You Don't Need A Loan, You Don't Need to Crowdfund, Here's What You Do Need...
What has had the biggest impact on my personal growth? Was it an Ivy league MBA? Was it a promotion? Was it a mentor/sponsorship? No, it was starting my own business. Don’t believe me? Let’s talk about why to start a side business, why you should, and why I am NOT telling you to quit your day job now, or maybe ever.
When you have a window open and you open another one, do you have to shut the first? No. You open another window to increase your airflow. Think of your side business like creating a wind tunnel that flows opportunities to you and your business.
I used to get asked all the time, “How do I travel so much for my corporate job, as I head an investment distribution team in Latin America?” Then I got asked, “Why would I start ThreadsRefined while doing said high-intensity job?” Now I get complete bafflement with, “Why am I crazy enough to start a podcast, blog and business centered on helping others lifestyle design while doing all the above?” Then of course after those three questions comes the doozy, “So are you going to quit your investment business and focus on the others?” To make sure I don’t have a bunch of you running out and quitting let’s start with why to do it on the side, then we’ll get into how it helps your current job.
Let's draw a parallel. I work out a lot. I started off doing lots of HIIT classes, then ran, then weight lifted, then yoga, then crossfit and finally boxing. I’m certainly no fitness model by a LONG stretch (my friend Amy is if you want to see a real BAB join her 100k followers @fitamysuzanne), but I can safely say I am in the best shape of my life and feel better than I ever have. So which method got me there? Here’s the secret, all of them. I do weightlifting 2-3 times a week, every Wednesday I box, I run 2 times a week, and I do yoga once a week. Why don’t I pick just one? With the change in workouts, I keep my body on its toes, I don’t get bored, and each activity I do serves a different purpose. Yoga is for my mental sanity, as well as long, lean and flexible muscles. Weightlifting is also a type of meditation for me, as well as strengthens me so my lower back never hurts on long flights, and I am down to 10% body fat. Boxing is an Fing blast, plus incredible cardio and endurance training. Not to mention I firmly believe we all need to hit something every once in awhile. What does this have to do with starting a side business while working?
Well, as I add new routines to my workout regime does that mean I quit the former? No. The point is to use what you do with your life to become a better version of yourself every single day. The goal in everything I do is to stretch myself, make myself feel uncomfortable, be the least in the room, lest my ego gets me thinking that I know it all and gets complacent. My business as a life and business hacking strategist at CodieSanchez.com, insures that I don’t stagnate in my investment position. ThreadsRefined teaches me how to tell a visual story through clothes and allows me to play, since regulators don’t like much story telling or playtime when it comes to investment marketing. Aka why I don’t ever talk about anything related to finance or investing on this site. Susie Orman I am not.
So how does this relate to you?
Let me give you an example of how you starting a completely unrelated side venture can help what you are working on currently, not to mention stimulate you mentally, make you more productive and a sought after dinner guest...
I just got off a phone call with the CIO of a rather large international investment company in Latin America. This guy literally never ever EVER picks up his phone and he told me he gets calls and emails from over 100 solicitors a day. Want to know why we talked for 45 minutes? Even better, want to know why he purposefully picked up his phone and called me, when I am the salesperson and it should be the other way around? Through The Struggle Isn’t Real podcast, I started using a service called Calendly, which helps you schedule your day without the back and forth pain associated with meeting scheduling. (Click here to register for my newsletter where I give these types of ideas). I mentioned it to him in an email back and forth we were having. Then ring ring. I spent 45 minutes explaining it to him and then requested his secretary jump on for a quick tutorial in how to use it, how to implement it, and a few other life hacks that are going to save him mountains of time. At the end wouldn’t you know I got a meeting request from him using Calendly. Do you think that guy is going to take my next call? Hell yes. Do you think he is going to consider me instead of those other 100 solicitors? If it is true that we do business with people we like, and I would add those that are interesting and useful, I’ve just gained a client for life.
So if you are currently working in a 9-5, consider turning your passion, your hobby, something you are curious about, into a side gig. Here’s one way to start. One of my favorite mentors in business is Stacey Duran, she went from hedge fund sales in private jets around the world at 25, to hiking Kilimanjaro, to launching a non-profit that is supported by some of the biggest investors in the WORLD. She said to me when I launched ThreadsRefined, “You won’t even believe the things that are going to happen to you and for you with this. Just you wait.” And she my friends, was right.