The Background of the Side Business Era
With the fading concept of lifetime employment and diversifying work styles, side businesses and multiple jobs are becoming less exceptional. Governments are promoting side jobs and multiple employment, and many companies have lifted restrictions on side businesses.
People pursue side businesses for various reasons—income increase, skill improvement, preparation for future independence, social contribution, and more. What's important is clarifying your own purpose before starting.
Things to Confirm Before Starting a Side Business
Before starting a side business, check the following points.
Check Employment Regulations While many companies now allow side businesses, some still prohibit them. Also, prior application may be required in permission-based systems. Be sure to check, as there are often conditions like prohibition of working for competitors.
Estimate Time and Energy The fundamental premise is that side work shouldn't interfere with main work. Review your current life rhythm and realistically estimate the time available for side work.
Understand Taxes and Social Insurance Side business income may require tax returns. Also, social insurance treatment changes depending on income level. It's important to acquire basic knowledge.
Differentiate Through Skill Combination
To achieve results in side work, combining multiple skills rather than a single skill is effective.
"Combining three skills where you're one in a hundred makes you one in a million"
For example, the following combinations can be considered:
- Programming × Financial knowledge → FinTech development
- Design × Marketing → Branding support
- Writing × Specialized field knowledge → Specialized content creation
By combining skills cultivated in your main job with skills acquired through hobbies or learning, you can establish a unique position.
Practicing Time Management
When holding multiple jobs, time management is one of the most important skills.
Visualizing Time First, record how you use your time for one week. You'll find surprisingly wasted time.
Time Blocking Incorporate side work time into your schedule in advance. Taking the attitude of "doing it when I have time" makes continuation difficult.
Securing Focus Time Productivity doesn't increase with fragmented time. It's important to secure at least 1-2 hours of continuous time.
Efficiency Improvements
- Using templates
- Automation through tools
- Identifying tasks that can be outsourced
- Effective use of commute time
Be Aware of Synergy with Main Work
The ideal side business also has a positive impact on main work.
Mutual Use of Skills Acquiring new skills through side work can be applied to main work. Conversely, expertise gained from main work becomes a strength in side work.
Expanding Perspective Experiencing different industries and job types generates perspectives and ideas that cannot be obtained from main work alone.
Expanding Connections Connections built through side work can positively influence main work.
However, be careful that main work and side work don't become competitive. Also, using confidential information from main work in side work is strictly prohibited.
Mindset for Continuation
An appropriate mindset is necessary to continue side work.
Have a Long-term Perspective It's difficult to earn significant income quickly from side work. It's important to approach the first six months to a year as a learning period.
Let Go of Perfectionism Given the time constraints of balancing main and side work, prioritize getting things done rather than seeking perfection.
Prioritize Health Working continuously while cutting sleep is not sustainable. If you damage your health, both main and side work will suffer.
Decide Exit Points in Advance Not all side businesses succeed. By deciding in advance when to withdraw, you can avoid wasting effort.
Managing Income
Having multiple income sources makes money management more complex.
- Separate bank accounts for side business
- Record expenses appropriately
- Prepare for tax returns regularly
- Set aside part of income for taxes
Tax returns are particularly tricky for people just starting side work. If uncertain, we recommend consulting a tax accountant.
Summary
Side business and multiple jobs are means not only for diversifying income but also for improving skills and expanding career possibilities. The key to success lies in realistic planning based on coexistence with main work and continuous time management.
By creating unique value through skill combinations and being aware of synergy with main work, side business takes on meaning beyond just an income source. Don't rush; proceed step by step at your own pace.