Seven strategies to build your dream business without cutting off your cashflow

female leader working from home, entrepreneur, woman on her phone

Have you ever wondered if you could run a business and continue in the career you have today? Frederike Harms is a six-figure business owner, who also balances a busy role as a corporate program manager and being a mum.

This week (Wednesday 26th May 2021), her book The Side Hustle Solution is published and uses stories, actionable advice and practical tips highlighting the path to achieve your entrepreneurial dreams without sacrificing other areas of your life. Based on the strategies she developed while building her own successful side hustle business and refined while working with other clients, here she outlines some strategies to help you make your own dream a reality:

The last year has taught you a lot. You don’t miss the commute to the office, but your colleagues aren’t as bad as you thought. You can never have enough toilet paper in the house and that hand sanitizer can be more valuable than gold. But more than anything, you want to be in control of your life and that the best time to go after your dreams is now – especially if you’re still working remotely.

But, and it’s really more of a BUT, you have a mortgage to pay, a car to run and a family to feed, so the big leap into self-employment feels like a distant dream.

But hold on! Building a business doesn’t mean you have to risk your livelihood, sacrifice all your free time, or lose your sanity, IF you build your business as a side hustle (like the next Nike, Spanx, or Salesforce)!

So, what should you bear in mind?

  • Find the right business model depending on your risk appetite: Some ideas will require you to go all in to be able to launch, while others allow you to soft launch and take on some work (and therefore give you the opportunity to replace your income) before you go full-time. E.g., I started off mostly coaching clients in the US as the time difference meant I could speak to them in the evenings after work
  • Delegate work outside of your zone of genius: Trying to figure things out can take far too long and take up too much of your precious energy. Make the most of having some funds from your employment (if that is the case) and invest in helping to make things happen more quickly and efficiently (while you’re at your 9 – 5)
  • Get a coach to help you focus and to hold you accountable: While it’s great to not have the pressure of your business having to pay your bills, this can also mean you take a lot more time than needed, so make sure you have someone that helps you focus (to cut down on time figuring it out) and to hold you accountable
  • Use your time wisely: We all like a little gossip, but you will need your lunch breaks and you will want to finish on time, so be aware of how you spend your day. Also, while sitting on public transport isn’t glamorous, you can get more done on a train than in a car, so look at different commuting options depending on your circumstances
  • Set milestones that force you to launch: Commit to dates and make them public, so that you stick to them. At some point, you will have to pull the plaster off, and it will be so worth it! BUT also, be realistic in how much time you can spend your business and plan accordingly. There’s no need to set yourself up for failure.
  • Work on your mindset consistently: Building a business is tough (it doesn’t matter whether it’s full-time or part-time) so make sure you’re prepared and have a cheering squad of business besties behind you!
  • Don’t get fired from your day job: If you’re in employment, then you want to leave on good terms when the time comes. Make sure you allocate enough time and energy to deliver what’s expected of you as you also never know who your future customers will be, but you also don’t want to have to leap sooner than planned or a lot of the work you have put in so far could be wasted

mug with hustle written on it, entrepreneur, side hustle

The importance of passion: how side hustles can be part of your working life

I’ve always enjoyed being busy. I don’t sit still. I have a million ideas rattling round my head at any one time and so, I’ve always known one job would never be enough for me. If there’s a pie around, I want my finger in it.

I think it’s this mindset that has led to me running multiple side hustles alongside my ‘day job’. As well as leading the talent division at PMK-BNC, a career I absolutely love, I design cards and shoes, write a regular magazine column and take part in events and panels. And I’m also a mum to a beautiful two-year old girl. It’s safe to say I never have a dull day, or a quiet moment.


Most importantly, it takes a shift in mindset and the belief that you WILL do it. It’s a huge step to move from employee to CEO, without a boss to give advice and a team of colleagues to share the burden.

However, I promise you it’s worth it.

Side Hustle Solution by Frederike Harms is available from Wednesday 26th May 2021 on Amazon (http://bit.ly/SideHustleSolution)

 


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