Sometimes the only way to start a business is while you’re still working in your full-time job. However, working your day job, and setting up a business at the same time can be stressful, and overwhelming. There are some things you need to take into consideration before you start moving forward on your business plans. Let’s find out How to start a =business while keeping your day job!
Your Idea
Your business idea doesn’t need to be perfect, or completely without competition. However, there are some things that your idea does need.
Firstly, it needs to be something you’re passionate about. If you’re going to be splitting your time between a full-time job, and your new business, you need it to be something you really want to work on.
Secondly, your idea has to play to your strengths. There will be some areas that you’re weak in, And that’s fine. You may, at some point, be able to outsource your weaknesses to experts. However, the fundamental basic idea of your business needs to be something that plays to your strengths.
If you want to eventually leave your job, and make your business your full-time gig, you should think about whether or not your idea is scalable. You’ll need to be able to scale it down to begin with so that you can still have the time and energy to work your day job, but it should also be able to be scaled up.
Market Research
Once you have your idea, you need to complete some market research. Jessica Skinner, a marketer at logocreator.io says that one of the mistakes many new entrepreneurs make is forgetting to do proper market research. Many people only speak to their friends and family about their business idea. Your friends and family will probably be encouraging, and will probably reassure you that they would spend money on your idea. However, they may not be entirely truthful.
Instead, you need to ask people who have no relation, or relationship with you the questions you need answers to. Strangers are much more likely to be completely honest with you and tell you if your idea has viability.
Customers
If at all possible, you should try to have three paying customers before you dedicate a huge amount of time to your business idea. If you have an agreement from three customers to pay for your goods or services, then you’ll know if your business is viable.
The customers shouldn’t be friends or family. Family and friends are likely to agree to make purchases as a way of encouraging you, but this may not be an accurate reflection on whether or not your idea would make a good business.
Costs
You should work out what the running costs of the business would be. You’ll also need to work out exactly how much time you can devote to the business. Some people estimate that entrepreneurs who are working full-time have approximately 15 hours a week for their businesses. In some cases, this may be enough to get the business started, but for others, it may not be enough time on a weekly basis.
If you need to continue working full-time, it will probably be a little less financially risky to start a service-based business. There tends to be less initial financial outlay in a service-based business, than a business that involves physical goods.
You should also work out your personal or household budget. Track your expenses, and nail down exactly how much it takes to keep your household afloat. It may be best to work this out on a weekly basis, rather than a monthly basis. Weekly budgets will give you a much better idea of your actual spending.
Savings
It’s always a good idea to save some money before beginning your business. If you intend to work full-time alongside your business for some time, then you should save about six months’ worth of running costs for the business. If you intend to leave your job, and make your business your full-time job, you should save six months’ worth of running costs for the business, but also roughly the same for your household budget.
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Thank you for reading – Starting A Business While Keeping Your Day Job –
By: Willie Rodgers