Do you find yourself sitting in your cubicle dreaming of a different type of life? The idea of starting a business while working can often seem overwhelming.
You may have a brilliant idea for a business but don’t think you have the time or the ability to turn your idea into a reality.
This is probably mainly because you think you’ll have to be without a sizeable income for a while.
However, this doesn’t technically have to be true.
In fact, many businesses are actually started while the creator is still working full-time in another position.
Just because you currently have a job doesn’t mean you can’t work to make your dreams to start a business come true.
It means you can do whatever you’re capable of doing at the time in order to get things done.
In fact, continuing to work while you’re just starting up can come with a wide range of benefits.
For one, it will give you significantly more time to really learn exactly what your business is all about and attain the skills necessary to successfully run it.
When you try to start out on your own all at once, it can leave you in a really difficult financial situation.
So, starting a business while working is more beneficial to you.
By jumping into the formative stages of your own business whilst you still employed, you’ll have some peace of mind.
Owing to the fact that you’re still getting that paycheck while you’re making your initial business move.
Provided, you can separate the time you need to dedicate to your own business and what you’ve promised to your current employer, managing both might be much simpler than you thought.
By learning how to really manage yourself and the hours you have available, you’ll be setting yourself up for success later on down the road.
Here are a few of the different tactics and tips that can help you at successfully starting a business while working for someone else.
Protect Yourself
Before you even jump into the planning phase, you’ll need to double-check a couple of things with your current employer.
Some jobs have it written into the contract that you’re not allowed to work on any sort of side endeavors whilst employed in a particular position.
This makes it impossible for you to start out on your own.
Being open and honest with your employer about your intentions is always your best bet.
That way, they can make it clear what’s expected of you and what you’ve actually agreed to in your contract.
This is particularly important if you’ve put your signature on anything, as going against what you’ve agreed to can get you into a lot of legal trouble later on.
This is even more important if you’re starting out in a business that is at all similar to the one you’re currently employed with.
This could lead you to issues of idea theft, non-disclosure, employment terms, and more.
If you’re really concerned that you might be putting yourself in a difficult position, ask for a copy of your contract, which you have the right to see at any time, and set a consultation with a lawyer.
A legal expert will be able to point you in the right direction.
They’ll be able to tell you exactly what you can and can’t do in terms that you can easily understand.
When it comes to starting a business while working, it is important to protect yourself in situations like this.
Start with the Right Plan
Once you’re sure that you’ll be able to manage both your current job and your prospective business at the same time, you need to start planning.
During this time, it’s important that you keep specific questions in mind.
First, what issue is your product or service solving?
All businesses look to create solutions for particular problems no matter what industry they’re in.
In order to be a successful company, you need to understand what issues your product or service will be able to solve in order to attract customers.
How can your product or service be described?
You’re going to need to promote your business.
For this, you need to be able to accurately and concisely explain how it will benefit a customer.
Who are your target clients?
You are creating a specific product or service.
Therefore, you’ll certainly have a target audience that your business is geared towards.
Try to understand those clients and what they are looking for.
That way, you’ll be better able to market yourself and put yourself in the sights of these customers.
What makes your product or service unique?
To succeed in any industry, from foodservice to construction, you must have something that differentiates your business from others.
By making sure to highlight whatever it is that makes your business unique, you’ll be able to draw in customers who couldn’t previously find that particular quality anywhere else.
Where will the money come from?
Whenever you start out on your own, you need to bring in financing from an outside source.
It could come from getting a business loan, borrowing money from a friend or investor, or taking out money from your own personal funds.
You need to be clear on where the money is coming from and how much is available to you before you get started.
This is a factor for starting a business while working.
What will the major purchases be?
Do you need a storefront?
What type of equipment will you need to buy?
These are all important things to consider when you first start out.
Ensure you do the necessary research so that you can really understand what you’ll be spending.
This will enable you to create an accurate budget for those first few months.
Take Advantage of Every Minute
When you decide to open up your own business, it’s incredibly important that you use your time wisely.
There are 168 hours in a week.
If you’re working full-time, at least 40 of those hours will be spent in the employment of someone else.
Assuming you get at least six hours of sleep per night, that leaves you with 86 hours.
This is divided between your new business and everything else, including socializing, eating, commuting, and more.
While you might think that that seems like a significant amount of time, it really isn’t.
Many people find themselves losing focus and abandoning their entrepreneurial dreams before they even start.
In order to really be successful, you’ll need to take advantage of every single minute you have.
That means using lunch breaks, waking up early, going to bed late, and definitely making the most of your days off.
Starting a business while working requires dedication.
Your business will need your commitment more than anything else in your life at this time.
Test, Test, and Test Again
You might think that your idea is the most amazing thing in the entire world.
However, it doesn’t mean your future clients will necessarily think so.
Whenever you start creating a product or a service, you need to test it out on as many different people as you can.
You need to make sure that people will be willing to purchase what you’re trying to sell.
If they aren’t, then it’s definitely time to rethink things.
Start by offering your service as a freelancer.
Find new clients online and ask for an in-depth analysis of why your service did or didn’t match their expectations.
