5 Reasons You Should Start A Side Business5 min read

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Starting a business can be a great way to earn income, create more free time, test your business skills and even pay off some extra debt along the way.

We’ve gone through and listed our top 5 positive reasons why you should consider starting your own side business. Check out our Facebook Live that we did on Sunday:

Side businesses allow many families to supplement their income while not having to commit to a very strict schedule.

Financial Independence

5-reasons-you-should-start-a-side-businessFinancial independence is usually a goal that drives many people to start thinking about their own business.

What is financial independence to you? For some, it’s not having to work overtime each week so that they can attend their kid’s activities. For others, it’s replacing their job income and even retiring early because they’ve saved enough.

Regardless of where you’re at, starting a side business can help move you along on your journey to financial independence.

Is it being able to have “extra” money? Being able to save? Or paying your bills on time?

Make Your Own Schedule

A lot of people are drawn to starting a side business by the time management side of things. The ability to work when you want is huge! Being a Stay At Home Dad, I like that I’m able to spend most of the day with my kiddos and give them my attention. Most of my work is done either while they nap, before they wake up or after they go to bed for the night.

A side business allows you to work at times that are convenient for you. This is both a positive and a negative though. You don’t have to work when you don’t want to. But, until you’ve grown your business to gain traffic and convert when you aren’t promoting it, you won’t see much traction.

Having my own business has given me the ability to say no. For example, a client wants to meet at 7pm, but my son has a football game. Working for a company, I’d be missing that game. Instead, I negotiate times. I decide when I work. If I’m not making enough, that’s on me, but in turn if you have already reached your goal that week, you can just say no.

A side business allows you to work at times that are convenient for you. Click To Tweet

Get Paid To Do What You Already Do For FREE!

Do you have fun recommending your favorite movies, food and places you visit on social media? Do you get paid to do that? Probably not. Starting a second business can open up doors to do the same thing but get paid to give recommendations to others online.

Take the website here for example. I promote a couple of things on my site, an email marketing tool suite and the hosting that I use and have relied on for over 7 years. I don’t really directly promote those, but as it comes up in conversation, I do give out my links to people that ask for them.

Learning to do this on a regular basis can lead to a great income and you can do it quite easily without feeling that you are “bugging” your friends.

My sister (link to her Facebook profile) does this very successfully in her Makeup Infatuation Facebook Group (you can join for free to see some of her ideas she does to promote it). She goes and does her makeup whenever she’s going out and takes a selfie to show her makeup for the night and then connects with people that compliment her. She has been able to share with many friends and easily has recommended it to them so that the next time they are thinking about purchasing makeup, they think to check with her.

Something That You Can Call Your Own

As adults, we forget to do what truly makes us happy.  We have titles: Mom, Dad, employee, child, friend etc… but who are we truly? You can make money from something that is all your own.  Something that reminds you, “I’m not just Mom or Dad”. This gives you confidence and self worth.

When you have something that’s all your own, you become happier, which makes you more productive. We’re so busy filling all of our roles that we forget how important it is to think of ourselves.

Think of something that you like.

Crafting? Blogging? Fashion? Food? Traveling? Finances? Movies? Games?

Now imagine using that interest to make money.  Many of the top relationship mentors say making time for separate activities is key to a happy relationship. It’s great to fill all of your roles, but don’t forget your role to yourself. A side business can definitely help establish and build that identity for you.

Making time for separate activities is key to a happy relationship. Click To Tweet

Your Reason Why

Your why is going to be what keeps you motivated during times when the business is not going as planned or when you are having setbacks. If your why isn’t big enough, you won’t trudge on when the going get tough.

Take some time to develop your why and write it down.

Is it financial freedom where you are just making some extra money on the side or where you are doing it full time?

Are you doing this so that you have a business that your kids could take over or that you could do together with the family?

Is it personal in a way that you are just wanting to prove to yourself that you can do it?

Whatever your “why” is, use it.  Write it down where you will be reminded everyday.

Set small goals:

Figure out what the business is doing, selling, promoting.

Where will you do business? Online, offline, both?

How big do you want the business to be?

The more goals you conquer, the more your “why”  will morph into something more. Always know why you’re on the path you are.

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Steven Goodwin

Owner/Blogger/Consultant at MyFamilyOnABudget
Steve Goodwin, a stay-at-home dad of two girls is passionate about finances and is helping others just like you get out of debt and build wealth handling money God's way. His goal is to inspire people like you to gain control of their finances by destroying debt and building wealth using their cash flow.
Posted in Finances, Making Money.

3 Comments

  1. My wife and I are about to wrap up our second full year of supporting ourselves 100% from our own businesses. It’s been a wild ride. But we are making it and seeing progress too!

    To answer the question… our “why” is to do meaningful work helping as many people as possible and do it on our own terms.

    I could literally go on for days and days here.

    But that pretty much sums it up.

    • That is amazing that you guys are full on self-employed! I would love to get there with my site or services (or combination) and be able to help enough people that I’m able to change our lifestyle even further.

      Right now, I’m just getting to have fun and write to write, hopefully gaining an audience. But, once the girls are in full time school, I’m going to have to learn to earn more. However, that’s 3 years from now and a LOT can happen in that time frame! Thanks for your input and sharing your story!

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