5 Reasons Why You Should Start a Side Business in 2016

Every day, more and more people step out into the world of entrepreneurship – and many of these folks do so while still working full time. Some call this a side hustle and others call it chicken entrepreneurship but there does seem to be some evidence that business owners who start their venture while still having the security of a paycheck tend to do better than those who don’t.

Of course there are pros and cons to doing it each way, but if you need some encouragement on why you should get your side business started in 2016, here are a few compelling reasons:

  1. Security – Take a quick poll of your co-workers and most of them will probably tell you that working full-time in a salaried job is more secure than striking out on your own. And yet, chances are they all know of someone who was blindsided by an unexpected layoff. If the financial crisis of 2008 has taught us anything, it is that jobs are not as secure as we had been led to believe. Of course, there is no guarantee in business either, but if you are building a side business while still working full-time, you’ve got an added layer of security.
  2. Money – If you are like most employees, chances are that annual raises have not even kept pace with inflation. Operating your own side business can give you that extra bit of breathing room and even allow for some luxuries. Who knows, you may even find your side gig paying out more than your regular employer!
  3. Sharpen your skills – Should you decide to start your own business, chances are you will be doing something in which you already have some level of skill. In some ways, starting a business is a bit like taking a course – skills will be developed as you go along. At the start, you could find yourself undercharging for your services, but as your confidence grows, you’ll target specific types of customers and start charging what you’re really worth.
  4. Develop new skills – Starting a business will also inevitably involve developing some new skills. Negotiating contracts, keeping track of payments and invoices, or creating a simple website may not be your core business but they may all be necessary to get your business off the ground. Eventually, you may want to hire these tasks out, but if you’re low on capital at the onset of your business, you might just learn to do them yourself.
  5. Make new contacts – Most business owners really can’t have a successful business unless they get out there and promote themselves. Networking either in person or via the Internet can help you build valuable connections that can benefit you not only in business but in other areas of your life as well.

If you’ve been contemplating the idea of starting your own side business while still working full-time, then 2016 may just be your year. Why not commit to taking one step today to making your side business a reality. Whether that step involves placing an ad, creating a business card or simply doing a bit of research – get out there and get started !

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