Have you ever thought about starting a “side business” or tried starting one (or more than one)?

​We are starting a forum for folks thinking about or running a side business. Check out our LinkedIn survey here: https://www.linkedin.com/feed/update/urn:li:activity:6729871963050921984
There are endless programs and courses out there which claim to make you tons of money. You’ve seen headlines like this right? “In fact, I earned over $20k in royalties in a single day”, “…pushing a button, and watching earnings simply pour into your account…”, or “no experience, no selling, no website, no investment needed…”. 
​I have tried some of these myself (more than I care to admit) and while they do contain some valuable insights, none have lived up to the claims presented in the marketing ads. Has that discouraged me from continuing down the path of part-time entrepreneurship? Not at all. In fact what I have learned from this journey is that the reasons for having a side business are more than just making tons of money, and the reasons that most of these programs fall short is that they do not address the key requirements needed to be successful, and these are different for each of us and every situation is different, so there is no “one size fits all” program that works for anyone. But that should not stop nor discourage you from exploring and burning desire you have to make a side business work, which you just can’t shake. There are many good reasons for having a side business, besides getting rich, which are of different relative importance for each of us. Here are a few:

• Diversification of income, not putting all your eggs in one basket.
• Builds self confidence to be able to create and manage a business without having the safety network of an employer.  
• Control of your time and efforts, not being directed by a boss or dealing with organizational politics.
• Learning new skills that motivate you and keep your mind active (very important as you get older).
• Provides options to stay active and engaged after retirement, or when between jobs.
• Possibility of making this a full-time occupation, when you are ready.
• Gives you an opportunity to solve a problem that is meaningful to you and help people overcome this.
• Provides work for others, can hire employees or enlist the service of others.
• Creates a value-added entity that you can pass along to your children / heirs etc. or sell.

Now, as for reasons for being hesitant and/or not moving ahead with starting and/or growing a side business, be aware of these but DO NOT feel like having these concerns = failure, absolutely not! Use these concerns to help guide you in making more informed decisions. Keep forging ahead, you have more expertise, insights and good sense that you likely give yourself credit for. Don’t get discouraged by the disappointing get-rich plans that have not worked out in the past.
More to come on this topic – until next time.
All the best,
Erik