Let's face it, being employed has its pros and cons. On one hand: there's the financial comfort of knowing you have a paycheck coming once a month to finance your mortgage, car, kids' education etc, and on the other hand: you're not really "free" to do what you want when you want, which many people would consider as a privilege of retirement.

Some brave entrepreneurs go cold turkey —meaning, they quit their jobs and dive straight into their businesses. Now, we call them brave because this route is very tricky because what are the chances you'll make money and pay yourself from Day 1? Hardly, right? Instead, entrepreneurs often save up a pile of cash to fund themselves at the start of their entrepreneurial path. Meanwhile, others raise funding from which they pay themselves, with the promise to investors that they'll pay them back and some. Mind you, those who don't want to give a portion of their ownership (i.e. equity) to investors, may even take on debt from the bank as a loan or credit card to finance their startups.

We're here to tell you that the least risky path that entrepreneurs can take is to start the business as a side hustle, and then once you've reached some momentum then you'd quit your job to pursue this "hustle" full-time. The pro here is that you can still live off the paycheck you get from your employer whilst also working on your business —but the obvious con here is that, given you're still technically a full-time employee of a company, you'd have to work on your business during your time off work. This could mean sacrificing leisure activities such as watching TV or going out with friends.

Though it doesn't sound very appealing to not have a life outside of work, then again so does having no income and feeling like you can't make ends meet. One way you can work around this dilemma is to build a business you're actually passionate about. This may sound like a cliche, but if you truly enjoy what you're doing, then that "work time" will feel like "play time."

Once you've nailed down what type of business you'd want to build around a passion, next is making the time to monetize it. Thankfully, since the pandemic, the world has become more comfortable with doing business online. This means that:

  1. You can conduct business meetings efficiently through Zoom calls without spending some of your precious leisure time commuting to and getting ready for those meetings.
  2. You can sell your products online because people have simply developed the habit of being online more. Think, for example, selling through Instagram ads or Tiktok videos.
  3. The online market infrastructure is more developed. You could easily sell physical or digital products, or even services, on top of a store that you build on Shopify.
  4. There are plenty of learning resources available through paid platforms like Skillshare, or even YouTube, where you can learn all kinds of business skills.
  5. Receiving and making payments online has never been easier. Customers can use virtual debit, credit, and prepaid cards to make payments, and you — as a business — can set up a payment gateway to accept these digital transactions. There are even several FinTech payment apps to consider, such as PayPal. Better still, you can then easily track your cash balances through an online banking app.

Either funding route you decide on, there are plenty of options for you as an entrepreneur to consider when you decide to build a business.

Becoming an entrepreneur is always an exciting step to take, so keep us posted on how you're doing on your journey — and if you need support with online payments, we'd be happy to help you!