More people, including those doing a nine-to-five job, are becoming interested in entrepreneurship. If you are currently employed and want to start your own business, quitting your job is not a good idea.
Instead, it's better to start the business while already having a job. Go through this article to know how to kickstart a business while working as an employee.
1. Identify Your Desire for It
Do you really want to start your own business, or is it just a momentary fling? Before you even consider starting a business seriously, make sure you know whether you really want to be in this venture.
Being an entrepreneur means becoming responsible for all the tough decisions. Write down all the activities you need to do as a business owner and the time you need to invest. Also, consider the sacrifices you have to make and see if the business is worth it or not.
2. Go for a Suitable and Legal Business Idea
Starting a business while being employed by another company involves added risk. Go through the NDA, terms and conditions, or any other employment document that has your signature in it to check if you're allowed to be part of a side business during full-time employment.
Even if the document does not mention any such restrictions, it's better not to start a business that might have a conflict of interest with the present job.
To be on the safe side legally, you can hire a lawyer from the platform online Legably to take care of your legal issues.
3. Assess Your Skill and Drawback
When you think of a business idea, you should also discover your strengths and weaknesses. Choose a business where you can leverage your skills and won't need to utilize your weak points.
Use the SWOT analysis app to find out your strength, weakness, opportunities, and threats in one place.
Hopefully, you have some skills necessary to make your preferred business happen. If you don't, identify the skills and learn them through courses.
4. Set Measurable and Realistic Goals
Before starting a business, you must know what you want to achieve. If you don't have realistic and attainable goals for your business, you'll have difficulty becoming successful.
Select short-term and long-term objectives and work to attain them, depending on your business type. Way of Life is an app that helps select relevant, attainable, and specific goals for your business.
5. Consider the Business Cost
When you want to become a business owner as a full-time employee of another company, choosing a business that does not need financial investment upfront is a safe decision. It'll safeguard you from financial losses even if the business doesn't go as expected.
While any business may fail, capital-intensive businesses have a higher chance of failure. Businesses you're about to start as a side-hustle should not need an office, storefront, inventory, employees, or costly equipment.
6. Save Initial Incomes From the Business
When you start getting profit from your business, don't be foolish enough to spend that or think it's time to quit your office job. Try to save most of the money you get from your business.
You can invest it later to grow your business, or spend it when you make this business your primary occupation after leaving your job. Using the personal finance app Mint, you can keep track of your income and expenditure.
7. Don't Blur the Line Between Work and Business
While you're doing a job and a business side-by-side, remember that both are your responsibilities. At the same time, draw a clear line between these two professions. Never work on your own business during office hours or use the company system or any other resources.
Also, learn to say no whenever necessary. Don't accept every opportunity that you get along the way. Choose your clients carefully, so it does not hamper your office job.
How to Find Time for Your Business Besides the Full-Time Job
Being employed in a nine-to-five job means you're investing a minimum of 40 hours of a week in your office work. It indicates you're already juggling your personal and professional tasks. If you want to start a business on top of these, it's crucial to know how to find the time for it.
1. Audit Schedule to Locate Free Time Windows
Before starting a business, take a good look at your current daily schedule and find out when you are free from professional and personal responsibilities. You can use Google Calendar to list down the time you need to invest for the day job and your family.
Once you can locate the free time windows, consider your energy level at that time. Don't schedule a business immediately after coming from work; instead, plan it after a break.
2. Choose a Side Business Based on Available Time
Now that you have a clear idea about your available time for side-business, choose a feasible business model as per the available time. If you have less time to offer your business, select a business model with a low time commitment.
If you have more free time, you might opt for a business where you need to invest a significant amount of time every week.
3. Utilize the Time You Commute and Weekends
If your job involves a long commute, why don't you use that time for your business? Instead of sitting idly during your journey, you can outline a blog post you're planning to write next using Microsoft OneNote.
If you drive to and from your office, spend the time listening to an educational podcast or voice notes left by your client. Weekends are also a good time to work on your business. You can relax on Friday nights and wisely spend your Saturdays and Sundays for business purposes.
Become an Entrepreneur Today
Every business comes with certain risk factors. If you're already doing a day job, it's better to start your own business side-by-side. By following the tips mentioned in this article, you can easily start your business initiative and find time for that.
Furthermore, you can create the logo for your business using free online logo makers without any cost.