An increasing number of people are starting side businesses largely because of the relatively new technology and platforms that allow them to do so. The options are almost limitless if you’re willing to take the risk.
As you build a side business, you can stay employed at your day job and ultimately you may be able to cultivate a successful enough venture that it becomes your full-time job.
There are stories of people who start out freelancing as writers, renting out their RV, launching websites, and everything in between. Despite the differences in the type of side businesses people may start, they have one thing in common, and that’s the fact they were willing to take the initial risk and find the motivation to launch the business in the first place.
The following are some things to think about when it comes to starting a business, particularly regarding risk.
Now Is Always The Best Time
Have you been thinking about your business idea for a long time? Has it always been in the back of your mind?
If so, think about if you had started the business back when you first thought about it. You’d likely be making a steady income from it at this point.
It’s important when you have a business idea that you always understand launching it now is better than waiting until tomorrow. You’re never going to look back and regret starting your business when you did. More than likely your regret in terms of timing will be that you waited so long.
If you’re likely to regret not taking this particular risk one day, you need to do it.
Write Down the Worst Things That Can Happen
If you’re really risk-averse, you may constantly be thinking about the potential downsides of launching a side business, but instead of just letting all these thoughts constantly hold you back, write them down.
Write down all the potential things that can happen if you fail and you’re likely to see it’s probably not as bad as what you might envision, particularly if you’re just starting a side business. The good thing about a side business is that in theory, you keep your day job, so you don’t have to worry about the big consequences of having a business fail.
You should also think about whether the possible successes of taking the risk will outweigh the potential adverse consequences, and with a side business, this is almost always going to be a yes.
Define Your Exit Point
Finally, well before you start your side business when you’re still weighing the risks and possible benefits, set yourself a hard exit point if things don’t work out.
Define at what point you will walk away from your side business if necessary and what the conditions will be surrounding this exist. This will allow you to avoid getting so wrapped up in a passion project that it’s to the detriment of everything else in your life.
It’s okay to have a side business fail, and you should be prepared for that potential and ready to move on if certain things start to happen.