There must have been an instance where you were ready to start your own business but not yet prepared to let go of the comforting embrace of a day job. You could want to use your income from your day job to bring in capital for your new business or may rely on the income to sustain your living expenses while your business regenerates profit. Whatever the reason is, a lot of the entrepreneurs have started their businesses in this very similar way. Though it is a guaranteed way of keeping your business running, it is also something that takes up a lot of hard work, long hours and letting go of your social life. But do not let the hard work and the tedious hours scare you because though it might take some getting used to, it is also a smart decision to do so.
The reason why you have heard of so many people being able to manage a job along with a business is that it is possible to do so. There are many people who do a day job while starting a new company to keep their heads afloat. Daily life comes with a lot of bills, and other responsibilities that require monetary assistance and businesses are known to usually not be able to bring a lot of money in the first instance of them starting up. You will have to pay your employees and finance other aspects of the business for which your day job will help you.
Here are some ways you can work your day job as well as run a business:
Completely disregard your business plan
If you have taken business classes, then you must have had the concept of “making a business plan” drilled into your head. You must have even developed many in your classes or created one for your business. The reality with startups is that business plans usually become obsolete moments after you write them. You will be forced to change the prices or the marketing channel, and so your financial plans will need to be edited. Though, this does not mean that you should not plan AT ALL. You should; however, you need to remember that your product, the value you are propositioning, and marketing methods will change significantly as you start receiving customer feedback.
Make sure you are legally backed up
When starting your own business, one thing you need to make sure is that you are on solid legal ground so that your employer does not reprimand you. Especially if you are starting a competing business that is experiencing raging success. The easiest way to get out of or prevent any trouble is to make sure that you are working on an idea that is not related to your employer’s business. You will have to work on your business in your free time and using your own tools. Before you start your own business, you should look through your non-disclosure form or any other employment agreement forms to see what the policies of your company are.
Look for a good cofounder
Startups are difficult, but they are even more so when you have to do it alone. This is why it is best to get a co-founder who would help share your responsibilities and take the pressure off of you a little bit. The cofounder is usually the one who will to your company’s skills and increase the productivity of the company. They are the person you can share your emotional burden with. You will obviously need to find someone whom you are mentally compatible with and test things out at the start as well.
Test out your idea
Just because you have a great idea does not mean that you will be successful. You still have to test out your products to get a general consensus of whether you will be successful or not. You can set out prototypes and take customer interviews, or you can even have a panel judge them. Of course, you have to have done your own market research beforehand so that you are not off by a large margin when you start.
Your business is not a hobby
If you want your business to thrive, then you cannot treat it like a hobby. You will need to set daily goals of working towards your hobby, which you will meet once you are done with your day job. You might have a busy life, with your job, family, and friends, but it does not mean that you can put your business-related responsibilities to the next day. When you set a certain target for the day, you will have to make attempts to fulfill that target that very day.
Make generous investments
Your natural instinct might be to save money and invest it into something better. However, logic states that the best thing to do is to invest in your business as much as you can. Your initial instinct might be to look for cheaper options with which you can equip your business. However, that would work against you. Though it will help you save more on your business, it will still leave more potential that your business could have reached with the right amount of money invested.
Network as much as you can
Your job will be an amazing opportunity for you to network as much as you can. You can get your colleagues on your side who can be potential investors in your business. You can even have the customers that come to your business on your side, as well. Companies usually take their employees or hold events where you can meet potential investors or customers. Through networking, you will learn of people who are looking for something as similar as to what you are offering.