Career Talk #5 – June 4th, 2020: “Is a Side Business Right for YOU?”
Our “Career Talk” Quote of the Week:
“Skate to where the puck is going” – Wayne Gretzky
Thanks to Dan Lesch from Family Enrichment Network for interviewing me today!
I have had a business for over 20 years and have run it both part-time and full-time. Here are some of the things we talked about today:
A Couple of advantages of having a side business:
– Creativity: When you have a side business you have to think outside the box! You have to think about what is going to happen in the future (skate to where the puck is going) and how you are going to make it work for you and your business.
– Control: Having a side business can give you more control over your time and your income so that you can spend more time on the things you really love! I have been able to do so many interesting things because I have my side business to help support myself and my family.
Some disadvantages of having a side business:
– Cash flow: Businesses have ups and downs and seasons that are busy and not so busy so you have to have a plan for how you are going to deal with that. I tried to pick up a part-time job during the “slow season” to keep myself busy and to even out the cash flow a little bit.
– Correspondence: You have to keep track of things so that YOU don’t run into tax and or legal troubles! Even though this is not that difficult it can be a problem if you don’t know what you are doing!
Best advice for starting a side business:
Get some experience working for someone else and make sure you like the business before you spend a lot of effort trying to get it going!
“Don’t quit your day job” – Make sure your business is self-sustainable with a business plan and all your ducks are in a row before you take the big plunge!
Don’t do it alone! You will succeed quicker and have more fun if you work with other people to get your side business going.
Thanks to Bryce Reynolds for your information on score and for all the input and conversation today!
Bryce’s contact information: