Not everyone feels the urge to join a typical job, no matter how well educated or qualified he or she is. Plenty of instances are there where talented individuals have given up lucrative full time jobs and got into entrepreneurship. Even school and college drop outs became wealthy and successful business magnate at times. However, it is not always necessary that you quit your existing job to start a venture. With efforts and planning, you can very well start a side business while continuing with your primary occupation. There are several advantages that you get when you begin a side business.
7 Top Benefits of Getting into a Side Business
1. Additional Income
The primary reason a lot of women and men think of starting a side business is generating additional income, for sure. When you get married or become parents, the expenses go up. It may not be easy to manage the increased costs with a single source of income. So, starting a side business is the easiest way to enhance income without changing things in life drastically. The additional income can be used for many purposes, including fulfilling your desires, travel, investment and many more. The extra income may not be huge initially, but with effort and consistency from your part, it will grow.
2. Cultivating a Passion
Sometimes, you may not have time to cultivate or pursue your hobbies and areas of passion because you are too engrossed or busy with your job. When you start a side business, you get the chance to pursue your favorite hobby and make money out of it too. You may be an investment banker by profession for example. But, you can start a side business at home that lets you explore the hobby of baking! This gives you kind of a creative satisfaction along with the monetary part. The possibilities are literally endless as different people have different passions.
3. Security
Nowadays, you can never be too sure about job security except in some cases. There are plenty of instances of MNCs laying off employees on short notice. So, even if you are in a plum job, the security may not be so strong. If you feel insecure about the future of job, getting into a side business can offer you a level of mental security. If the business grows well and revenue starts increasing steadily, in future, you may not even need to stick to regular jobs. This has happened to several entrepreneurs who have happily discarded regular jobs. You may become absolutely self-employed without requiring relying on any company.
4. Tax Benefits
The tax rules may vary from one region to another and factors like your annual income, type of job that you do also play roles. However, starting a side venture can help you get an exemption from various taxes. You can, for example, write off a number of purchases as business expenses. This includes office supplies, furniture and PC accessories, etc. So, in the long run, you save more money and that can be spent in many ways.
5. Happiness Quotient
You may not think much about this initially but the happiness and fulfillment you get from running a side venture can be worth pursuing it. The happiness is not restricted to the extra income that you get. A lot of side ventures can actually be run from your home. When you can manage that, you basically spend more time with your family and kids. Eventually, you become better at managing time. Besides, after getting a source of additional income you remain less worried about issues like office politics, whims of employer, etc. These make you feel good and content for sure.
[ Read: How To Deal With Competition In Small Business ]
6. Growth at Your Pace
When you get into a side business, the growth may vary. But, you can choose to expand the venture at your comfort level. There is nothing like work target like what your employer set at regular jobs. Based on customer response, you can choose to grow the venture. This gives you more control over your income and profession eventually. You can experiment with things and if any method does not work out you can opt for another without incurring huge losses.
7. Standing Out in a Crowd
Literally, doing a side business lets you stand apart in a crowd of mediocrity. It is not only about the money you make. As the business grows, you get more liberty from bindings of the primary job and plan life the way you want. Using word of mouth and online methods, reaching out to customers is not hard these days. The popularity your business gets can make you feel content in the long run. After all, not everyone has the guts to carve a niche for himself without joining the so called herd!
Do you have a side business? If yes, how it benefited you? Share your thoughts in the comments!