How to start your own alternative-academic (or academic-adjacent) business

The rise of alternative-academic and academic-adjacent careers has opened up new possibilities for scholars who want to explore life outside the traditional academic career ladder. But the thought of starting your own alt-academic business can feel daunting. Is it financially viable? Is the administrative hassle worth it? Where do you even begin?

If you’ve ever considered making the leap, this post outlines five essential steps to help you consider the transition from academia to entrepreneurship. From building your academic network to managing the realities of running a business, these tips will (hopefully!) guide you toward building a sustainable and fulfilling career.

1. Leverage your academic network early

Before you even think about leaving academia, focus on building and nurturing your academic network. I have found that the connections I made in academia have been the absolute foundation for the work I do now. Many alt-academic or academic-adjacent professionals rely on consulting gigs, research contracts, or adjunct positions that stem from existing relationships with universities and colleagues.

What to remember here is that academia is a relationship-driven ecosystem. Collaborations, conference connections, and research partnerships can all turn into consulting projects or freelance opportunities that supplement your business income. The key is to start making these connections while you’re still in academia so that you’re not starting from scratch once you transition. (As a side note, I have started another business without that existing network, and let me tell you: it is so much harder when you need to start from zero in terms of network, reputation, value proposition, and so on…).

How to do this in practice? I’d suggest using your time at academic conferences and on committees to build strong relationships. Reach out to colleagues for informal discussions about potential projects and consultative work. Your network will be beyond invaluable once you’re running your own business.

2. Diversify your income streams

One of the most practical decisions you can make when starting an alt-academic or academic-adjacent business is to diversify your income streams. Don’t expect to rely entirely on your business being your sole income stream from the outset (/maybe ever). There are peaks and troughs in business, and if all your eggs are in your one business basket, that can be really stressful. The sensible approach, and one I wish I’d appreciated earlier, is to blend multiple income sources such as freelance writing, consulting, editing, or teaching, alongside your core business activities.

The benefit of multiple income streams is that you get some element of financial stability and flexibility as your business grows. For example, casual research work, editorial services, and online courses can generate income while you build your primary business offering – and it also helps cushion the financial uncertainty that comes with running a business. (And a shameless plug for my own online course here: Strategic Essentials for Academics. Check it out and help me diversify my own income streams!)

In practice, this means identifying maybe three potential income streams that complement each other. For example, if you’re launching a research consultancy, you could also offer academic writing workshops or casual editing services to diversify your income. This is one of the reasons I’m pursuing my coaching accreditation through the International Coaching Federation (both to expand my services, and also because I found out as a happy coincidence that I just love coaching).

But I also sometimes take on casual research contracts if there’s an interesting project going, and I do a little work sometimes through an editorial agency, because it means I get to work with big-name clients and on projects I’d normally never come across otherwise. I contribute to the running of an academic journal. These things mean I don’t have to squeeze my business to make all of my income – instead, I can think carefully about the work I want to do and the clients I can be of most benefit to.

3. Understand the administrative realities of running a business

Let’s not sugarcoat it: running a business is hard work and it sometimes really sucks. I frequently moan about not having a nice lump sum of cash land in my bank account every fortnight from an employer. Beyond the creative or intellectual side of your business, there’s also a significant administrative load – managing finances, marketing, client relationships, and day-to-day operations. In my case, the shift from academia to entrepreneurship required a steep learning curve in areas like book-keeping, website design and business strategy that I was largely (and perhaps naively) unaware of. I have loved learning about these things, but they absolutely take time and energy and effort to keep on top of. Knowing the administrative realities upfront can help prepare you for the complexity of running a business.

There are tools and support that make running a business easier. Accounting software, project management tools, and outsourcing options (such as virtual assistants or freelance accountants) can help you focus more on the business itself and less on the operational drudgery. That said, running a business, at least in its early days, will probably see you be the founder as well as the accountant, project manager, employee, personal assistant, cleaner and IT specialist to some degree at least, so it is worth expecting this and budgeting your time accordingly.

4. Plan for financial uncertainty – and embrace flexibility

While diversifying income streams is crucial, financial uncertainty is an unavoidable aspect of running your own business. Revenue is often uneven, particularly in the beginning. Many people who transition from academia to running their own business aren’t prepared for the financial instability that can come in the early stages.

This is why, if you can, I’d recommend creating a six-month financial buffer before quitting your academic job, if possible. Set up a dedicated bank account for your business and track all business expenses and income from the start to avoid surprises during tax season and ensure you’re setting aside funds for irregular costs. I have a separate bank account where I transfer enough to cover my tax bill at the end of the year, and I keep up with my superannuation contributions. I try to be methodical about keeping my receipts but if I’m honest, it’s a bit like doing footnotes once a paper is written come the end of the financial year; I often need to go searching for an errant invoice or a mystery expense.

5. It’s worth it but it’s not always easy 

Let’s be real: starting an alt-academic business is not a path to instant financial success or an easy ride. (Unless I’m doing it wrong, in which case, please drop me an email or a message on LinkedIn because I’m trying really hard here and I’d love some instant financial success, please.) There will be stress, administrative hurdles, and financial challenges. However, for many, the reward is a career that’s more aligned with their values, interests, and lifestyle goals.

This is what motivates me to push through the hard days (and sometimes months). I have the freedom to choose the clients I work with and the type and amount of work I take on. I get to set my own hours, make big decisions without consulting anyone else, and craft something that entirely plays to my strengths and interests. Running your own business can offer a level of personal and professional fulfilment that many never find in traditional academic roles.

And this is where reflecting on your long-term goals and defining what success looks like to you can be a really valuable starting point. Being clear on why you’re pursuing this path will help you stay focused and resilient when the inevitable challenges arise.