Updated: Mar 29, 2022
How to prevent burnout and failure as an entrepreneur while working full-time
After “flexible hours” and “hybrid work,” “side hustle” has become the latest buzzword of the workplace. Side hustle refers to any activity that brings in money alongside one’s primary job or income. According to Abacus Data, we live in a booming hustle economy, where millions of Canadian employees decide to become after-hours entrepreneurs.
Why are full-time employees becoming side hustlers overnight? Many start their after-work side businesses to boost their income, test their entrepreneurial idea without risking a dependable salary, or to follow their passion.
The most common fields for side hustles are the tech, finance, education, and entertainment businesses. Vloggers, freelance writers, online tutors, Uber drivers, and food carriers are entrepreneurs who rely on the hustle economy.
Today’s media outlets tend to glorify the hustle and celebrate hustlers who work themselves to physical and emotional exhaustion. Despite what the popular culture implies, working for 80+ hours a week is seldom glamorous or healthy. Although a side hustle may become a profitable business, it can also easily lead to burnout if it is not well planned.
However, running a successful side business can benefit mental health. A side gig not only can increase self-confidence but may also help to maintain high levels of energy and motivation throughout the day. Having an extra stream of income alleviates stress about money and offers some sense of control during uncertain times. A side business can support our mental health if it is enjoyable and intellectually stimulating.
To prevent burnout and failure, I suggest thinking about these five questions before jumping into a side business:
What is your real motivation for starting a side business?
What are your financial, career, and family goals?
What does an ideal (work)
How many hours a week can you commit to working on your side business?
Do you want your secondary gig to become your main job one day?
Becoming an entrepreneur and starting a side hustle can be an exciting idea, but balancing it with a full-time job, a family, and a healthy lifestyle comes with its own challenges.
To become a successful entrepreneur, you first need to do a self-assessment and decide whether entrepreneurship is your cup of coffee or not. If your answer is yes, you should examine your current circumstances and life goals and create a plan that will allow your business to succeed while you stay happy and healthy.
My words of wisdom: just because technology makes it possible for us to work anywhere and anytime doesn’t mean that we should work everywhere all the time. Productivity does not determine our worth.
Dr. Judit Lovas is a leadership and success coach and lawyer. She holds a master’s degree in gender studies. She provides you with the inspiration and skills required to drive your success in entrepreneurship to the next level—whether you are at the ideation stage, in development, or simply toying with the concept of becoming an entrepreneur.