{"id":17335,"date":"2019-04-29T15:13:30","date_gmt":"2019-04-29T15:13:30","guid":{"rendered":"https:\/\/everyday.ng\/?p=17335"},"modified":"2019-04-29T15:13:30","modified_gmt":"2019-04-29T15:13:30","slug":"building-a-side-business-as-a-9-5-worker-here-are-the-things-you-should-know","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=17335","title":{"rendered":"Building a side business as a 9-5 worker? Here are the things you should know"},"content":{"rendered":"

By Amaka Obioji<\/strong> (nairametrics.com<\/strong>)
\nIn a world where everyone is looking for extra income through numerous side hustles, it is a great idea to know how best to balance one\u2019s regular day job so that it does not conflict with the\u00a0hustle.
\nJust in case you\u2019ve been wondering how to achieve this, think no further. This is because notable Nigerian entrepreneur, Tayo Oyedeji, recently took to Twitter to share his ideas on how one can successfully run a side business whilst maintaining their daily 9-5 job.
\nAccording to Mr Oyedeji, the ideas he shared helped him to successfully manage three businesses even while he was still working for his employers.\u00a0Below are his ideas and experience. We hope you find them useful.
\n1.\u00a0Personal experience. I ran at least 3 businesses on the side while working for the man. I rented an office, hired employees, and worked with them remotely while doing a good job for my employers.
\n2.\u00a0Let me first debunk an insidious lie that has killed many careers:\u00a0\u201cYour salary is the bribe they give you to forget your dreams.\u201d
\nIt is just NOT true.
\nGet the scoops and market intelligence that
\ncan help you make better investment
\ndecisions right in your mailbox.
\n\u201cYour salary is what you earn while giving value to your employers and learning to run a business at their expense\u201d
\n3.\u00a0We can\u2019t all start business straight out of university. Many of us have to work for food, clothing, and shelter after graduating. Others need to support struggling family members. Whatever your reason, please don\u2019t see paid employment as a betrayal of your goals.
\n4.\u00a0I\u2019ll share the five steps that helped me build my own businesses on the side while delivering value to my employers.
\n5.\u00a0Step 1. DON\u2019T STEP TOO FAR FROM YOUR CORE COMPETENCE. If you work in banking, you probably understand finance better than most people. If you work for a FMCG, retail may be your forte. If you work in tech\u2026
\nFind something that is in your natural sphere of influence.
\n6.\u00a0My father was the CFO for a major corporation in the 80\u2019s when he had the genius idea of building an agro-chemical business on the side.
\nBad idea.
\nAccounting and agro-chemicals are so far apart that the business never succeeded.
\nStay in your lane, bro.
\n7.\u00a0My first side business was a tech development firm. We built business strategy implementations tools. I was a business leader implementing a new strategy for my paid employment. The tech we built was based on my experience delivering value to my day job\u2019s board of directors.
\n8.\u00a0Step 2: ALWAYS START SMALL.
\nThere are no guarantees in business. Your business can fail despite the best laid plan and even topnotch implementation. Start small, then scale slowly until you can do it full-time.
\n9. I have a friend who started a restaurant in Lagos with about $250,000. He had the money and thought it would be a good idea to blow out the competition on day 1.
\nBad idea, he lost everything.
\n10.\u00a0Step 3- WORK WITH A PARTNER.
\nIt is impt for one of the business owners to work full-time in the business. If that\u2019s not feasible, give a small equity holding to your most senior employee. That way someone in the business has ownership stake that binds him\/her to the firm.
\n11.\u00a0Step 4 \u2013 RECOGNIZE THE PLACE OF INSTITUTIONAL SUPPORT IN YOUR DAY JOB
\nYou are a star employee. That\u2019s great. Corporations however have strategies to help you succeed. Please make sure you can deal with the uncertainties of entrepreneurship before making the jump
\n12.\u00a0Step 5\/ DON\u2019T LEAVE YOUR DAY JOB UNTIL YOUR HUSTLE CAN PAY THE BILLS.
\nYou\u2019ve gradually built a business while working for the man. Is it time to resign and face your hustle full time?\u00a0Maybe.\u00a0But please be sure that your hustle can pay the bills before making the jump.
\n13.\u00a0These are just my first few thoughts on starting a business while holding on to your day job. Please feel free to share your thoughts on this, while contributing your nuggets and sharing your personal experience\/insight.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Amaka Obioji (nairametrics.com) In a world where everyone is looking for extra income through numerous side hustles, it is a great idea to know how best to balance one\u2019s regular day job so that it does not conflict with the\u00a0hustle. Just in case you\u2019ve been wondering how to achieve this, think no further. This […]<\/p>\n","protected":false},"author":7,"featured_media":17336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17335","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/17335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17335"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/17335\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}