December 29, 2016
Launching a startup while having a full-time job is challenging but unfortunately a necessity for many entrepreneurs. According to studies, 37 percent to 58 percent of all startups fail within four years. Having a steady paycheck ensures that you won’t have to worry about paying the bills while growing your business. Here are a few tips to help you manage.
Make the Most of Your Time
The majority of your time will be spent at your full-time job but that still allows for an extra 4-5 hours to work on your business if you manage your time wisely. Cut out any activities that aren’t helping your business move forward such as playing around on your smartphone or watching Netflix.
Consider moving closer to your job for a shorter commute or ask your employer if you can telecommute or work from home a few days a week. Making the most out of your time may mean waking up earlier in order to get things done. Use a time management tool in order to prioritize what needs to be done on a daily basis.
Outsource the Simple Tasks
Your time is worth money and grunt work should be outsourced as soon as you can afford it. It’s key for startups to develop and document efficient processes and delegate them to someone best suited for the task. It’s normal to want to handle everything at first when your company is brand-new, but scaling is imperative if you want to grow. Sites like Upwork and Peopleperhour make it easy to find the most suitable professionals for design, development, copy writing and other jobs.
Stay Positive About Your Job
Think of your job as a blessing since it’s providing you with a steady source of income as you launch your startup on the side. Money from your job can be used to invest in your startup. Your job can also be used for networking purposes. Some startups have been able to count former employers as clients.
Learn From Your Current Job
There’s plenty to learn from your current job even if you are miserable and hate it. Pay attention to everything that’s going on in the company including how the work is delegated, where the sales people are getting their customers and how management is interacting with their staff. Having a close view on your company’s internal processes lets you see what’s working or not and apply the lessons when launching a startup.
Work Part-Time or Freelance
The switch from a full-time job to no steady paycheck overnight can be daunting to say the least. Ease the transition by asking your employer if you can switch to part-time or perhaps even telecommute. This will enable you to still earn money while having more time to focus on your startup. Another option is to work from home as a freelancer. CJ from ShopHairDryers says:
“Working as a consultant on a freelance basis allowed me to pay the rent while I worked on my side business at night and on the weekends. The major drawback of freelancing is having to pay self-employment taxes and being responsible for my own health insurance costs. Make sure that you can cover both before you work as an independent contractor”.
Cutting costs is key since you’ll want to have as much saved as possible once you cut the cord with your employer. You’ll need a safety net of at least six months to a year’s worth of living expenses ideally. Save money by eating at home, moving into a studio or renting out a spare room in your home.
A full-time job may seem like a hindrance when launching a startup but it can also be a blessing; it’s a matter of perspective. Manage your time wisely and your transition from employee to business owner will be a lot smoother.
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