You have a good job that offers a decent pay, but you also have a burning desire to start your own business and this desire was spurred out of the need to be self employed and control your own destiny.
But of course, you can’t afford to quit your job to focus on the business as you are scared of the uncertainty that comes with running a business. You also have a family to support and monthly bills to pay, so you have no option but to keep your job.
Does the situation above best describe you? If YES, do you know that you can start your business successfully while keeping your full-time job? In fact, some of the world’s top companies started as side projects that were fostered by their owners during evenings and weekends. So, there’s no reason why you can’t serve two masters; your employer and you.
Starting a side business as a full-time employee is a smart move that can fetch you additional income, help you quit your day job, and live a fulfilled life. But managing two jobs will never be an easy task. Remember that achieving the extraordinary requires doing the extraordinary. The following tips will help you successfully balance your salaried role with your side business:
5 Tips for Starting a Business While Working Full Time
1. Plan your business
You will need to create a clear, realistic plan for starting your business, breaking down the process into achievable goals. This will help you maintain focus and guide you through the process of launching and running your business.
You must also figure out the most important tasks involved in the startup process as well as those that will take the longest time to accomplish, such as securing insurance, completing the necessary registration, obtaining licenses, and applying for funding. You can then prioritize these tasks to avoid facing last minute delays.
You will also need to write a business plan that contains every detail about the business. Be sure to include basic information about the business such as the mission and objectives, the products or services to be offered, the required startup and operation costs, a thorough analysis of the market and the competition, your marketing strategies and unique selling points, projected income and expenditure, and exit strategy.
A business plan helps you keep on track as you start and run your business. It also comes in handy when you need to obtain funding from third parties, such as angel investors or lenders.
2. Get into a routine
Starting a business while keeping your job means you will have less of free time on your hands. So, you need to plan your time well to make the most out of it. You can begin by setting the exact time you will be starting work every evening and the time you will be closing down for the night.
After creating a schedule, you must stick with it—and that’s even more important than creating the schedule in the first place. You must avoid excuses that allow you to procrastinate, and avoid working beyond your fixed finish time. The more disciplined you can be with your time, the greater your chances of successfully balancing your business with your day job.
3. Maximize breaks and holidays
If you want to get your business in good shape, you will need to devote as much time as possible. Even if you work every evening, devoting more time during breaks and holidays can help push your business further down the path to success.
In addition, by using your holidays for work rather than pleasure, you could end up making financial savings to go towards your start-up. You may not find it easy devoting holidays to work, but hopefully, when your company takes off and starts growing, you will see the benefits of the decision.
4. Get help when necessary
If the volume of work required by your side business is more than you can handle, then you should consider hiring someone to assist you. Your employee would be working on the business throughout the working day while you are at your full-time job.
You may not be able to afford the cost of hiring an employee when you are just starting out. In this case, you should consider taking a young graduate on a placement or work experience stint.
When you are starting a side business as a full time employee, the definition of a good location goes beyond “where your target clients are.” Your location must allow you to shuttle easily between business and work, and allow you to achieve maximum productivity in both capacities without distraction. So, it’s essential that you find a location that will meet these requirements.
Now I am not trying to say that you cannot build a brick and mortar business while working full time, however, it will be more easier if you start an internet business. Why? The reason is because an internet business is cheaper to start, requires less logistics and inventory; and offers flexible running time. So you are better off starting an online business.
Once again, I want to state that running a side business and keeping a day job at the same time isn’t easy. But by implementing the tips offered in this post, you will achieve your dream.