How to Moonlight Your Way to Self-Employment
Is it that you’re just bored with your 9-to-5? Do you hate answering to somebody else? Are you a risk-taker who’s more excited about giving up sleep and weekends for a few years in exchange for a shot at financial success beyond that of normal employment?
Everybody’s answer will be different. Your circumstances will determine your answer most of the time, and your personality plays a big part too. If you have a morgage and kids, a secure, full-time job combined with flexible hours and 4 weeks’ annual leave probably sounds more valuable to you than moonlighting with no guarantee of a payoff.
A helpful way to analyse whether or not you should begin your business by moonlighting is to think of it in basic investment terms: Risk vs Reward. The risk is, your health may be affected (loss of sleep, extra stress, less time for exercise), your family time may suffer, you might miss out on holidays etc. The potential reward is financial gain, independence, legacy, etc. Knowing which of these things are most important to you will help you accurately assess whether moonlighting your way into self-employment is worth it for you.
2) Identify any conflicts or contractual obligations
This one can stop you dead in the water either from the outset or, catastrophically, once you’ve begun trading.
Step One: Read your employment contract, if you have one. Most employment contracts will have terms surrounding alternate employment, providing paid services in the same industry, etc. You may lose your job or be legally engaged if you breach your contract. Depending on the terms, there may even be a ‘cooling off’ period that prevents you from operating your own business in the same industry for a number of years after termination of your employment. It pays to be vigilant!
Step Two: Identify any potential conflicts of interest. For example, if you’re employed full-time in the Office of Gambling and Liquor, and you want to start a microbrewery, you might need to re-assess one job or the other. Conflicts of interest are taken very seriously by ASIC and other regulatory bodies should an issue present itself.
Step Three: If in doubt, seek legal advice.
3) Get familiar with helpful systems
If this is the first time you’ve moonlighted (or worked for yourself), you’re going to need strong systems to make sure you’re not straying from the path. Some basic systems that may be helpful are:
- Trello – basic project management software. (Free)
- TrackingTime – Chrome extension for tracking your hours. (Free)
- Xero – simple accounting software. ($25/mo)
- Hubspot – simple sales/marketing/CRM platform. (Free)
There’s a million other great platforms and systems that you can use to systematise your workflow and boost your productivity.
Implementing a robust system that encompasses most aspects of your workflow is a great way to make sure you’re not wasting your limited moonlit hours.
4) Optimise your working environment
Make sure you have everything you need in order to be productive from Day 1.
Everyone knows the basics (Computer, desk, phone, stationery), but here are a few things you might not realise you need prior to starting up a business by moonlight:
- A comfortable chair. The dining room chair might suffice, but you’re going to be spending long hours plugging away behind a screen and unbroken concentration is the aim of the game. A rule I live by is: ‘Don’t skimp on anything that connects you to the ground’ – that includes shoes, mattresses, tyres, and office chairs.
- Natural Light. There are many reasons why natural light is so valuable in human physiology and psychology (see this article for more info). In fact, it’s so valuable that you should base your decision on which room in the house to work from based on the amount of available natural light. You’ll sleep better, you’ll be more productive, and you’ll be happier for it.
- A suitable playlist and good headphones to block out distractions. This is obviously very subjective, but these three genres are tried and tested productivity-boosters: natural environments (think: rainforests), video game music (like this), and classical.
- Healthy snacks nearby. I know it, and you know it: you’re not hungry, you’re just procrastinating. If you’re really hungry, that bag of almonds you keep on your desk will do. You don’t need to get up and go to the fridge again.
If you find other tips that work for you, please share in the comments below!
5) Identify what kills your focus, and remove it from the equation
This one is pretty basic.
As you progress with moonlighting, take notice of the things you spend your time on that aren’t work-related. If you find yourself constantly browsing your favourite procrastination destination (e.g. Facebook or Reddit), block it. Google Chrome has a great extension called Block Site that will deter you from visiting and wasting time.
Other time-wasters might be more difficult to remove. Ask your spouse to hide the TV remote or pool cue. Sell the PlayStation. Whatever you have to do. There’ll be plenty of leisure time once you’ve moonlit your way to comfortable self-employment.
6) Watch for burnout
Everybody has a different workload threshold. If you notice these symptoms, take a break. If you’re experiencing these in the short-term, you may not have a long-term in this business.
- Chronic fatigue/lack of energy/tiredness
- Insomnia
- Extreme emotions (e.g. anger, cynicism)
- Anxiety or Depression
- Forgetfulness
- Loss of Appetite
- Detachment/Loss of enjoyment
- Loss of productivity
Taking a break is not a weakness. It’s a sign of self-awareness, and your business will be better for it.
A few stories of many finding success with Dashworks.
Find out what our community have to say.Want to speak to one of our helpful team members?
Contact