Tips for the Moonlighting Entrepreneur

The moonlight entrepreneur is a professional who’s exploring other options for a career through passion and fulfillment. The day job is not exactly the driving force to a purposeful life for the moonlighting entrepreneur and what follows is the affair with another profession.
This is a wonderful gateway to a new chapter. It’s a positive step to explore what creates meaning and motivation in earning a living. The moonlighter works a day job and explores another interests during off hours.
In order to initiate a successful transition or even a part-time enterprise as an entrepreneur, you need to have an idea for a successful business and a way to fit it into your schedule. So long as your employer is either okay with this decision or does not know about it and it does not impact your day job, it can be acceptable to work as a moonlighting entrepreneur. This is, in fact, one of the best ways to get started with your own business because it doesn’t require you to absorb too much risk upfront.

Set a Goal
One of the most important thing when starting your own business on the side is to have a clear goal in mind. Otherwise, it can be very difficult to leave your dreaded day job if you don’t have a financial savings or monthly income that is supported by your entrepreneurial habit. Once you’ve established a baseline of how much you hope to earn or how much you like to have saved for this transition, you can begin thinking about leaving your day job.

Without having this number in mind, however, it can be tempting to stay at your job far too long. This can only lead to bad situations such as you walking out and quitting one day or your employer catching wind of the other job that you’re more excited about and then firing you.

Set a Schedule

When you begin as a moonlighting entrepreneur, you need to commit certain hours every week towards working for this venture. It can be difficult to incorporate this into your existing schedule; however, it’s essential for success.

Working on the nights and weekends is one of the most common things for a moonlighting entrepreneur to do. Depending on your flexibility, you could set aside certain nights per week or just have a general hourly goal such as 10 hours per week to work on your passion.

Make sure you hold yourself accountable to this with a network or an accountability partner who can help keep you on track. Being an entrepreneur as well as juggling the busy tasks of keeping your day job is never easy, but it can also be very beneficial when done properly. This allows you to have something you’re working towards during your off hours that drives you forward in life.

Recognize When It’s Time to Go

As mentioned above, it’s imperative to set a financial goal or a timeline for leaving your day job if this is one of your primary goals. Otherwise, the lines get blurred and it’s all too easy to stay in a position that no longer suits you and where you’re no longer doing your best work. That’s why it’s imperative to have this financial goal in the first place. When you realize that you’ve hit it, it’s time to start transitioning out of your day job and do this professionally if possible.

While it’s not always easy, you need to plan ahead and offer a proper notice to your employer. This is the best way to avoid burning bridges and for you to enjoy the first few weeks or months of working on your own. Getting fired or having bridges burned can make this transition very difficult and can lessen some of your excitement about pursuing your own opportunity. So make sure that you have a clear plan in mind and work towards it with professionalism.

This article by Robert Rogers first appeared on Roger Rogers Law Firm PA and was distributed by the Personal Finance Syndication Network.


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