Instructor of Entrepreneurship, YesBuilds Founder and author Yolanda Shields, Ph.D., and Associate Professor of Management Montressa Washington, Ph.D. hosted an hour-long webinar on the “Gig Economy: The Future of Work,” on Monday, Aug. 14.
According to Dr. Shields, a side gig (or side hustle) is an extra job that you do outside your full-time job to earn additional money and/or pursue a dream. Below are a few steps to consider when starting out.
Considering the potential pitfalls of starting a side business is critical if you want to avoid legal trouble in the future. A simple mistake can hurt you in a big way or stop you in your tracks legally. Make sure that you consider the big picture.”
Yolanda Shields, Ph.D., Instructor of Entrepreneurship, YesBuilds Founder and author
Some strategies to avoid potential legal problems may include:
- Checking your employment contract to make sure you don’t have a non-disclosure or a non-compete clause that affects your side hustle.
- Being transparent upfront assures you can legally do what you want to do.
- Checking in with your human resources (HR) department to understand the policies connected to your full-time employer’s rules and regulations, especially as it relates to technology.
- Keeping things separate, i.e., consider using your own laptop vs. a company-owned laptop, and keep your personal and business expenses separate.
Shields also provided a few tips to consider when transitioning your side gig into a full-time business:
- Make sure you understand the “why” for starting your new business.
- Make sure you have a surplus of money and that your finances are in order.
- Set short-term and long-term goals – and make those goals SMART Goals, i.e., specific, measurable, achievable, relevant, and time-bound.
- Learn the finances of your business, and keep your business finances separate from your personal finances.
- Hire a CPA or tax expert who can help you with your tax responsibilities.
- Put together a business budget and plan to give you a rough estimate of how much you’ll spend monthly
There are more ways to prepare yourself for the Gig Economy.
Check out Shields’ new book, “The Gig Economy: The Future of Work In Today’s New Economy (2023),” which was released on June 6. To order a copy, visit THE GIG ECONOMY.
Or to learn more about preparing yourself as an entrepreneur, consider taking a free, 10-week Entrepreneurship & Small Business Certificate (ESBC) program on Wednesday evenings this fall from 6-9 p.m. The program begins Sept. 6 and ends Nov. 8. The program is non-credit-bearing, so admission to Shenandoah University is not required.
Learn more about how Shenandoah University School of Business can unleash your entrepreneurial potential and help you launch your success story. Shenandoah University combines AACSB International-accredited programs with rich student-life activities, internships, study-abroad opportunities, mentorship and entrepreneurship experiences, leadership opportunities and fun. Learn more at su.edu/business.