Last Updated on Apr 7, 2020 by James W
So many brilliant business ideas never see the light of day because the people that have them aren’t in a position to start a business for whatever reason. Maybe they just don’t believe that they could ever do it, or perhaps they aren’t willing to risk their financial security on something that could ruin them completely. It’s perfectly understandable. If you haven’t got that many financial responsibilities, quitting your job and trying to start a business is an option. If you fail it isn’t the end of the world. However, if you’ve got a mortgage to pay and a family to feed, you just can’t risk it. But that doesn’t mean your great business idea has to be forgotten forever. It is still possible to start a business while you’re working full time, you just have to be willing to put the time in. Here’s how to do it.
Learn New Skills
When you’re trying to start a business alongside your current job, you won’t be able to hire an office and a bunch of employees to get things going. You need to start making a profit before you leave your job and start doing this full time so, for now, you’ll have to handle everything yourself. But where are you going to find the time to go to business school? You don’t have to actually go to business school to get a qualification any more. There are plenty of 100% online mba programs out there that you can complete in your own time. They will teach you everything from business management to accounting so you’ll know everything that you need to start your own company and you can learn it all in the evenings after work.
Scrap The Business Plan
Ordinarily, having a business plan is vital. It sets out exactly how you are going to start the business in clear stages. Sticking to a plan is the best way to make sure that everything is on track. When you’re trying to start a business alongside your job, this simply doesn’t work. You can’t devote all of your time to the new company and you don’t know what your work schedule is going to be like so setting yourself strict time restraints is just counterproductive. You won’t meet them and it’ll make you feel like you are behind. You have to accept that this is going to take time. It’s important to set out all of your goals, and the things that you need to do to get the business up and running, but don’t set a time limit for these things.
Find A Partner
Two heads are better than one, and finding somebody else that can work on the business part time will speed things up a lot. They can share the workload as well as bringing new ideas to the company. Make sure that you choose somebody that is on the same page, and that they can invest the same amount of time and money that you are.
Budgeting
The reason that you are doing this while working is that you need the money from your job. If you start pumping it all into the new business then you’ll end up with the exact problem that you were trying to avoid. Before you start, work out what your expendable income is each month and make sure that you never put more than that into the business. You’ll have to work with a low budget at the beginning. Once you start making some profit, you can reinvest that and start to grow.
