If you love the world of vehicles, you might want to follow your passion and decide to start your own auto business. Whether you want to build cars, fix them, drive them, sell them or anything else, being your own boss and enjoying the freedom that comes with this is something many people are keen to do.
However, jumping into a new business without the safety net of a 'day job' is not easy and it's not advisable. It's much better to continue working and building your new auto-related business up on the side until such time as it and you are ready to take it on permanently. With that in mind, here are some of the ways it can be done and what you'll need to think about.
You could experience enormous strain while trying to create your new business concept and performing a full-time job at the same time. This can sometimes be enough for potential new business owners to decide against what they're doing and to simply stick with their regular jobs, even if they're not happy and they know they would enjoy - and be good at - running their own mechanic shop or detailers.
So, instead of seeing this pressure as a negative, try to embrace it. Business owners have to work hard to rise above their competition and be seen. They have to work hard to even maintain their position and make a profit. Just think of these initial stages as a trial run for what's to come. If you truly don't enjoy it, then you may not want to own your own business after all, since the pressure could just be too stressful overall. It's a good test.
Re-examine Your Current Job
Don't leave your work for greener pastures unless you're convinced you might earn more money elsewhere (or if money isn't really an issue). Until then, focus on improving your present position. Change your attitude to focus on boosting output within the constraints of your time, whether you're working one job, two or even more.
When you do establish a side hustle, make it one that is closely linked to your main source of income so that you can devote enough attention to both. Most people start a side company, become excited about it, ignore their main source of income and then discover they are unable to return to it if necessary. If you make a commitment to never ignore your primary source of income, you will always have a backup, and you will be able to launch your new company without feeling rushed and allowing yourself enough time to get it done properly.
Buy An Existing Business
If you know you're not going to be able to create your own new business because you're already working ridiculous hours and you don't have the knowledge you need to be successful, why not consider buying a business that is already established? As long as it's profitable, you can buy it - money dependent, of course - and start making an income right away.
Of course, it's best to understand business, ideally by studying for an online MBA in Canada, but if you buy a business that's already set up for you, you'll have the time you need to study for this degree and learn more about business as you go along.
When the business is already successful, you can keep a lot of the systems and processes in place and even the staff members, ensuring that you only have to focus on growth rather than the initial launch, which is often the most difficult aspect when you're working elsewhere.
Consider Your Passions
Find something you're interested in and don't mind devoting time to when establishing a side business. If your side business is something you love, you may be able to convert it into a full-time job.
Plus, if you enjoy the idea of your new business, if it's a passion that you're able to now follow (often the case when it comes to automotive businesses) then you'll be more motivated. Even when you're tired after a long day at work, if you're interested and passionate about your possible new business, you'll be much more likely to want to work on it. If you're not that invested then you'll keep putting off any work you have to do because you're tired or you have to get up early or you had a bad day at work, and soon enough that initial business idea will have waned.
Could You Outsource?
The most essential element in starting a secondary business while still working in a full-time job is getting the time versus money aspect just right. The tough thing about working is that you don't have time to develop a company, but equally if you don't work, you don't have the money to start a company either. So, what can you do?
Set aside time to work on your side business, even if it's just 30 minutes each day. Once you have reached your saturation point (which will be different for everyone), you will need to start spending a little more money on it, and outsource some of the work. This means you can hire freelancers to update your website, to organize your marketing or look into your accounts. There are many websites around that will allow you to find people who are willing to do this work and it might not be as expensive as you first think. This is a big step when it comes to taking your side hustle to the next level and until you do this, it's going to be hard to break away from your primary source of income.
Make Sure It's Sustainable
Don't leave your day job until you've earned enough money from your side business to sustain your present lifestyle. This is the best rule of thumb to stick to, because until that time, you'll have to make sacrifices that could make you regret or even begrudge your new business.
When you have an idea, work on it after hours, in the evenings and on weekends until it is completely sustainable. You will be able to reduce risk, create consistent income, and pursue your passion with this approach.