Finding the time for a business on the side

“I don’t have enough time to start a business”.

This excuse has undoubtedly prevented the establishment of some of the most successful businesses of all time.

Most prospective entrepreneurs caged by this excuse underestimate the time and effort they can afford to give to the formation and development of a business.

Naturally, this underestimation leads us to believe that while we offer our services of employment to other businesses, finding the time for a business on the side is impossible. This is in fact a myth.

The beauty of starting a business is that most of our time and efforts in the start up phase can be accumulated however quickly or slowly we choose. If you are working long hours currently, there is no strict rule on how much time you must devote. Think of what you could achieve in 2019 alone if you started working on your side hustle tomorrow.

Even three hours a week may seem trivial and not worth the extra effort, however after the next eleven months you will have spent roughly 144 hours on the project, or the equivalent of almost 4 full time working weeks!

You'll also find that once you build momentum, it's easier to motivate yourself to find additional time during the week.  

Lachlan's quick tips for starting a business

Starting a business is what I would consider the single hardest phase of entrepreneurship for most people. Starting out a life of potential self-employment is incredibly daunting and can seem complex from the outside looking in. The best way you can overcome this is by simplifying entrepreneurship in order to get kick started. My quick tips for starting a business are as follows:

  1. Consider your strengths - what do you do at work, what are your hobbies/passions, what would people say are your redeeming qualities

  2. Choose your weapon - what product or service do you want to provide, in what format will you deliver it?

  3. Reach out to your network - approach your closest family and friends and ask them to refer you your first customer.

  4. Get three paying customers - if referrals alone are not enough, literally cold call/email/letterbox drop. Who is your client and where can you access a population of customers that would likely need what you are offering?

  5. Service your first three customers - go above and beyond to make sure they have a positive experience

Do these first steps and then worry about the next set of questions like how to expand, where to market or how to properly structure the business.

Until you have verified your product or service with your first paying customers,any questions other than the first five above are simply distractions.