Some people are happy to have a side hustle or their own business on the side while working full time while others prefer to run only a business full time.
Side Hustle or Full-Time Business
The following pros and cons can help people to decide whether to engage in a side hustle or full-time business. .
Side Hustle Pros
- Diversify a business: Business owners who have existing companies may start a side business as a way to diversity. For example, furniture retailer IKEA announced in 2017 that it was considering opening a chain of standalone restaurants.
- Peace of mind: Remaining employed gives some people the peace of mind that if the side hustle fails, employment will still generate an income.
- Nurture creativity: A side hustle can be the perfect way to unleash a person’s creativity.
Side Hustle Cons
- Employer might not approve: Not all employers approve of their employees starting any side business.
- Ownership of intellectual property: Some companies require their employees to sign an agreement that the company owns any intellectual property produced by existing employees.
- Not enough time for the side hustle: Being employed might not leave a person with the time needed for the success of the side hustle.
- Neglecting the regular job: Spending time and energy on the side hustle could result in neglecting the regular job.
Full-Time Business Pros
- Time to devote to the business: Without having a ‘job’ to go to, you’ll have the time and energy to put into really making a go of your full-time business.
- Better work/life balance: Being the boss all the time, you can enjoy a greater amount of flexibility, which can improve your work/life balance.
- Experience a steeper learning curve: Plunging straight into a full-time business will force a person onto a steep learning curve about the complex world of entrepreneurship.
Full-Time Business Cons
- No ‘Plan B’ to fall back on: Being unemployed, a business owner won’t have another source of income if the venture isn’t as successful as expected.
- Too much pressure: A full-time business owner has to deal with a lot of pressure to make the venture a success.