If possible, set up interviews with these experimental customers.
It would enable you to really get a full picture of their feelings about what you were able to provide.
If your business is product-oriented, invest in creating a mockup or prototype.
Something that could give your potential client base a general idea of what you’ll be offering.
That way, you can gauge their general reaction and ask about what they would or wouldn’t want to see as a part of this particular product.
Finally, take the time to create specific surveys and hand them out to as many people as you can.
This could include family members, friends, people at work, or even strangers on the street.
When it comes down to it, you want access to a wide range of people.
The more information you can get from your prospective clients, the better off you’ll be.
Treat Your Business Like a Business
While you may just be starting out, it’s important that you have the mindset of commitment from the very beginning.
You have to treat your business like a business, not just a hobby.
Make sure you set goals for yourself and do everything you can to achieve them.
Hold yourself accountable by making sure specific deadlines are met.
Ensure that the right level of commitment is given to every step of the process.
When you are starting a business while working, you should treat your business right from the very start.
By this you are showing your clients how dedicated you’ll be to them in the future.
While it’s important to keep a balance between work life and social life, you need to understand that your business is the main priority right now.
You’ve made a commitment to something that could really change your life for the better in the future.
Right now, it needs every second of attention that you can give it.
Even when you’re just in the planning phase, it’s important that you realize the level of commitment that your business will need.
This is another important factor to remember when you are starting a business while working.
Find Balance in Your Spending
While you certainly don’t want to be a scrooge when it comes to your profits, you don’t want to go overboard either.
Being a business owner means finding a balance between spending and saving.
Certain investments are important to the growth and exposure of your business.
So, those are places where you’ll want to spend.
A quality website, social media presence, the best staff, superior marketing techniques, and good legal counsel are incredibly important.
They contribute to the overall success of your business and will be well worth the cost.
However, things like coffee makers for the office, expensive logo designs, might not be required in the early stages.
There are many different options out there that make it possible to handle all of these things on your own.
So, avoid wasting your money in this way.
Save in every possible way while still letting your business grow successfully.
Know When to Bring in Help
When your business starts to really grow, there won’t be enough time for you to handle it all alone.
Especially if you are starting a business while working.
Importantly, learn to recognize when things are getting too much for you alone.
At this time, you’ll need to find individuals who you trust completely to help you out and start working for you.
Outsource specific needs like social media and customer service.
You can use the few hours you have available to really focus on what’s important to your business’s growth.
Let others handle the more simpletasks.
If you’re concerned about funding, find a freelancer instead of hiring a full-time or part-time employee.
A freelancer can easily provide you with the quality of work you need.
This way you won’t have to dedicate yourself and your financing to a professional regularly.
Besides, freelancing is becoming more and more popular among qualified individuals.
So you can rest assured that the quality of service you receive will be top-notch in every way.
Network
When it comes to starting a business while working, to succeed, make sure you can get your name out there.
Start creating a positive reputation for yourself.
This is one way in which working for someone else can really come in handy.
Take advantage of the relationships you’ve already built in the company.
Share your business with them and have them share the concept with as many people as possible.
Maybe your coworker has a cousin that specializes in branding.
Probably that one secretary might have a friend who just graduated with a marketing degree and is looking for work.
Whatever the case may be, the more people who are spreading the word about your business, the more likely you are to end up with opportunities that could make all the difference.
Starting a Business While Working Infographic
Have the Right Attitude
One of the most important qualities a business owner can have is a successful attitude.
Exude confidence and belief in your product and service, and those around you will quickly start believing in it too.
Having the right attitude can be the major success key to starting a business while working.
Make sure you are constantly showing positivity and dedication to going forward.
That way, your potential clients and possible employees will feel this attitude and associate it with the business you’re trying to build.
Even when you face failures and setbacks, the major characteristic of a true professional is being able to stand back up.
Dust yourself off, and keep plunging forward towards your goals.
Your commitment and dedication will motivate those around you to believe in what you have to offer and invest their time and money into helping you achieve your goals.
So make sure you always stay true to what you want and stay positive at all times.
Starting off on your own can be a terrifying and emotionally overwhelming moment in anyone’s life.
But that doesn’t mean that you have to go at it completely alone.
Starting a business while working under someone is easier than most people believe.
What you need is the dedication and wherewithal to make it happen.
Be sure to balance the workload of your current job with the dedication you’ll need for your prospective business.
This way, you’ll be able to set yourself on a path for success in no time at all.
Make sure you follow all the necessary steps and surround yourself with people you can trust.
This will spur you to really plunge into your entrepreneurial goals.
Things, like understanding your marketing strategy and creating the perfect product and service, will make a world of difference.
You need to have a thorough understanding of the ins and outs of the industry you’ll be joining.
It’ll enable you to create something that will stand out from all the competition and set your business apart.
Keep these tips and tactics in mind so that you can start on the path to creating a successful endeavor before you know it.
Creating the perfect situation for yourself is much more attainable than many people think.
Give your new business the commitment it deserves.
You will quickly find yourself in the position of a business owner rather than an employee in no time.
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