Consider a Side Hustle to Help Fund Your Startup

My path to becoming an entrepreneur is hardly a typical one. I was a bit of a late bloomer. Being an entrepreneur didn't come naturally to me. None of my mentors in life were advising me to take that path. So, I spent a good number of years battling the bureaucracies of the corporate world. I didn't start my own company until I was 38.  

Doing so took a considerable amount of risk on my part. I didn't have VC funding, in fact, I am self-funding my startup. Getting started can prove quite challenging even for the entrepreneurs with the best business ideas, products, inventions, etc. 

For me, I started my company while still holding down a day job and working on my business in the evenings. While progress was slow, it was allowing me to continue to provide a steady income to support my family. I was going to ride it out at that job until I finished my MBA, and then launch my company. Then, out of nowhere, I suddenly got laid off. You don't suppose the fact that I started my business could have anything to do with it, do you? Hmm. Well, regardless, I believe all things happen for a reason, and that was my catalyst to go all in on my startup. 

Being an entrepreneur is a grind, and there are many barriers to entry. I'd like to share a few of the strategies that my entrepreneur friends have used to help supplement their income as they worked on getting their startup off the ground. These people were also late bloomers and had a family to support when they started their business.

One friend downgraded his time commitment by quitting his salaried position and transitioning to an hourly job. We all know that salary positions end up being far more than 40 hours a week. That makes it tough to have the time you need to work on your startup. In an hourly position, employees are not typically taking work home, logging in on weekends, and responding to email at all hours of the day/night, which will free up time that can be devoted to your startup, and still give you a source of steady income. 

He worked the minimum number of hours per week at his hourly job to be eligible for benefits. Paying out of pocket for benefits can be a huge expense for an entrepreneur, especially if they have a family. 

I have another entrepreneur friend that drove for Uber for eight months until her startup was earning enough to bring in sustainable and consistent income. She mostly drove in the evenings, freeing up her days to work on her startup. Driving for Uber is one of the most flexible jobs you can find. When business was slow at her startup, she drove more often. When business was doing well, she drove less. Then, after a year, she drove no more, as her business was off the ground and profitable.

If you have a college degree, you can substitute teach. Substitute teachers are always in demand and is another flexible job that mostly allows you to work as much or as little as you want. Unlike full-time teachers that have to lots of work to do long after the bell rings at 3:00, substitutes are typically done for the day giving you time to work on your business in the afternoon and on days you're busy with your startup.

In Colorado, we have almost more dogs than humans. A friend in Denver started a dog walking service. He put out fliers in his neighborhood and had clients in no time. 

Another entrepreneur colleague outsourced his skills. He sent an email to everyone is his network a list of his skills and the hourly rate associated with each of them. He added a little emotional appeal about how they would be helping him to fund his life dream of starting his company. Then, before long he ended with paying clients and a side hustle that helped him with funding for his startup.

When you become an entrepreneur, you should begin networking with other entrepreneurs that are working on their startups. You will appreciate the exchange of information and at a minimum enjoy the dialogue with someone who is on a similar entrepreneurial journey as you are. (Being an entrepreneur can be lonely at times).

About the Author:: John White is a recovering 13-year veteran of the wireless industry, current owner and chief marketer at Social Marketing Solutions, Brand Ambassador for a new affinity-based social media network with 10.6 called beBee, and contributing writer to The Good Men Project, Dice Insights, and the Social Marketing Blog. When he is not blogging or Tweeting, John enjoys being a dad, playing tennis, and eating Mexican food. Call or text me: 970-692-3270.