Many people think that in order to achieve success, you have to work at it full time. Although there are benefits of working on something full time, there’s also disadvantages as well. Going all in is a wise choice to consider, however if you want more certainty in your life, you can also apply the magic of part time.
Let’s say that you have a steady job that pays you a steady pay cheque like a steady girlfriend (do they exist?). While most people would consider dumping their job and going full time into their business, they don’t realise that it could take years to turn around a profit.
Even then, you may not make as much as you used to and can barely keep the lights on. A vision of doing what you love could turn into a nightmare. Many people soon realise that building a business takes time, energy and effort for it to take off and end up losing their life savings.
Although I do believe you should go full time and do what you love, I also believe that you should also do what you love part time and build it up. The reason why part time hustling is so effective is because while your main job is paying for the bills and expenses, you’re working on your dream part time.
Your dream will take time and the best way to go about it is to ensure your dream takes off by utilising your existing resources into funding your dream.
Think of it as building your own Noahs Ark. You’re building a ship that will save you when an emergency strikes. It will take time to build but when it’s finally ready, you have something that will save you incase your job hits the fan.
You can never guarantee job security and you can never guarantee business security either.
One of my favourite quotes from Grant Cardone is “Income is King”. In his book Playbook to Millions, Grant talks about how most people sacrifice their existing income stream (job) and replace it with a weaker income source such as a business they are starting off.
They soon realise that the business they have started is a lot weaker in income and they struggle. However if you have a job and also a side business, you now have 2 income streams gushing in and you can save your extra revenue to invest into other income producing opportunities.
So what about time? Who has the time to work on a business part time when they are holding down a job?
Well taking some sage advice from Gary V, he said that if you’re working 9-5, you get home, eat dinner and start working on your dream from 7-2am. That’s enough time to do some damage.
Keep in mind that once you have a second stream of income going, you don’t need to quit your job. You can hold onto your job and also your second income stream which will accelerate your wealth.
The more income streams you have, the faster you build wealth and the stronger your finances are.
So if you’re contemplating on taking the leap into full time into Entrepreneurship, I applaud you. Do it and you’ll never regret it. However if you want to take the more conservative route, try hustling part time and watch how the magic unfolds.
Stay Strong and Be Relentless.