We are often told to have a game plan before you leave your day job and start life as a full time entrepreneur. Part of the game plan is making that entrepreneurial venture a side hustle. When that side hustle starts to make you enough money to leave the day job, then you can safely go. Or when you have at least 6 months salary equivalent you can start your new independent life. But how often does this actually happen? And worse what happens when you burn out in the process of juggling both.
The choice in my journey was to get rid of my debts, get that six months padding and then say toodles. But that doesn't happen on its own. It's rare that your current job can give you enough margin to achieve those financial objectives in the short time an impatient entrepreneur wants to get things going. So it's either the side hustle or freelance work that will bridge the money gap. The challenge though is, those things require energy. In my case of product creation, my side hustle requires seed funding to pay wages, hire machinery and pay for licenses before I can make any income. Side hustles can be capital intensive and mine absolutely is. There was a time that in two years of implementing an exit plan, I found myself in a worse financial situation than when I started. The side hustle that was meant to be the thing I was leaving my day job for was making a loss. It was draining me of my current resources so that my day to day up keep was compromised. How could I possibly leave a sure thing to plummet into an abyss of uncertainty. No actually, there was certainty, this venture was expensive in my energy, money, emotions and time. Trying to juggle the side hustle without compromising the day job left me burnt out.
The mission six month buffer and financial cushion creation came at a high price and needless to say I was further away from it than when I first started. I asked myself, why doesn't anyone ever talk about side hustle burn out? Making the cushion is made to sound easy. It really is not. Sometimes there are losses along the way before you get closer to realizing this goal. I've heard stories of dream chasers like Yvonne Orji and her bestie Luvvie Ajayi on their podcast Jesus and Jolof. They specifically talked about how they left sure things, like a steady career paths or were retrenched with nothing before the big break came. But I made a choice to be organised, patient and strategic. Things did not got to plan. So what options is one left with?
I look at the time past and I have a few take outs:
The choice in my journey was to get rid of my debts, get that six months padding and then say toodles. But that doesn't happen on its own. It's rare that your current job can give you enough margin to achieve those financial objectives in the short time an impatient entrepreneur wants to get things going. So it's either the side hustle or freelance work that will bridge the money gap. The challenge though is, those things require energy. In my case of product creation, my side hustle requires seed funding to pay wages, hire machinery and pay for licenses before I can make any income. Side hustles can be capital intensive and mine absolutely is. There was a time that in two years of implementing an exit plan, I found myself in a worse financial situation than when I started. The side hustle that was meant to be the thing I was leaving my day job for was making a loss. It was draining me of my current resources so that my day to day up keep was compromised. How could I possibly leave a sure thing to plummet into an abyss of uncertainty. No actually, there was certainty, this venture was expensive in my energy, money, emotions and time. Trying to juggle the side hustle without compromising the day job left me burnt out.
The mission six month buffer and financial cushion creation came at a high price and needless to say I was further away from it than when I first started. I asked myself, why doesn't anyone ever talk about side hustle burn out? Making the cushion is made to sound easy. It really is not. Sometimes there are losses along the way before you get closer to realizing this goal. I've heard stories of dream chasers like Yvonne Orji and her bestie Luvvie Ajayi on their podcast Jesus and Jolof. They specifically talked about how they left sure things, like a steady career paths or were retrenched with nothing before the big break came. But I made a choice to be organised, patient and strategic. Things did not got to plan. So what options is one left with?
I look at the time past and I have a few take outs:
- Side hustles can be as demanding as full time jobs so there's a point you have to make a choice to go all in and focus on it full time, dump the mission altogether or juggle both until you crack (or get fired).
- Side hustles can be costly, but the cost doesn't have to be a waste. There are lessons in everything. Some things just take longer than others to flourish. Understand the nature of the business or project you are pursuing. Are profits seen in the short, medium or long term? Then weigh weather you have the stamina to follow through till you see results. Be realistic, it may not be wise to keep pouring into something that's losing you value, unless there is an expected end beyond this. Creating milestones in the exit plan that allow you to measure key non-financial success factors of the mission helps you get perspective to see how to proceed.
- Rest...there are enough hours in the day. Without you at your best there is no dream.
- Do not compromise your performance in the day job for the side hustle. Treat both with respect. One day you will be that employer that has employees also doing their own things. You want them to be fully committed to you even when they are building passion projects.
- Find community - talk to people on the same path as you. If you talk you will soon realise you are not alone, you can gain perspective. Collaborate where it feels right and learn from each other. There is power in community and shared vision.
- Find people who's dreams you can invest in with your skills and even with the side hustle you are busy with. It gets you out of your own head but also just giving back, the way people have or are serving you. By helping build others, your cup can be filled as you sow a seed into someone else.
- Do something that has nothing to do with work or side hustles. Spend time with loved ones, develop non-business related hobbies. You are a whole person and having other interests reminds you that your value is not just in your work.
Can't say I'm doing all of these things, but I sure am gonna try!
Happy full life, day job, side hustle, no hustle and all.
Good one!
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