Side projects are not just meant for the youngsters who are passing time in their dorm rooms or young fathers who spend a lot of their time at night on their computers.
Seasoned entrepreneurs like Seth Rosen have taken up side projects that match their hobbies and do not require much of their time.
Seth Gosen is the co-founder of the online market place called CustomMade. It connects customers with independent artisans who produce custom-designed jewelry, home décor, furniture and other items.
If you are considering having a side project, you might be interested in taking the following into consideration;
Grow the business slowly knowing that you do not have enough time to dedicate to it. Being not your mainstream source of income, it is obvious that you will be committed elsewhere, so you need not be in a hurry or it may interfere with you main source of income.
If you have decided to leave it in the hands of someone else, you need to understand them well and ensure they are up to the task.
The fact that it is a side project doesn’t mean that you can neglect it. Focus mitigates risk. Look at it as an investment and not a side job.
That is why you should choose a side project that is your hobby in that way it will easily fit into your lifestyle.
It is easier to work on something that you like to do rather than forcing yourself to like what you are doing.
Have multiple side projects :
These side projects are revolving around your hobbies and competencies. Since you may have more than one hobby, you can decide to involve yourself in more than one side projects, that way your income will increase and at the same time you will be utilizing your full capacity positively.
Remember even Steve Jobs was CEO of two companies simultaneously (Pixar and Apple).You can do the same; pick as many side projects as you can manage, but don’t go beyond your capability otherwise you will end up being confused and unproductive.
It is advisable to automate everything that can be automated. Remember you will not be having a lot of time for the side project and therefore the more activities you automate, the more efficient the project will run.
You can spend a couple hours per week responding to specific clients’ needs/questions and doing appraisals.
And remember that even if it a side projects you must maintain high standards of customer satisfaction.
But why do you need a side project? Apart from the income aspect of it, side projects have several advantages. As a hobby, they will keep you ‘entertained’ all the time.
Side projects can also support you in times of need when your main source of income can not meet your financial needs, like in the case of emergency.
Side projects can also give you a safe landing in case you loose your job, or if you are unable to continue working may be because of an accident.