Many of our clients are not in a position to quit their work and start a business. But, some are in the position to create a side business. Ideally, the business should be within their field of career expertise. For example, the corporate accountant who does personal tax work or web designer of a large corporation who does web marketing for small businesses. Or it could be something entirely different such as the office manager who starts a side business selling rare dolls on eBay.
Regardless, it is my advice to many of our career counseling clients that they should consider creating a side business. Here’s why:
(1) Hedge Against Unemployment
Unfortunately, the new employer-employee contract is so tenuous that you could be terminated from your current job at any time. If you have a side business, then you have a ready made “fill the gap” on your resume. In addition, while it is unlikely that your side business will replace your full time job’s income in the short term, at least you will have some income. Thereafter, you might be able to build the business to match your prior income.
(2) Stress reduction
Whatever stresses your full-time job creates, you will know that you potentially have the option to build out your business.
Even if you stay in your job, the thought that you have an option to leave will help get you through your days. Does this matter? Absolutely. Feeling trapped is among the top reasons I hear from career counseling clients who are miserable in their current jobs.
(3) You might end up creating a great business or an alternative to working for someone else
Many great companies started as side businesses.
But, we don’t have to get ahead of ourselves. What if you simply could create a business that matches your current income? That would give you a delightful positive dilemma.
Regardless, it is my general career counseling thesis that in the world of work, we all need to be more entrepreneurial. Starting your own side business is the safest way to educate yourself on how to do so.