A Great Day Job: Key to starting a great side business
I was fortunate over the last 30 years to have positions with companies for my day job that allowed me time on nights and weekends (sometimes 🙂 ) to explore and pursue ideas for making money in a side business.
I get asked a lot for advice by people wanting to start their own business. I tell them all that my number one bit of advice is to have a good day job and not try to live off your side business. Wait until the side business can support you and replace your primary source of income. That may take decades.
I enjoy watching Shark Tank and I’ve heard their advice many times. They want to see people committed and completely dedicated to their side business. Certainly that works and I understand it for some people. However, the reason they are going to Shark Tank and private-equity is because they need money to live and need money to survive until the business stands on its own.
Again, this model works as well. My comfort level however, is to have a good job and use that as your primary source of income. Work your side business until it makes sense to flip and have it become your primary income. It may take dozens of years.