How do you start up a business while working full-time?

From the office to the farmer can be a big jump.

 

 

Use your time to understand your why and your passion

If you have a great business idea, you may be eager to get going, your job is no longer meeting your physical and emotional needs, or you don’t like the way the company is heading and your future prospects. There could be many reasons you want to break out.

However, you are probably concerned about the risks associated with having your own business and about how you will pay your bills while funding your new business.

Sometimes it can make sense to continue working in your current job and earning a reliable income until your new business becomes profitable. In fact, many people work in a full-time, salaried position while getting set up and launching their business on the side.

 

“Chase the vision, not the money; the money will end up following you”. Tony Hsieh

 

As you might imagine, working two jobs can be demanding and stressful, and it will require some discipline and sacrifice on your part to be successful doing both, but it might be your only option.

 

It can be too hard doing it by yourself

For some, they have a strong family and friends who are able to support them with know-how, experience and capital, while others are all alone.

There is so much to do in a business until you learn how to run a business and until it becomes sustainable. While this can be a fun time, it can also take its toll on your health and well being, if you are not well organised and have not put a good support network around you.

Learning how to run the business well could take several years, but with an open mind, you can shorten the learning period dramatically. Some businesses don’t take as long to reach profitability as they used to. There are many things you can do to make the start up phase much more enjoyable. Things such as being able to focus on doing what you like doing and outsourcing the rest.

Today technology will play a big part in helping you to manage everything much more efficiently and effectively. Just keep in mind that in a modern world you can’ do everything that needs to be done by yourself and without good technology.

 

Disclose your intentions to your current employer

It may be helpful in some cases to disclose your business intentions to your current employer. This could be most beneficial when your new business is not directly competing with your employer. In some cases, your employer may even become your first customer.

The last thing an employer wants is to suddenly lose a good employee. By giving due notice you will feel better about it and your employer will be happy that they are not being left in the lurch and will have Time to replace you. You will be able to help them with the transition and training of a new person. It can be a win-win situation

Before discussing your new business with your current employer, ensure that your contract does not forbid you from starting and operating businesses while employed.

Many people sign non-compete or non-disclosure agreements with their employer, and some of these documents may contractually and legally prevent you from starting your own business in the same field. If you are unsure consult your legal advisor.

You also need to plan to work on your new business in your free time rather than during work hours and using your employer’s equipment or supplies behind their back is a no no. You need to be respectful of the established relationship you have with your current employer and negotiate a pleasant departure.

 

Set schedule and stick to the plan

Until you clearly understand what the new business will be it can be frustrating trying to grapple with your why and your passing while trying to come to grips with the details.

Having said that it is a good idea to get a separate notebook or computer file dedicated to your new business, You need a place where you can quickly jot down ideas and draw diagrams as they come to you.

While you are working full-time for another company it can be more stressful if you are moving forward by the seat of your pants. You need to know as quickly as possible what it is you want to do and what you need to do to propel you into your new future.

The important thing when you are starting any new venture is to know your purpose, vision and objectives and to focus and align everything with that in mind. You will need to complete specific tasks in a timely manner if you want your launch to be successful.

Without putting a plan in place you will continue to vacillate as you juggle your dreams with reality. Your actions must start to match your rhetoric. Start planning will a one-page business plan. Make full use of technology, outsourcing and innovation and you will be less likely to wear yourself out.

 

Relax, don’t wear yourself out

With good advisors, things will go well but don’t let you enthusiasm impact negatively on your health, or your family and friends. You need to get ample rest so that you can stay focused. Some stress is good for your motivation but too much eustress (good stress) will damage your health and well-being.

When you are working full time and trying to maintain personal relationships while moving your new business forward, it is easy to feel stressed out and overworked. Build a routine that gives you relaxation time, and plans to have at least a few hours each week to completely disconnect and relax.

 

[read more=”Personal Experience” less=”Personal Experience”]

Personal Experience

It can be exciting starting a new business, or at least it should be. You may be raring to go and you want to devote as much time as possible to the new business. If you can start a home-based business it will become easier and far less expensive to start up a new business.

However, your new business should not negatively impact your current job. When you are at work during the day, focus solely on your assigned responsibilities, and avoid letting your new business’s activities negatively impact your day, otherwise, there will be problems you can do without.

It makes sense to get your new business up and making a profit before you leave behind the financial security of your salaried position. However, working both will take a lot of time and effort, and you may find it’s better to quit your job and focus entirely on your new business.

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