Start a Business or Stay an Employee?
According to GoDaddy's Gig Economy Survey, 77% of Filipinos often dream about having a business to have freedom from their 9 -to-5 day jobs.
As easy as it is to dream and manifest, becoming an entrepreneur is a high-risk decision. Once you fail, there's nothing to back you up. That's why the wisest move is to keep and do both. Build your business while you keep your day job.
Of course, ethically speaking, you should abide by your company's rules on which type of side hustle you can explore. Better do it right as a sign of respect to your employer.
Harvard Business Review states several reasons why keeping your day job while starting your side business can be beneficial. Let's look at some of it!
More time to polish your business idea
When introducing a product to the market, you must study every detail, like identifying your target market, understanding their needs and demands, etc. And to do this right, you need to have enough time, which is impossible if you are rushing to earn a profit because you have no other source of income besides your business. Having a stable job gives you enough time to polish your business idea and bring it to life slowly but surely.
Easier to claim a premium position in the marketplace
When your means to live is only through your business, you most likely won't have the freedom to dictate the value of your business. You can't tell the market that your product or service is of a premium level, especially if you need to generate revenue as quickly as possible. Contrary to when you have a job that pays you regularly, you are not pressured to generate sales in a short period. Plus, you can be strategic in choosing which offers you will take.
What fails in your business can be a win for your career
As mentioned, being a full-time entrepreneur poses a high risk, for once it fails, everything else does, especially when you don't have a safety net income from a stable job. But if you got a reliable backup, the failure of your business can be more of a blessing in disguise. You can take the learnings instead to elevate your career or probably try a new venture.
Leaving everything and dedicating all your time to building your own business can be ideal. But as the saying goes, working hard isn't always the key to success. Today, working smarter is more rewarding. Juggling your time between your day job and business venture can be challenging, but there are many ways to help you. Automate your business processes, create and follow a schedule, do tasks efficiently, be organized, etc. – whatever works for you, as long as you never stop learning, you surely can do it!