Starting a business has become so easy that many people are taking the leap of faith to chase their passions and earn more money. That being said, however, running a successful business isn’t easy and doesn’t tend to happen overnight. This is why it is recommended that before you take the dive from the workforce to being your own boss, you start with a side business and keep your full-time job.
Yes, it can be a lot of work to have a 9 to 5 and business on the side, but leaving the stability your job provides (finances, health insurance, etc) before you’ve provided a sense of security for yourself with your business could prove disastrous. It is wise, instead, to manage both until you’re generating enough income that you can supplement your current income.
Here are some tips to help you balance it all:
Don’t Neglect Your Full-Time Job.
The idea of starting a side business as a solution to one day leave your full-time job behind can be exciting. However, until that day comes, you don’t want to slack on the job. You should never try to complete side business work while you’re being paid for another job. Do your regular work to the best of your abilities.
Choose the Right Side Business.
When deciding on a side business it is imperative that you choose one that works with your work schedule. For example, if you want to become a virtual assistant, chances are they’ll require you to work normal business hours. Since you can’t mix the two, you’d have to either find clients who are okay with you working after business hours or consider another job like a freelance writer or blogger where you can have a more flexible work schedule.
Side Business Funding.
Another struggle that people have when it comes to managing a full-time job and a side business is funding. They often start taking money from their regular incomes to cover the cost of running the business. Unfortunately, this causes serious financial strain which sets them back from their goals to one day quit their jobs.
Start by deciding how you’ll fund your side business. Review your personal budget to see what funds you have to dedicate to it and even consider cutting back on unnecessary spending to increase funding for your side business. If that’s not enough, you can also consider sources like payday loans to give you a boost. Just be sure you have the means to repay the loan in full without going further into debt.
Create a Schedule.
If you don’t develop discipline your side business will never get off the ground. Knowing you can’t do business work at your job, review your personal and professional schedule to decide when and how much time you have to dedicate to your side business. Make these free hours your business hours. These are the hours that you’re not focused on anything else but the operation of your side business.
It takes a lot of organization to manage a full-time job and a side business. Choose a designated space free from distractions in your home to call your office, use calendars and reminders to keep up with deadlines, and look into free and affordable software that helps you to streamline processes.
Know When You Need Help.
As your side business starts to expand, you’ll find that you don’t have the time, resources, or even know how to keep running things on your own. Trying to do so will wear you out and cause other areas of your life to fall apart. It is important to know when you need help. If you’re not quite ready to hire a team, start looking for other freelancers you can outsource certain tasks to to take the load off your plate.
There are lots of people today who have found success in starting their own business. It can be such a freeing experience to be able to provide for yourself and your family while doing something you’re passionate about. However, in order for this dream to become a reality, it is important not to be too impulsive. Work your full-time job, create a plan for your side business, get organized, and scale your business until you’re ready to take the leap of faith.