“How can I start a business when I have a full-time job?”Many Americans want to pursue their dream of becoming entrepreneurs. Establishing your company makes you independent and self-sufficient. Research suggests one-third of people left their jobs during the pandemic to start a business. However, we don’t recommend sacrificing your livelihood when you can establish a company while working full-time. You can read about numerous entrepreneurs who created profitable companies without quitting their careers. So, what’s the secret behind juggling your employment with entrepreneurial endeavors? Here, we’ll explain how you can become successful both as a business owner alongside employee of the month.
Working full-time while starting a business
- Follow a rigorous schedule
Owning your business demands dedication and commitment. You must determine how many hours you require for operating your newfound company. It means developing a schedule and sticking to it faithfully. For instance, you may dedicate your weekends for the business or work on your startup from 6-9 PM every night. Following a meticulous timetable ensures the success of your business, which may become your primary income source. Commit to your schedule and show patience.
- Invest in education
You must enhance your academic expertise as well to become an entrepreneur. You can read about Elon Musk, who taught himself astrophysics to create SpaceX. Forbes estimated that 40% of Fortune500 CEOs have an MBA on their resume. So, we suggest bolstering your education before investing in a self-owned business. You can now leverage AACSB accredited online MBA programs no GMATrequired from reputable institutes. What does this degree do? It teaches you crucial things about establishing your business. This low-entry barrier, flexible qualification is a must-have for those who don’t have lacks to become managers in their companies. So, make acquiring an MBA online your priority now.
- Identify your competitive advantage
What’s your competitive advantage? You should write down the factors that make your business better than its competitors. Why should customers switch to your brand? Unless you have found out your competitive advantage, we don’t suggest you leave your full-time career. Also, set realistic goals and stick to your objectives. We further recommend planning your milestones and making sure the company’s launch date is secured.
- Outsource some services
Around 80% of companies worldwide outsource some business services. While you’re working full-time, it’s better to employ the services of freelancers to handle some business affairs. You can rely on their expertise as long as you’re busy with your day job as well. When you have amassed enough learning to handle these affairs on your own, then you may stop outsourcing some critical functions of your business. Many budding entrepreneurs utilize the know-how of freelancers and part-time workers.
- Validate your idea
Did you know 90% of startups can’t even survive for a year? According to studies, over 40% of companies failed because they created products nobody needed. So, you must thoroughly investigate whether the market demands your future products before you establish a company. Otherwise, your venture will be destined to collapse. It’s essential to gather feedback from potential customers before risking your money and mental health over a doomed enterprise. Validating your concept can help you realize if owning a business is worth it or not!
- Avoid creating conflicts
Avoid conflicts with the company where you’re employed full-time. Check with human resources for ascertaining your contract allows you to work with competitors if your startup’s in the same field. Similarly, some companies forbid their employees from starting a business with each other. However, in some cases, the employer may allow your colleagues to work part-time for your company. Grab ahold of work ethics while having a conversation with your manager about your business schemes.
- Lower your hours slowly
As your business grows, you’ll have to spend fewer hours at your full-time job in order to spend more time monitoring your company’s growth. Scaling back how much time you’re spending in the office can enable you to focus on business affairs. We suggest making this change slowly. Some entrepreneurs often adopt an all-or-nothing approach to their day jobs. However, we propose assuming a middle-way strategy. Cut back your hours gradually to spend more time on the startup.
- Make some sacrifices
Starting your company requires some sacrifices without which your business can’t even survive, let alone expand. Elon Musk states that long hours kept Tesla alive. He suggests working 80 hours if you wish to bring some change in the industry with your business endeavors. The CEO further revealed how he worked 120 hours per week during some projects. If you’re working full-time while establishing a business, it means you have to give up particularenjoyments. Here’s what you must renounce now:
- Your social life
- Watching Netflix
- Playing video-games
- Your extra screen time
- Passing our drunk on your bed
- Minimize your distractions
Distractions aren’t healthy for typical workers. They’re extremely dangerous for employees who are also starting separate businesses. These disturbances divert your attention, interrupt your progress, and decrease your productivity. Experts propose using apps such as LeechBlock to stay focused. These apps prevent you from constantly visiting social media websites for amusement. Remind yourself that you’re relinquishing these pleasant distractions temporarily.
- Know when to leave
When’s the right time to leave your job? If your startup generates enough income to fulfill your daily expenses, then it’s probably time to give your final notice. But make sure your startup’s stable because it’s not easy begging for your job back. You should have other sources of income aside from your booming business – for example – emergency savings. When the time’s right, say bye-bye to an employment position you don’t need anymore. You have now become a successful entrepreneur!
It’s fashionable for employees to become entrepreneurs to control their income sources. Statistics show us that over 15% of Americans were entrepreneurs in 2018 and more than two-thirds of the wealthiest folks in the world are self-made. But how do you chase your business-owning dream while juggling a full-time job? Experts suggest eliminating unnecessary consumption of media (internet and television).Prioritize money-making activities and adopt a long-term mindset for your newborn company. Reschedule your working hours with your boss and learn that it ain’t illegal for employees to own a business. You merely need to invest yourself in this business to make it successful. Don’t forget to rise early in the morning.