Entrepreneurs

9 ways to build a side business without quitting your day job

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Mary Delaney | The Oracles

Quitting your day job to pursue the entrepreneurial dream can be exhilarating or terrifying. Fortunately, anyone can easily make extra money from a "side hustle" without losing the security of a steady paycheck. These millionaires and members of The Oracles give practical advice on turning your side hustle into an abundant cash cow.

1. Maintain perspective

You might feel tremendous pressure while birthing your idea and simultaneously performing in a full-time job. Instead of perceiving pressure as a problem, embrace it: the high stakes force you to be decisive, clear, and effective with your goals.

Before you jump off the cliff and get your business going, consider a business partner. Find someone with opposite complementary strengths to have the best chance of winning.

Barbara Corcoran, founder of The Corcoran Group and Shark on "Shark Tank"

2. Re-look at your current job

Poor people try to replace income sources; rich people add. Don't hastily quit your job for "greener pastures" until you're certain you could make more with your time elsewhere.

Until then, get better at your current job. Flip your mindset to increasing production within the time you have. When I sold cars, I learned how to finance them. The finance manager didn't have to stay late, the dealer didn't need to take on another salary, the customer was taken care of, and I earned extra money. Everyone won!

When you do start your side hustle, make it "symbiotic" closely connected to your main income source so you can give both proper attention. Most people start a side hustle, get excited, ignore their main income stream, then end up with one source again. Commit to never ignoring your primary income source. With several income streams, you can build true wealth.

Grant Cardone, top sales expert who has built a $500-million real estate empire, and NYT-bestselling author; follow Grant on Facebook or YouTube

3. Buy an existing, profitable business

Consider buying an existing, profitable business. I've made 13 business acquisitions over the years. It's much easier to build on a proven business model with incremental enhancements than creating something from nothing.

With acquisitions, leverage the seller's support, experience, and insight during the transition. Strategically finance your business acquisitions so you don't pay all the cash up front. If the financial records are clean, you can qualify for a Small Business Administration (SBA) loan with as little as a 10-20 percent down payment.

With an already successful business, you can focus on financing the deal and delegate roles to grow the business further.

Tom Shieh, CEO of Crimcheck; connect with Tom on Facebook

4. Consider your passion and time