Steps To Start A Side Business Without Losing Your Job
Quitting your job and starting your business can be exciting, and terrifying at the same time, especially when you have bills to pay and a family to feed. Starting your business without quitting your job is a smart move. Besides, you need to make sure that your business is generating profit for you to pay your bills and sustain your daily needs before you finally decide to quit your job. Fortunately, you can build your own side business while maintaining your current job.
Having two jobs is not easy. But if you manage to make your side business work while working full-time, you’d bring more income to your pockets. You could also afford the luxuries and have the financial security to finally say goodbye to your job and focus on your business.
For you to successfully run your own side business while keeping your full-time job, you need to establish a plan.
1. You need to justify why you want to start a business.
This is commonly a neglected step when starting a business. For you to proceed with setting up your business goals, you need a strong reason why you want to start a business. Is it because you want to make extra money? Or is it because you want to help your community? Or maybe, you have plans of leaving your job and start being your own boss. No matter what reason it may be, it should be powerful and you should hold on to that reason.
2. Evaluate your goals.
You need to determine if you want to stay in your full-time job and keep your business as a side project. If you are planning to develop your side business so that you could quit your job and pursue your entrepreneur path, then you should create a long-term goal that would help you decide how you will invest your money and time on the growth of your business. You need to plan how long you need to work before you finally have enough funds to leave your current job.
3. Practice time management.
Since you will be working on two jobs, you need to master how you are going to handle your daily time. You should be prepared for sacrificing your free time so that you could work on your business. This includes working when you got home from your work and even working on weekends to meet the demands of your business. You should never manage your business while you are working on your day job or even when you are on a work break. This is because you might get fired because of the conflict of interest. If the tasks of your business are too much, you might want to consider hiring someone that could help you do the work while you are working in your day job.
4. Create a personal support system.
Because you are juggling two jobs, there will be times that you will feel stressed and unmotivated. You need your friends and family that you can turn to during those difficult times. You can talk to them and ask for their help or moral support. These people know you well, and they are more than willing to give you a hand if you just let them know that you need help
5. Be patient.
Patience is a virtue. It usually takes some time for most businesses to generate profit. The idea of overnight success is one of the common myths for startup businesses. What most people don’t know is that success takes time and patience. The thing is when we lack patience; we don’t accept the delay of gratification. Thus, we get frustrated and it drives us to quit our goals when we don’t achieve something in our own terms. We should understand that it takes time and patience for any business to be profitable and grow.
Starting your business while working on your full-time job is difficult but it is doable. Your day job is your safety net in case your business does not work. Consider these five simple steps when you are planning to start your business.