Time for a reality check. Going solo is tough. You will work long hours for no pay. For every success, you will experience multiple failures. Your family life will suffer. Your social life too. At times, frustration will be overwhelming. You won’t know which way to turn or what to do.
If you plan on making your side-hustle your main revenue stream, then just take a moment. Sit back now, perhaps pensively stroke your chin for effect. The odds are against you. Most businesses fail. If you have invested capital, then you will probably lose it.
Sorry about that. I was just concerned that you might be getting a bit carried away.
Let’s complete an exercise. Time to get into the notebook again. Start a page – “Bear-traps”. Start writing down what might go wrong. Make a list. This will be specific to your particular project, but common themes will emerge. “No time. No customers. Revenue too low, costs too high. Too busy” Keep going. Keep imagining things that might not work.
That was no fun, was it?
Alright. Let’s go to work. How do you prevent each of these things happening? How would you deal with them if they came to pass? Perhaps the answer is obvious, or perhaps you need to write a few lines. Go through the list. Think each scenario through.
How did it go? How do you feel? Afraid? Crushed? Emboldened? Empowered? There is no right answer, but you have just stress-tested your idea. Hopefully, you have identified key threats to your business.
OK. Let’s keep going.
New page. New title. “Sacrifices”. List out the sacrifices you are going to make to get this thing going. Are you kissing goodbye to TV time with the family? Are you halving your gaming-time? Write them all down. Again, how does this feel? Depressing? Exciting? Test your commitment.
You will be making these sacrifices with no guarantee of any successes.
Sometimes, going solo is a piece of cake, mostly, it isn’t.
Think on this.
Next week, we’ll pull everything together and make a decision.