Have you ever wondered whether you need to quit your job to start a business? My answer is “No, you don’t.”
It’s actually much easier than ever to have a full-time job and part-time business. I also recommend that you start in this way instead of setting up a full-scale business when you have little or no business experience.
In January 2017, I posted an abbreviated version of this article in a Facebook group that I was a part of.
While I later left the group, the amazing response to my post showed me that I was onto something. So I expanded that Facebook post into this article.
Do you have to start a business to earn extra income?
I’ve been following Facebook conversations on business startup with interest. It almost seems as if the only way for people to make more money is to go into business. I think this is a wrong mentality because business is not for everyone.
It’s hard to start a business even when the entrepreneur is in it full-time. Imagine the chances of success when you have little or no business experience!
According to Investopedia:
- About 20% of new businesses fail within the first 2 years.
- 45% fail during the first five years.
- 65% fail during the first 10 years.
- Only 25% of new businesses make it to 15 years or more.
Investopedia also notes that these statistics have been consistent since the 1990s. While these statistics are for the USA, a browse through the internet will reveal a similar situation across the globe.
I’ve been in business since 2007 and my first business was one of the statistics. It was a struggle to stay afloat and we closed down after 2½ years.
I’ve also heard similar stories from people who have come to me for business startup coaching. Most have been burned in business, and some had quit their jobs for business.
Being in business is great. However, it requires a different mindset from being an employee.
This is a shift most employed people are not able to make fast, and it leads to financial loss. If you’re in employment and want to increase your income, the fastest way to do so is not to start a business.
You’re better off selling something that you’re already good at or that’s close to what you’re doing right now. A good example is doctors and nurses who do this easily when they go on locum in their free time.
What you’re selling could be a skill, talent, knowledge or experience. If you manage your time effectively, you can do this in your part time and work 10-12 hours a week. It’s not yet a business, but more of an extra stream of income.
Don’t start a business…try these
Below are examples of how different people can earn extra money, working 10-12 hours a week in the side hustle.
Accountant
You can help business owners with their accounts. If you have 4 clients and each pays you $500 (Kshs. 50,000/-) each per month, that’s a cool $2000 (Kshs. 200,000/-) a month. This is extra income with minimal expenses such as transport and airtime.
You give each client 3 hours a week and update their accounts within that time. You can also do their statutory submissions for them at an extra fee or create bundles with additional options.
Here are some ways you can get clients:
- Talk to friends and family members who have small businesses. Pitch your offer and also ask them for referrals.
- Start attending networking events where business owners who match your ideal client criteria network. This is one of the easiest ways to get new clients within your locality.
- Join online platforms where your ideal clients hang out. Contribute to conversations and invite people to DM you if they need help.
- Share tips and strategies on your personal social media platforms if this does not go against your employer’s regulations. Over time, this will position you as an expert and people will start contacting you.
Graphic Designer
Go online and create an account on Fiverr or Upwork and start offering design services. The income is small to start with but it grows when you get a reputation for prompt and accurate delivery.
With time, you’ll charge more and bundle up services. These 2 platforms are great for any professional who can work online.
You can also use the same tactics I’ve shared for Accountants to get new clients.
Counsellor
If people are always coming to you for advice in the evenings or weekends, start charging them. You can start with as little as $100 or Kshs. 1,500/- per hour and increase your fees with time.
I gave this idea to a lady who had been retrenched in her 50s. She was a trained Marriage and Family Counsellor but she didn’t know how to monetize this outside of employment.
Today, she’s dictating her fees and also gets invited to speak to schools and women’s groups for at least Kshs. 10,000/- ($100) per talk.
Secretary/Typist
There are different options for someone with your skills.
- Online or physical transcription work.
- Part time work helping coaches, speakers, pastors, trainers, and other self-employed professionals who cannot afford a full-time secretary.
- Virtual assistant or online business manager.
If you don’t know where to start, do a Google search for tips and resources on working online. Make your search specific by searching for information on writing, transcription, or virtual assistant.
Also look at sites that offer freelance work, such as Freelancer, Upwork, IWriter, Fiverr, and IWorker.
You can also hang out in online forums for virtual assistants to get training and ideas on how to get started working virtually.
People are always complimenting you on how well you dress or how great your home looks
Image consulting has become a big deal, more so because people want to look good on video.
