner.
With you fully devoted to one particular area of your life, there will be room for more things to focus on. Being the business owner allows you to do things independently without any external pressure from a boss. You decide the time, activities, and mode of operation of the business.
BUSINESS OWNERS’ CONS
Your Eggs are in One Basket
You are hoping for the best with your business after devoting everything you have to it. Furthermore, there is nothing else to fall back on if it does not work out. This is not being a prophet of doom, but in reality, there can be issues that could hinder the business’s early rise. Ultimately leaving you stuck in one position. This is why entrepreneurs advise other enthusiasts that being a business owner takes an incredible amount of passion.
Now that you are a business owner, you have many responsibilities to take care of. You have to consider the employees under you; the payroll is a significant aspect that determines your business’s success. As a business owner, you bear the risks of a failed campaign or strategy without much consolation from people. Also, the pressure to always out-do your competition is always looming. Hence, being a business owner can be a bit stressful, especially in the formative years. So, be prepared to have your fair share of pressure and weather the storm to become a force to reckon with in your industry.
Here is a peculiar feature of having side hustles. You can be a full-time business owner in a particular field and have a side hustle in another field entirely. It is like a retail business owner working as a freelance voice-over artist. One of the perks of having a side hustle is it allows you to explore other abilities or talents that can be rewarding. It also helps you to diversify your business and expand your niche. This is why some companies will venture into other popular fields to diversify their business and improve yeh brand visibility.
Competitive Advantage in your career
Whether you are in employment or want to diversify your business as an owner, having a side hustle gives you a competitive advantage over other people in your field. Based on the interactions you will have with other people, you tend to increase your capacity socially, intellectually, and financially. Also, there is a high possibility that you become a conflict resolution and a problem solver in general.
SIDE HUSTLE CONS
Here are some of the disadvantages of having side hustles.
It can be draining trying to shuttle between two jobs that may be entirely different from each other. Imagine having backlogs from both jobs; that can be a daunting task to complete. Hence, some people end up losing both ways if they are not skilled in multitasking. Having a side hustle takes a huge level of sensitivity and the ability to prioritize. It would help if you only had a side hustle when you know it will not affect you or your job.
You may be able to multitask, but your moves in the organization depend on your employer’s approval. Not all organizations permit employees to have a side hustle; having a side hustle is strictly prohibited in the organization. While other organizations permit, the side hustle provided it does not interfere with their work.
Both career paths are heavily dependent on your proclivities. It is worthy to note that choosing the right career path hinges on understanding yourself, knowing your strengths and weaknesses, and following your dream.
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