Let’s face it. Many of us want to set up a business while working full-time. In this guest post, Claire Mark of Alcore shares how they launched their business even when working full time.
What is the secret to your success?
This is a question that I have been asked very often by many.
Moreover, everyone’s definition of success looks different.
From my experience, what I have observed is successful entrepreneurs prefer to keep their day jobs as they started their businesses from scratch.
Well, the great news is it’s possible (at least for a little while) to keep a full-time job and be an entrepreneur.
It’s not about becoming a superman, rather you should be incredibly efficient.
So, having a stable source of income will induce the courage to work on building your business.
Let’s discuss these 7 incredible ways to build your entrepreneurial pursuit with the help of your nine-to-five job.
How to set up a business while working full time 6 days a week
Plan Your Time In Advance
According to Brandon Turner, Cohost of BiggerPockets, you are still left with 72 hours left in the week after you subtract 40 hours for working and 56 for sleeping.
Jot down 50 daily tasks that you think you need to accomplish within the day.
Create a proper schedule in advance else it’s then too easy to relax and get distracted by other activities.
Do you know Ryan Hoover who is the Founder and CEO of Product Hunt joined Playhaven as its first product manager when it was a 10-person startup?
Then after 3.5 years, the company had 100 employees and Ryan decided it was time to move on.
Rather than jumping into the ship immediately, he preferred to work for six months part-time.
I know hard work pays us somewhere but find ways to maximize your time.
Maybe this means waking up earlier or cooking meals in the microwave and less at the restaurant.
Stop thinking about how much time you have, and start asking yourself, “How will I manage the abundance of free time?”
Set Your Goals And Begin Your Day
One of the simplest ways that I prefer is to spend half an hour a day to identify the main goals to be achieved on that day.
You will gain confidence and definitely, it paves the way for productivity.
Well, all successful entrepreneurs begin their day by outlining their main objectives, prioritizing them, and defining the steps needed to achieve them.
I find it easy to make a paper-based to-do list, define tasks, allocate deadlines, and keep track of progress.
You can also use time tracking applications such as Minterapp and you can access them anywhere via different devices.
Pay Your Debts And Create An Emergency Fund With Your Day Job
Now, as you are still working at your day job while starting your business, use that as an advantage.
I have seen many people starting to work full time into their business once they are off with their debts.
So, don’t rush up.
Having a fixed income from your day job will help in making the best decisions for your business.
And why not to take advantage of regular paychecks. So, save your earnings as long as possible.
This will help you to bear your day-to-day expenses minimizing the strain of paying off to someone.
Check With Your Attorney
Although you are well aware, still you should pay attention to some legal concerns when starting your business and keeping your day job at the same time.
This is just to make sure that your new venture isn’t going to cause difficulty for you.
Brittany Hodak of ZinePak suggests “Even if you’re starting a business that has nothing to do with your day job, it’s worth consulting with a lawyer to make sure you’re not setting yourself up for any issues.”
It’s always better to get in touch with your attorney if you have a current employment contract and plans for a new startup.
Try To Reduce Your Hours At Your Day Job Gradually
Let me tell you it is important to scale back the time you spend in the office.
You can use those hours to work exclusively on your new venture.
I know this is not feasible for everyone but if your office offers some flexibility, this might be a great compromise.
Then you won’t have to choose between feeling completely overworked and giving up your full-time gig.
Believe me or not this is the best strategy to get the best of both worlds during the transition.
Outsource Business Tasks If Needed
As a small business owner who you will need numerous hands on deck to accomplish.
So, you could hire some professionals to do it better, faster, and break even or make more money during that time.
You already know what your time is worth.
Moreover, you really can’t afford to waste hours spinning your wheels when hiring outside help is an option.
For instance, if you are struggling to design your business website, don’t continue sinking in hours you don’t have.
Instead, spend a little money on a professional designer who can design it quickly, and spend your time doing the things you do best.
Be Well Prepared For Financial Fluctuations
Always limit the amount of personal credit used to float the company during lean times.
Avoid draining your retirement funds and seek out a bank loan if you have a good credit score.
You also can expect cost overruns. Katie Stack who is the founder of Stitch and Rivet says “Always have a contingency budget”.
She allocates 15 – 20 percent extra money than she thinks she needs for website overhauls, printed materials, product development, and trade shows.
So, it’s great if you don’t need money for any of these, but chances are you are going to need it.
You may also like: 5 Fears Stopping You From Starting Your Own Business
Remember, whatever you need to accomplish in your business to achieve consistent action, use your day job as the motivation to succeed.
Last but not the least, pick a strategy. Figure out today what you could do to maximize your time and get rid of dead weight.
A reliable and fixed income with a plan and desired patience will not only increase your odds of success but will give you more flexibility and peace of mind.