If you are someone who has found what many consider to be the professional holy grail of a way to earn a paycheck that also fulfills you mentally and emotionally, congratulations, you are among the elite. For many people, combining their work and their hobbies is not their everyday reality, but why can’t it be? Guess what, it can. Thanks in large part to the pandemic, many people are realizing that work is not everything and their desire to fuel their dreams has only grown stronger. But how will you still be able to afford your life? The simple answer here is, combine the two.
Bet on Yourself
There is a significant level of uncertainty that comes with being an entrepreneur and developing a startup, but the truth is there is also uncertainty that comes with being an employee in someone else’s business. The lesson to be learned here is bet on yourself. Hold yourself accountable for making your dreams a reality and work hard every day to be sure that your efforts are contributing to those dreams. One way to take a few baby steps into this transition is to test out your idea as a side hustle initially.
Jumping from the safety of your corporate salary straight into the non-traditional elements of owning your own business might not seem like a risk level you are comfortable with. Consider nurturing both at the same time so that you can troubleshoot any problems or discomforts that accompany your startup while still feeling financially safe and gainfully employed. If all this sounds great but you cannot seem to generate any ideas of you own explore the best side hustles for long-term success and try a few on to see what ignites your passions before you make a full commitment.
Organize Your Finances
It takes money to make money and a startup is certainly no exception. Before you bust open your piggy bank to allocate money towards your passion project, consider places to generate capital that extend beyond your traditional savings. If you have an established life insurance policy this is a great example of where to look. Through a life settlement, you can sell your life insurance policy to fund your business. Payout totals will vary based on the details of your specific situation so shop around companies that can find you a competitive payout to make this decision worth your while.
Perhaps even before you shop around for funding, you should be sure that your personal finances are in tip-top shape. This is a great time to really dive into the details of your budget and identify where you can adjust support your dreams and potential solutions for any financial hardships that accompany entrepreneurship. Suggestions like paying off high-interest debts, refinancing rates on major loans, or even downsizing your home are all significant ways you can reappropriate your personal finances to support a startup.
Test the Market
Taking the pulse of your anticipated target market in advance of making any permanent decisions is a veteran move. Consider reading the blogs of those who have gone before you, creating social media accounts dedicated to your proposed idea, and analyzing that feedback, even just starting simple conversation with peers can open your eyes to the expectations of the market. Be careful not to let this preparation discourage you, instead use this tangible info to develop your business plan and help define your goals.