February 17, 2014
More and more people are dreaming of becoming entrepreneurs, attracted to the innovation, creativity, and flexibility this route offers. Are you one of them? If so, then you need to understand one of your options: starting up without quitting your day job. With this approach, you will have the continuous investment to continue your business. Moreover, you will be able to test whether your product will actually work in the market without stopping the permanent source of income that is your job. The question, then, is how can you can start a new company without quitting your day job?
Find your great idea
First of all, think of a business idea you feel you could turn into a viable company. Think of something you are good at. Think of an idea that will solve a problem for a lot of people. But, make sure it is something you are willing to invest a great deal of time and effort on.
What do you want to do when you aren’t working? Is it photography, yoga, or something else? The purpose is to find something that you will love to do. Keep in mind that with a day job, starting a side business will be difficult. So, make sure it’s something you love, or the entire thing will become a hassle instead of a viable company.
Set goals and schedules
Always set goals and schedules based on your convenience, but whatever you set as your goals, achieve them by following the planned schedule. For example, you are planning to start a small business but later on, you want to expand it. In order to achieve this target, make weekly, monthly, and annual schedules to achieve the desired goals.
Manage your time by setting boundaries
Time will be a crucial element for you when you will be conducting a business along with your day job. To manage both the responsibilities along with your family commitments efficiently, you will have to focus on time management by setting certain boundaries. Keep in mind that when you know what you want to achieve in a specified timeframe, it will become easier for you to distribute your time accordingly.
Set a budget
The best part is that you can use part of your salary as the investment in your side business but in such a scenario, you must be diligent about setting a budget and sticking to it. Do not rely on your business income for a while, and make sure to factor in the other financial needs in your life as well.
While it may seem ideal to be able to focus on building a startup full-time, most of us aren’t lucky enough to have that opportunity. With some careful planning — and lots of hard work and self-discipline — you can still launch your startup without sacrificing the security of your current day job.
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