Hybrid entrepreneurs are more likely to succeed than those who instantly jump into business without securing an employment safety net. Although, starting a business while working full time is overpowering, this idea is clever.
It allows you to have the best of both worlds. You make good money through your business? revenue and earn a salary for a nine-to-five job. So, you become more confident to test the waters with your new-found business especially during its most critical period. During the first year of operation, everything can happen. This includes failure, of course.
As an entrepreneur wannabe, you don’t want to lose. Though failure is highly probable, you don’t see yourself journey on this path. That being known, you will find this business guide useful. Here is a list of dos and don’ts that you should remember to pursue your business interests and sustain a good employment record at the same time. If you are ready to know what these tips are, read on.
1. Start a business while working for full-time job.
As you try to find your way into the business world, having a reliable income adds fuel to your drive. You worry less about stacking up unpaid bills or draining your savings as you grow your new business. As a result, stress is less of a challenge.
2. Be open and sincere to your employer.
You can invite your employer into partnership or collaboration provided that your business is not its competitor. A good relationship with your employer makes it easier for you to convince him to invest in your new business. You may turn him into a client too. But then, make sure to abide by the lawful process when you do so.
3. Set priorities well.
Keeping an 8-hour job at the same time as growing a new business leaves you with less time to manage non-essential things. You must have a perfect grip on your schedule by setting priorities well. Make decisions based on what is important to you and your family. Revisit your passion and responsibilities to cut out those less significant ones. This way, you may be able to make more time for your business. I tell you, your startup needs more of your time.
4. When running a business while working, save your income.
At this point, you might think of leaving your full-time job to focus on your business. As you see your business growing, the importance of proper accounting comes into play. Spend within your means. That is the rule of the thumb. Build a safety net by saving your business revenue. Be financially-prepared whenever the market becomes wobbly.
The Don’ts in Starting a Business while Working Full-Time
1. Never use the employer’s property for your business-related transactions.
Sending emails to your prospective customers must not be done during office hours. Never use computers in your workplace to seal a deal. You will be on a bad side legally when disputes happen simply because you are illegally using the company?s property for your personal gains. Save yourself from such trouble.
2. Never talk about your business to colleagues during office hours.?
Promoting your startup business during working hours is a no-no. Sharing about your side business to a wrong person might bring up possible issues with your employer. Worse, they might take it against you. Adhere to the silence rule every time you are on company discussions. Promote your business intelligently. Make use of simple marketing platforms and social media sites in advertising your trade.
3. Never choose a time-demanding business.
You have a job to perform. So it is a bad idea to open a side business that requires too much of your time. You don?t stand a chance to thrive in a business that demands you to be hands-on 24/7 especially during the first twelve months. Pick a side business carefully.
4. Never fear to leave your job when your business prospers.
You gamble the moment you start a side business. You invest your money, time, and effort into something that can give you an amazing return of investment. When your business starts to generate revenue, it is a good sign that soon you will be leaving your full-time job for good. The fact that business needs full-time commitment is irrefutable. So check its level of sustainability based on income.
The Real Catch!
A full-time job makes startup management more daunting as it seems. However, an 8-hour job endows you with financial stability and support you needed to become successful. The next few years of your career as an entrepreneur must be focused on building a strong business foundation. Utilize available tools. Seek professional help particularly in bookkeeping and accounting. Stay focused as you step your feet towards your business goal.