We have all been told there are two categories. Those who work a “job” and those who don’t (entrepreneurs, freelancers, You or Gig economy people). Classifying work somehow indicates that one is better than the other. It somehow leads to a determination that some people are just “smarter” and choose a “better” way of working.
But what if that isn’t the case? And what if we have all been working a “blend”? What if we could “blend better” to achieve the best of both options?
And the bigger question, what if it is “necessary” to utilize both options in our current economic world?
The Day Job
We all have a day job. Even entrepreneurs have day jobs. They just don’t call them “day jobs”. They call them businesses. However, the results are the same; you must show up to get paid. The only difference is in the time to a payday or pay off.
If you accept employment, you will immediately get rewarded for your time and effort on payday. (Fairly instant gratification) Entrepreneurs work until they can pay themselves. In most cases, entrepreneurs don’t pay themselves anywhere near the value of the time and work put in for months or years. They work for a delayed pay off or payday. (Compounding interest or compound effect)
However, no one gets out of the required hours necessary to build a career or a business. Just because you’re taking a regular paycheck from a company you don’t own, doesn’t mean that you aren’t building a career and/or business concept of your own.
One of the most misunderstood concepts is that most entrepreneurs don’t pay themselves a salary. I work with clients all the time in my consulting practice who started a business because they think they can “pay” themselves all the profit. That is not actually the case. There are taxes, expenses, and investments that must also come from profits.
Most entrepreneurs become, in essence, an employee of their own companies. They don’t make all the money… they make a portion of the money. Once their businesses scale, they usually restructure their tax status and legal entities, which forces them to pay themselves a small salary. The only difference is that they can also take an owner draw (bonus without a tax hit) monthly, quarterly, bi-annually, or annually as the company shows profitability.
The Side Gig
We all have a side gig. The difference is that some of us have figured out how to make money for what we do on the side. Others are giving it away for free. Side gigging can look like some childcare on evenings and weekends. It can also look like a small landscaping or gardening service. It can entail website design and creation for others or freelancing by writing articles. Again, what sets the side gig apart is getting paid for the work.
Side gigs, by their nature, should fit around your life. Sometimes, you work more and sometimes less. It can be leveraged into a bigger business and become your “day job” or it can stay the passionate hobby that brings in extra income. To be truthful, if you decide to leverage into a bigger business, expect the level of work to be a commitment similar to showing up daily for your “day job”. In fact, you most likely will need to find all the extra pockets of time you can squeeze out of your day.
When I was first building my own consulting firm (while working my former job), I would send emails when I visited the ladies room. I would use my lunches to return phone calls or send text messages. I would use my drivetimes as work time. I did that for six months until I felt ready and comfortable letting my “day job” switch to my “side gig”.
Blend the Benefits for Success in Both
There are three things that both your career growth and side gig growth require. Using these three tactics can help you promote in your career as well as build your side gig to the level you want or require for your lifestyle.
1. Market Yourself
Remember, you’re a “brand” even if you’re an employee of a company you don’t own. Employers will tell you that they do check your social networks. They Google your name. They consider this part of their reference check just as they’ll contact the personal/professional reference you provide.
If you are being hired for any type of sales or public facing role, they’ll want to confirm the type of network you’ve built around you and the “audience” you naturally attract. They’ll want to determine if the company values are truly your values by your content.
So, if you want a promotion at work or your want to build a busine, how you show up on social media does matter. That doesn’t mean be fake or try to look like you’re living an “influencer lifestyle”. It means think through who you are and who you want to work with.
2. Build Relationships
I’m not talking about friendships. I’m talking about relationships. Because we work with people daily, we sometimes confuse these people with our friends. Most of the time, if we’re honest, we don’t overshare parts of our lives with our professional network or co-workers. Friends are people you can really go deep with your personal beliefs and challenges.
Most of us would not want our professional networks to know when we’re struggling at work. Know the difference.
However, just as with friendships, there needs to be effort put into regular contact with professional relationships. This might be a text message or email every month or so. It could be a comment on a post to let them know you’re “seeing” them. It could be an invitation to lunch once a quarter. The key is to nurture professional relationships. In order for those people to support you in your career and/or business, you must be there for them as well.
3. Understand the Financial Resources
Most people aren’t utilizing all the financial resources available to them as part of their employment. And most business owners haven’t educated themselves on all the tax benefits that can increase their lifestyle as well as business. We treat conversations about money as taboo as we do conversations about sex. We need to get over it!
Many employers offer benefits over and above the standard health insurance or 401k. They might offer an education stipend that could allow you to attend conferences that would benefit both your career and side gig. They might offer paid association memberships and networking that could help you build not only your career network but your side gig network.
As a “side gig” owner, you should have a conversation with a CPA about tax deductions and possible benefits. Even if you don’t need a CPA yet, offer to pay an hourly consulting fee to ask questions and get answers.
The New Landscape
The new landscape of work is not as well defined as we were once taught. It is a merger of options. This new “menu” allows us to choose the work that can benefit our needs and passions. However, it requires us to think about our careers more as individual businesses. Making sure we’re guiding our journey in the world of work makes it much more fulfilling and successful in the long run.
Amy House
Amy House, M.Ed. is a business success coach and business consultant with over 20 years of marketing and business development experience. She is regularly featured on publications such as Women On Business, All Business, StartUpNation, and many others. She is also the Founder and CEO of Growin’ Out Loud Darlin’. As a Business Consultant, Coach, and Trainer, she is an expert at helping business owners, executives, and teams find the achievement and fulfillment they desire in business and life. She is a Steel Magnolia… and brings that sassy YaYa wisdom to help your business Grow Out Loud, Darlin’.
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