Risk Free Entrepreneur: How To Run A Business When You Already Have a Job
Having a job is all good and well, but if you want to reach the top dollar – and the financial security that goes along with it – then it’s no substitute for starting your own business. The problem isn’t that people don’t have ideas for a business. They have plenty of those. The issue is that they’re already working full time and don’t think they have the time to start a company. In reality, building your empire while you have a job is sensible, because it allows you to keep an income while working on creating another source of revenue. And it’s more than possible, too. Below, we take a look at how you can juggle your regular employment and the challenges of starting a business.
Speak to the Boss
You don’t want to burn any bridges with your employers. Talk to your boss about your new venture, though be at pains to reassure him or her that it won’t impact on your work. The reason you’ll want to let them know is to give them an opportunity to present any objections they might have. In all likelihood, they’ll be happy that you’re challenging yourself, but they might have concerns if the business you’re creating is in the same industry as your job.
Create a Schedule
Your time will be even more precious now that you’re trying to fit more into the day. It’s not enough to just plan to work on your company once you get home from work. You already have duties at home and to your friends and family, and if you do this, then your business plans will be liable to fall by the wayside. Create a schedule, one that outlines the time of the day that you can dedicate to your business. One or two hours of solid work each evening will be more effective than trying to get things started in between picking up the kids from school and getting dinner started, for instance.
Say Goodbye to Vacations
Your time in the evening will be useful, but at some point, you’re going to need to dedicate some long days to your new project. You’ll only be able to do this, however, if you have a clear schedule. As such, you might have to accept that you won’t be having too many vacations in the near future. Book some time off work and spend your days getting your project underway; if you’ve been spending your evenings getting everything in place, you’ll find that you’re able to make a lot of progress in a week or two of solid work. Vacations might be nice, but you can save them for when your company is up, running, and making you money.
Part-Time Work, Full-Time Opening
Just because you’re only able to work on your business in the evenings and weekends, that doesn’t mean you have to make it a part-time company. With today’s technology and resources, it’s never been easier to have full-time hours. If you’re unable to answer the phone during the day because you’re at work, make the most of a live answering service and have your calls answered by a professional. Your business will never miss a call, and you’ll be able to phone them back when you have the time. You should, of course, also have a website, which will effectively make your business open 24/7.
When you’re starting your business, the cash that your company generates should be reinvested into the business. You already have a full-time wage, so you can avoid paying yourself for a while until things are more profitable. To help grow your business, why not think about hiring a staff member or two to keep things ticking over throughout the day? If you’re not able to hire an employee, ask friends or family members to help out with the tasks that can only be taken care of between 9-5.
Outsourcing the Essentials
Ask any small business owner, and they’ll all tell you that it’s not so much the company’s core duties that take up their time; it’s all the other details, like tax, paperwork, repetitive tasks, website tasks, and so on, that are a drain on their energy. If you have limited time to work on your company, you need to make sure that you’re using your time wisely, not wasting your energy just taking care of the essentials of running a business. As such, you might find it beneficial to outsource these tasks to outside companies. If you do, you’ll be able to get on with the tasks that your skills are suited to, with the peace of mind that the essentials have been taken care of.
There’ll come a time, once the thrill of owning a company has worn off, that your interest in spending your evenings trying to get it to grow begins to wane. Be wary of this feeling, because it’s only fleeting, but might spell the end of your company if you’re not careful. It’s all about attitude. Remember that your venture isn’t a hobby or a side project; it’s your company. Stay serious!
Give Yourself Time Off
While you’ll need to work hard to get your company off the ground when you already have a job, it’s important that you give yourself time off. At a minimum, take all of a Sunday to unplug and do other things you enjoy. If you don’t, you’ll run the risk of burning out before you’ve even got started. For your company to succeed, you need to be at your best, and that means well-rested and bursting full of ideas!
Know When To Commit
Once you’ve got your company started, there’ll come a time when you won’t be able to have a job and be CEO. As such, it’s important that you know when it’s time to commit to your business. You’ll have worked hard to reach that stage, so don’t get cold feet at the last minute! If you’ve created a business on part-time hours, imagine what you can do when it’s your full-time job.