Starting a side hustle while maintaining a full-time job can be an excellent way to pursue a passion while earning extra money on the side. With the right tools and a willingness to roll up your sleeves, a side gig can be a very rewarding - and lucrative - spend of your time.
Without adequate planning, though, that extra work can be extremely challenging and can even interfere with your primary job. To avoid these pitfalls, create a clear roadmap to help you anticipate challenges while building a solid foundation for your new venture.
Define capital resources
If your current job is financing the side gig, determine your estimated budget across a two-year schedule. Sorting out your financials before you get started can help you stay on track with critical milestones without overspending. Create a list of all anticipated expenses, from business licensing to website development and even potential taxes. These expenses add up, so it's essential to plan ahead for adequate funding.
Make your business legal and avoid conflicts of interest
To operate legally in the UAE, specific commercial licensing is required for compliance with local laws. Working with a professional company that specializes in business setup in Dubai can reduce the hassle of paperwork, filing, and government fees. It is also critical to ensure that your side gig does not interfere with any non-compete policies at your current job. Violating a non-compete can create a conflict of interest with your employer, risking your primary source of income.
Outsource for ultimate productivity
Between a full-time job and a part-time side gig, the number of hours in a day can disappear quickly. Outsourcing some of your work is an excellent way to delegate responsibility, so your time is focused on the most essential tasks. Create a budget for outsourced work that you can easily monitor each month. Some duties to consider for outsourcing include accounting, graphic design, and customer service.
Integrate user-friendly resources
There is a myriad of resources available to help make your side hustle more efficient through reasonable monthly subscriptions. Plug and play CMS tools like Shopify or Squarespace make it easy to create, edit and publish website content without having prior coding skills. It's an excellent way for an e-commerce business to optimize a website and increase traffic and sales.
Design subscriptions such as Canva, DesignBold, and Snappa allow unlimited access to free design templates to create eye-catching logos, ads, and videos.
Create a realistic schedule
Establishing a realistic work schedule is essential to prevent burnout. If your primary job is on a fixed schedule, create a separate calendar for your side gig that allows for adequate time to complete necessary work, with some flexibility to shift hours when necessary. Scheduling apps, like Calendly, can help streamline daily appointments, while task management tools like Todoist offer robust features that keep your responsibilities in check.
Managing long work hours can take a toll on your energy and mental bandwidth, so make sure the hours dedicated to work are as productive as possible. These daily habits can help you maintain focus and increase output without sacrificing your health and wellbeing.
Making your side hustle a success
Starting any business can be a challenging task, especially with a full-time job. There's a lot to consider, but with the right resources in place, your chances of success are exponentially higher. If you're considering starting your side business in the Dubai market, Sentinel Business Centres offers professional business setup options, fully serviced offices, and more. Get in touch with us today to learn how we can help you launch your next venture.