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Posted by A. B. Dada on January 12th, 2006
If you’re thinking of getting into your business to earn a little extra cash, don’t do it. A real business, even a part time one, requires a long term commitment and a daily focus.
This does not mean that you can’t run a business part time (even as a side job to your regular job). If you’re going to start a business, you have to set some time commitment goals in advance. I recommend planning a full year in advance — if you can set aside 10 hours a week, get a calendar and make sure you’re doing it.
Are there ways to make extra cash on the side, separate from a business? Absolutely! I’ve seen kids in my neighborhood go to garage sales, buy junk, and resell it on eBay. They make decent extra cash, but if they committed to it as a business, they’d make much more. This is the reality of any small job you do for extra cash — it CAN be a business in the future.
If you’re looking to do a little extra work on the side, I recommend spending a little time seeing if whatever side jobs you take would appeal to you to do as a business in the future. There are many side job opportunities I’ve seen that can make a very good income as a business. Talking to neighbors, friends and family can find you many needs — right in your area. Are you good with computers? Ask your neighbors if they need some help cleaning up their desktops. You can make an easy $20 for a two hour job. Are you good with painting? Hit up the older people in your area — they always need something coated with a few gallons of paint.
But are these things you are good at also things you’d want to do for possibly the rest of your life? Maybe not. Businesses can RUIN fun hobbies (I know, I started some businesses in areas I loved, and quickly grew to hate it). This is why I recommend spending time thinking about what you’re considering for a side job. If you love it, don’t do it for money, period.
If you’re stuck in a rut on how to earn a little extra income, consider learning a trade that you’re unfamiliar with. Many local small businesses would be happy to bring on an intern in exchange for learning the business. I’ve seen numerous friends gain valuable future-business experience by talking to sign shops (vinyl cutters), gardenscapers (and garden pond builders), wedding photographers and even car detailing shops. Just because you feel you’re smarter than taking on one of these internships, you may be surprised to see how profitable they can be as businesses, and how little they’ll trample on the things you love to do.
There was an article in Slate not too long ago written from a failed business owner who got involved in something he loved: the coffee business. The article is very important because he seems to have failed the basics I’ve talked about here. He did something he loved, he didn’t plan for it properly, and he got in over his head too quickly. He’s an educated guy — the first thing he should have done is talked to another coffee shop owner about their experiences, and then offered to intern for a few weekends to see if it was something he’d like to do. He shouldn’t have gotten involved in something he loved, and he shouldn’t have dove in feet first.
Remember, if you’re planning on replacing your serf-employment with self-employment, you’re wanting to do something for life. How hard is it to take a step back for 6 months and do some honest research?
The same is true for your side job. If you’re desperate for extra cash, the side job isn’t going to cut it. Get a real part time job (or two) and pay off your bills before you even take little side jobs for pocket change. Once you’re on top of your debt, you can spend some time seeing if the side job bringing in a little extra cash might turn into a future business, or if it is just a waste of time exchanged for a little cash.
