Side hustles are all the rage these days. In fact, according to a Zapier survey:
34% of Americans have a side hustle
24% of Americans—61.1 million!—planned to start a side hustle in 2021
All that hustle is focused on launching new companies or turning passion projects into viable businesses. These scrappy entrepreneurs are taking on all 12 areas of internal management in an attempt to be successful and change the trajectory of their professional and personal lives. I love to see it! The energy and gumption entrepreneurs bring to the marketplace are inspiring and contagious.
But I’ve also noticed something that’s common among these side hustlers and entrepreneurs. They get so accustomed to being scrappy and wearing all 12 hats that they keep doing it long after it’s necessary—or wise. Those cost-cutting habits that are often essential in a business’s startup phase eventually need to be relegated if you want your business to move from startup to growth mode.
It raises the question: just because you can do something, should you? Entrepreneurs are successful because they are able to do so many things—and do them well. But that doesn’t mean it’s best to keep doing everything for all eternity.
Sometimes, just because you can do something, doesn’t mean it’s the best option for your company’s health and progress.
Recently I wrestled with this very lesson in regard to remote working. As I’ve mentioned before, pandemic regulations and best practices led the Officeheads team to become a 100% virtual office. We invested in the best tech to keep us connected from our remote locations. I’ve been able to work the entire summer from my cabin in the woods, which has been absolutely delightful! But after 12 weeks away from my business connections in the city, I am feeling the pull back to civilization (so to speak!). Just because I can work remotely from my cabin, doesn’t mean that I should make that a full-time and forever situation.
Another great example of the need to temper the freedoms of entrepreneurship may sound a bit self-serving considering the solutions that Officeheads provides. But it’s the perfect example, and one I see daily. It’s when entrepreneurs struggle with handing off their financial management and bookkeeping to an expert. Most business owners pride themselves on their ability to manage all the details, from marketing to sales to finances to tech. While this may be needed at first, as your business grows, there will come a day when you’ll need the wisdom of an expert who can do more than check the task off the list—you’ll eventually need someone who knows how to leverage financial management to help your business reach its goals. Just because you can do the financials doesn’t mean you should, and it doesn’t mean you are doing the best job with it. By offloading the finances to an expert, you’ll have more time to do the things only you can do, and you’ll get where you want to go even faster with a dedicated person infusing life into that area.
Entrepreneurs also tend to carry that side hustle mentality into their personal lives. They may be working their full time job by day, their side hustle by night and weekend, and then they try to stuff in all those homelife tasks as well. I know so many entrepreneurs who are burdened with weekly chores that could be just as easily handed off to a service. Instead, they keep trying to do it all—as their house becomes overwhelmingly messy and their brains get even more weighed down from the pressure to keep on. Again, just because you can clean your own house, doesn’t mean you should. What if you hired a service even for a monthly reset? Just think of the joy and relief you will have when that task is done, all at once and to perfection! That’s a priceless feeling that will help you do what only you can do, and do it with more energy and joy.
Now, before you start slashing every responsibility from your list, I want to stress a few things that you should do, no matter what, as a business owner. You should plan time for strategic thinking at least once a month to keep your business growing and moving ahead. You should prioritize the financial health of your business by working with experts who can help you implement strong strategies and plans. You should manage and invest in your company’s vision and culture. You should invest time to sell and grow your business. And finally, you should find practical, regular ways to care for yourself and your team.
Here’s the thing: you have loads of talent and skill, which enables you to take all that side hustle energy and pour it into your business. But to take your business to the next level, you’ll eventually need to make some of these tough decisions. Keep reminding yourself that just because you can do something, doesn’t mean you should, and just because you offload it to someone else, doesn’t mean you can’t be informed or involved in it anymore. It just means that you have a trusted expert to oversee and lead that area so you can put your hustle into the things that only you can do.
If you are ready to offload your financial management strategy so you can move to the next level of growth, we can help. Reach out today to see how we can partner together and get your hustle focused on the right things for future success.