A report from the Academy of Management Journal states entrepreneurs who open a business while working full-time are a third less likely to go under than those who are unemployed.
But, starting a business from scratch is no small feat. It takes courage, hard work, self-discipline, and immense planning. To help you get started, check out these tips.
1. Start by Setting Your Goal
In order for your business to be successful, you need to have a clear image of what you’re trying to accomplish. Make sure that your goal is something you believe in and that you are contributing to something bigger than yourself.
Worthwhile goals also often benefit others, are motivating, attainable, and quantifiable. Set your goals and decide to make them a priority.
2. Make it Legal While Working Full-Time
Before you launch your company, you should discuss your plans with your current employer. Find out what kind of non-disclosure agreements you have on file, what your employment agreement was, and whether you have a non-compete agreement.
Pay particularly close attention to this tip if you are launching a business that does some of the same things as your current company. You don’t want to get fired for having a conflict of interest.
When you do start your company, make sure you never use your employer’s resources or work for yourself on the time they are paying you for. You could lose your job and valuable recommendations.
3. Make Time Management a Priority
While you may consider yourself an organized person, the level of time management that is needed to successfully work full-time and launch a business is insane. It will take almost all the self-discipline you can muster at times just to get that week’s goals accomplished.
So to make things easier on yourself, block schedule your time, including your time for breaks and time with family and friends.
If you don’t, then the entire time you are trying to relax, your mind is going to be thinking about all of the things you should be doing. You need to be able to shut that part of yourself down and relax fully. This is a marathon, not a sprint.
4. Keep Your Budget Lean
When your business starts to pick up, it can be tempting to want to spend the money on some grand plan or foolish adventure. But if you can resist the temptation, staying lean will ensure you have the money you need in reserve in case you run into any hiccups.
The leaner you keep your budget, the easier it will be to obtain your long-term goals. Try to think like an optimistic realist. Plan for the worst-case scenario and hope for the best and you can’t lose.
5. Outsource Whatever You Can
While doing things yourself is the only way to ensure you’re always getting exactly what you want, that isn’t always the most effective way to get things done.
When you need to work full-time while opening your business, you are going to have to delegate and outsource a lot of your responsibilities. Try to find a network of quality contractors you can count on.
6. Stay Positive and Keep Going
The road to financial independence and a successful business is a long and winding one with lots of ups and downs. Know this now and remind yourself to stay positive and enjoy the journey along the way.
When your business is doing well in a few years and all of your hard work is paying off, you’ll be thankful you kept a level head and pushed through any struggle.
This business is an investment in yourself, make it a priority and never give up.
7. Limit Your Priorities
When you open a new business, you have to devote a lot of time and resources to it. Make that clear to yourself now and accept the fact that your priorities are going to have to shuffle around a bit in order to make your dream possible.
Make sure you let your loved ones in on your plans and explain to them what your goals are to get them on board. This is going to be a long ride and you’re going to need support along the way.
8. Create Rituals and Routines
Rituals and routines are the only way you’re going to manage to balance your schedule without feeling like you’re going crazy. Once your businesses officially opens, things are going to get pretty hectic.
Before sales start to pick up, take the time to establish a regular schedule that allows you to complete your regular work while giving your business a hefty amount of focus.
Consider making the gym part of your routine, or adding in yoga or swimming to relax your body after a long hard day.
9. Consider a Co-Founder
Trying to start a business from the ground up is tough. But with a partner, half of the work goes away instantly.
A quality co-founder will bring their own expertise and connections to the business increasing your chances of success. They also hold up their half of the bargain, making your productivity improve.
10. Set Milestones and Hold Yourself Accountable
If you followed the co-founder advice, then you will have someone to hold you accountable for your choices and rate of production. But if you choose to go it alone, then you are going to have to work extra hard to set milestones for yourself.
No one is going to be there telling you that you have to finish a project at a certain time, it’s all effort you have to make on your own. So get out there and do it!
Now that you have a plan for how to start your business while working full-time, you’re ready to get to work.
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