When starting a new business, some entrepreneurs will jump head first into their new venture. They may quit their nine-to-five and devote all of their resources toward making their startup a success.
However, you can take baby steps by launching your startup as a side business and maintaining your salaried position. This may be a safer and less stressful route. After all, when you maintain your regular salary, you can dedicate some of the resources to developing your new business.
You may have to give up a considerable amount of the free time that you once had to run your side business in the evenings and on the weekends. However, if you can manage this time commitment and find a way to cope with the incredible responsibilities that may demand your time and attention regularly, you may be able to enjoy numerous benefits.
Here are 5 tips that can help you get started.
Respect Your Employment Contract
When you were initially hired, you may have signed a non-compete contract with your employer. This contract or a related document may prevent you from providing products or selling services that directly conflict with the company’s best interests.
The last thing you want is for your company to lay claim to a percentage of your business because of their rights through the agreement that you signed. To avoid any issues, it may be best to focus your attention on a product or service that is not related to your company’s current business activities. If necessary, seek legal assistance from your own private lawyer in order to protect your interests from the start.
Develop a Strategy
Some people who start a side business from home in their free time view the business more as a hobby than as a professional endeavor. All businesses, even your home-based business, need an effective and thoughtful business plan developed.
This plan can help you to set goals and determine the steps necessary to reach those goals. It will also help you analyze your finances, examine the competition, determine how to price your goods and services and more.
Remember to update your business plan as necessary based on your personal experiences, customer feedback and more.
Don’t Neglect Your Full-Time Job
Once you launch your startup, you will, essentially, be working two jobs. It is understandable that you may want to devote less time and attention to your salaried position. After all, you’d like to get your own business up and running as soon as possible.
However, remember that you have commitments and responsibilities related to your nine-to-five. You should set boundaries so that your two jobs do not overlap or merge in any way. When you are at work, focus solely on those tasks. Similarly, when you are at home working on your own business, do not start working on a project for your day job.
Don’t Overwork Yourself
Entrepreneurs can easily become workaholics, and this is even truer when you are working at two jobs simultaneously. Remember that everyone needs a break from work. In fact, your physical and mental health are tied to your ability to disconnect and unwind periodically.
You may find that taking up a hobby or spending time with family and friends regularly can help you to feel more grounded. Your concentration level and overall productivity may also receive a boost. Altogether, it may be better for your two jobs as well as for you as an individual to focus on relieving stress on a regular basis.
Decide When to Leave Your Job
You may understandably be eager to give up your day job and to focus your full attention on your new endeavor. You may also want to enjoy being your own boss and controlling your schedule on your own terms. However, before you leave your day job, you should review your numbers carefully.
Ideally, your startup will show a stable level of income that will support your lifestyle. However, remember that there is always a risk associated with taking this leap. You may feel more confident to leave your job if you have a significant amount of cash reserves at your disposal.
Starting a new business opens up a world of possibilities to you. It could potentially improve your quality of life dramatically. However, it also comes with considerable risks. Take baby steps and launch your business from home while you continue to work in your regular job. This will help you reduce some of the stress and risks that you may otherwise face.