So I have a full time consulting analyst position, but I was just wanted to gauge people's thoughts on a side business. I have a tee shirt concept in mind in addition to a blog and while I'm not looking to strike it rich, having an extra $500-$1000 a month from sales/ads look appealing (and its actually a hobby).
So my questions to my fellow entrepreneurs and FTers are... do you have one? Have you tried to get one to work? How feasible do you think it'd be in addition to a full time job?
As long as your primary job isn't affected and doesn't conflict, go for it. Just please, NEVER leave your job until the side gig is making money: My brother in law left GS to 'get in on the ground floor' of a startup that went belly up....and I told him not to. But what can I do.
I'm curious to know more about your venture....
I'm working full time in PE and have two businesses on the side that do a collective $11K (and growing monthly) of revenue each month. Both are modeled after Tim Ferriss' "Four Hour Work Week" and require about 10-20 hours of work each month to manage. It's definitely possible, but make sure you keep a firewall between your day job and your side companies - you don't want your employer claiming ownership rights to your business since you worked on it while you were on the clock.
Oh also - make sure you have realistic expectations on that T-shirt idea: http://www.iwillteachyoutoberich.com/blog/8-stupid-frat-boy-business-id… Also - I ran another business before I got into banking that relied on ads for revenue. Trust me when I tell you - you need huge numbers of eyeballs to even begin to make a meaningful amount of money. Tens of thousands of unique visitors a month. It's tougher than the get rich quick crowd of internet marketers make it out to be.
Stupid question but to clarify: when you say firewall are you meaning a hypothetical firewall (make sure not to work on it during company hours), or do you mean software of some kind?
Also interested in what type of business you were/are running, trying to start a side hustle while in IB myself.
I currently run a business on the side. Pull about $10k a month in revenue. 3-5 hrs a week of work.
That's interesting to note about that firewall CaptK, I think my company does have a policy like this so I'm going to have to research their documents.
This business venture actually is a hobby but I figured if I can make some money off of it it would make it more worthwhile. I know it won't generate 10k a month in revenue like you guys are raking in, but I figured it has some differentiating features.
I know that another t-shirt design will most likely fail, but I feel I'm smart enough to not commit too much capital and will veer on the side of caution and do something low risk with little financial contribution up-front and with easy termination. I was hoping to do a barstoolsports.com but for consultants (I do have ideas on how to do this but I think i'll keep from divulging haha)
what kind of side bizs are you guys running?
Yea, I'm curious to know this too. CaptK, are these web-based businesses you're running ?
Also, how long did it take you to set these businesses up ? 6 months ? 1 year ?
I sell virtual currency / items online. I do not play the games, simply buy and resell.
Any Side Jobs? (Originally Posted: 06/21/2013)
Curious what you monkeys do/did to earn extra cash on the side. I know you guys are ballers which means I expect your side hustles to be awesome.
Personally, I'm a handyman and can fix almost anything around the house. In college I offered my time on craigslist, usually to give a second opinion on certain repairs (many repairmen are dirty upselling hustlers). I would also help out local families with maintenance.
Security for Kobe Bryant. True story. Most recently, I was an interpreter.
couchy, i imagine you can actually do quite well doing that on the side in manhattan. i feel like with absence of accessible home improvement store (minus the Home Depot couple blocks from my place on Lexington) and lack of time and knowledge of most manhattanite, you should be in high demand.
Was thinking about doing essay editing/writing for high school/college students and applicants. Some friends of mine who went to international schools overseas in Asia knew people who were willing to dole out $200+ dollars for a college application essay edit... not bad for an hour or two's work.
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