An easy place to start is giving talks on image and dressing. You can call your friends together to start with, charge a small fee that covers refreshments and gives you something extra. Have a blast for 2-3 hours in your living room teaching them what you know.
This can also work if people love the way your home looks and you can start charging for your advice. You’ll enjoy giving advice more when people are paying you for it! You can also start selling knick knacks that you purchase as you’re getting decor for your home.
Both of these options are easily translatable into online businesses where you can create e-courses that sell online 24/7.
You go to the market each weekend
Many women don’t like going to the market or don’t have time to do it weekly. These women would appreciate having bulk shopping done for them.
Here’s how you can get started:
- Inform your neighbours that you can go to the market for them on weekends.
- Strike a deal with the market vendors you normally buy from and get prices from them on Wednesday. Make sure you lock in the prices so that you don’t get surprises on Saturday.
- Have your customers send you their shopping lists by Thursday. You can also create an online form with items and prices and each person fills in what they need. Remember to include a delivery fee.
- Shop, deliver, and collect payments on Saturday.
- You could also create a list with specific items and costs per week and send it to your customers. They make their orders and send you 50% deposit by Friday so that you have the money to shop with on Saturday.
- Collect the balance on delivery and never accept to be paid ‘later’. Also carefully select your customers so that you weed out those who delay with payments or don’t pay.
If you do this diligently, with time, the extra income will cover your household shopping and give you something extra.
There’s a young lady in my neighbourhood who does this. I’m one of her customers and she drops my veggies and fruits early in the morning once a week. By 9:00am, she’s shopped, made her money, gone home to freshen up, and started her other shughulis (activities) for the day.
This side-hustle can be turned into an online business once you understand your audience and market factors well. Having an online store where people make their orders and pay in advance will reduce chances of not being paid after shopping.
Additionally, this is a great way to learn about the business if you want to set up a physical vegetables and fruits shop. You get to understand the business and customers, and will already have customers before you open the physical shop.
Student
If you’re always in the library, why not put up posters offering to do research for people in your free time?
If you’re at graduate level, you can also offer to help masters and PhD students with their research.
Employed graduate level students who attend evening classes make great clients because a lot of them don’t have time for research. PhD students also value having research assistants who are accessible.
Do a Google search on online academic writing if you don’t want to connect physically with your clients. There’s more than enough work for you from all over the world.
Beyond that you can get work as a content creator, virtual assistant, or tutor. It may time to get fully established, but once you do, you will be charging higher fees and working only 2 hours a day.
English Teacher
Find a community of expatriates from non-English speaking countries and offer to teach them and/or their spouses and children English in the evenings or on weekends.
I did this when I was at university and I’m not even an English major.
People always love hanging around you because you’re funny
This is a very lucrative income stream. Start telling people that you can MC at weddings and parties. You can do the same if you want to get into bridal and baby shower talks.
Humour is always in high demand. Combine it with a bit of teaching and you’ll have a killer side income.
You love making simple crafts or jewellery
Make some samples and give them away strategically to people who have large networks. Tell them that you now do this as an extra income stream and that you’d appreciate referrals.
Also set up a social media page on your favourite platform (this works really well on Facebook and Instagram) and add a Shop section. Create some crafts, take amazing photos of them, post in your shop and on market groups on Facebook and sell.
You don’t have to quit your job to start a business
These are just some ideas that you can use to create extra income without necessarily getting into business. You simply leverage your extra time and expertise to make money.
It’s also an easy way to test whether your business idea will work or not. You start it as an extra income stream without having to put in all the paper-work and hassle that a business requires. You then turn it into a business once it can cover its own bills and pay you a good income.
The key is to ensure that the side hustle does not conflict with your job and that it’s something that ‘s not regulated.
If you’re struggling to come up with something that can make you money, starting a business right up is not the only way to go. You can start with an extra income stream and then decide whether you want to go into business or not.
Identify a skill, talent, knowledge, hobby, or expertise that you can monetize, set your goals, and boost your income in your free time.
(Image credit: Unsplash)
Do you want to start a business?
Now you know that you don’t have to quit your job to start a business. But do you know what would work as a side hustle for you?
Book a Discovery Call to find out more about the 12 Weeks to Startup coaching program where I help professionals monetize their expertise.
The program is ideal for you if you’re in full-time employment and you want to turn your skills, talents, knowledge and expertise into a part-time business.
