Can You Actually Run A Business in Your Spare Time?
It sounds like a great idea, but is it actually possible? Every once in a while I hear or read a bit of news about a guy that runs a business in his spare time
In my experience, there are some truths to these stories, but they're usually conditional on a few things.
Let me break it down for you.
To build a sustainable, long term business, you're going to have to work. When you put in the work, and how you reap the benefits is going to depend on your plan, and how you take action on it.
Take a look at me, for example.
As of right now, the parts of my business that are making real money don't need a lot of maintenance. I spend about 2 hours per week doing various bits and bobs that need to be taken care of, and that's it.
When all is said and done, I can literally say that I make a full time income on 2 hours of work, per week.
However, there are some conditions to that story that you don't know yet. If I was advertising an information product trying to get you to buy my ‘strategy', I would probably leave those details out!
But I'll let you in on a secret.
I worked my ass off for two years to get to that point.
Plus, I know that those businesses won't last forever.
I spent the better part of two years working about 8-10 hours per day reading, writing, failing, and starting again. What I was left with were bits and pieces of low-quality businesses that do make money, but will not be making much 10 years down the road.
This is of course not the same for everyone. Some people do it right from day one. They just, “get it”. But for most of us, it's a learning process, and is going to take some failures before we meet with success.
Point in case, a lot of work went into working for this lifestyle I have now. And technically, regardless of whether I was working a lot back then, or very little now, it was all done in my spare time. So, YES, it is possible.
Another thing you need to consider when starting a ‘side-hustle' when the entrepreneurial bug bites you, is whether or not this is something you're going to stick to.
YOU WILL NOT SEE RESULTS RIGHT AWAY.
This is not something that you can start this weekend, and get back to next weekend (or whenever you have some extra time), and find out you're suddenly making money. It could take 1, 2, or even 5 years before you start seeing real results that you can confidently say, “I am now a business owner”.
This is can be a highly competitive hobby, because people's money is at stake. This isn't like a reading club or church group where everyone is there for support, and you get a pat on the back for trying. I don't want to scare you away from doing this, but you are going to have to commit, and run with it.
Don't burn out in the first month doing 10 hour days, but you certainly can't quit after a month of 6 months of work and you've only made $10.
It may seem kind of funny, but then again, it may seem obvious. If you are truly looking to start a business in your SPARE time, then look at it as a hobby. Do a little bit every day. Don't focus on how much money you are making, but how well your BUSINESS is doing.
Develop a plan. Write down your strategy. Get help. Take action. Analyze the results. Tweak your plan. Take action. Think, test, and ask questions.
These are the makings of a fantastic business that can provide you with residual income for years to come.
So make online business your new hobby.
Just like investing in stocks, reading books, building model airplanes, playing video games, or whatever other hobby-niches there are out there, running a business can be fun, interesting, and best of all, rewarding.