Whether you own a side business for supplemental income or plan to turn it into a full-time endeavor, your day job still takes priority until your side business is fully dependable. It is critical to find a way to make both businesses successful without burning yourself out. Here is a look at some effective ways to balance your time and energy while simultaneously managing your day job and your up-and-coming business.
1. Develop a long-term plan
A side business can be long-term and even blossom into full-time work. Like any other venture, it requires planning to ensure that it meets and exceeds your expectations over time. Depending on your goals, creating a business plan might be the best way to envision the long-term success of your side business. This enables you to better balance it with your day job because every step of the way is mapped out.
In addition, set financial goals and detail potential expenses, such as the acquisition of tools, inventory management, and additional assistance required to make it successful. Compile a list of goals to help envision the amount of time and resources required to manage both your job and your side business more effectively.
2. Plan ahead for tax season
Whether your side business is small or large, prepare ahead for tax season in order to better assess potential write-offs. Keep careful records of all income and expenses. This can be achieved with software or by creating a simple spreadsheet. Once tax season arrives, managing all financial details will be easier to balance because everything is neatly organized.
3. Operate both businesses separately
In order to avoid potential conflict, resist the urge to focus on your side business during regular work hours. While it may not cause legal repercussions with your main source of income, some employers may frown upon your focus on other opportunities outside of your day job. If management feels like you lack focus, they may assume that you will eventually leave and not consider you for promotional opportunities. At worst, they may even start looking for a replacement.
Refrain from talking about your side work—even with close friends and trusted colleagues. In addition, create separate social media accounts for personal use and for your side business.
4. Manage your time efficiently
With a day job and a side business, you most likely work over 40 hours per week. This makes proper time management critical to avoiding potential burnout. Managing your time well will also help you stay focused at your day job and make your side business more successful.
Though there will be days where both your side and day jobs require extra attention, focus on getting all tasks done properly and efficiently. Do not allow for unneeded interruptions, and focus solely on your side business when time allows. Self-discipline is crucial when managing your own ventures or striving for self-employment.
5. Take a break
Allow yourself to take a break from both your day job and side business. While you may take a vacation from your day job and dedicate additional time to your side business, consider stepping away from everything as a way to replenish your focus. Even if it is only for a few days, plan a vacation each year and refrain from working during this time. This will help you reduce fatigue from working extensive hours and will get you ready to tackle priorities with renewed interest.
With proper planning and preparation, balancing your time between two jobs can be done efficiently and effectively. The key is to find the right combination of proper timing, adequate focus, and the ability to step away when time allows.
