Did you know- 26% of entrepreneurs said their biggest motivation for starting a business was the idea of being their own boss? Entrepreneurs are on the rise. But the biggest downfall of starting your own company can be getting adequate funding for your idea. Therefore, it may be a good idea to continue working alongside the launch of your own company.
If you’re tired of working for someone else, what better time than now to start your own business? Here are some steps detailing how to juggle a full-time job and your start-up.
Check your employment contract.
Your first step is to check the legality of forming your own company whilst working at another one. So make sure to check for a clause in your employment contract that may prevent you from starting your business.
You may even need to speak to the HR department at your workplace to avoid conflict. This is crucial to avoid getting fired whilst you’re working on your dream business!
Test out your product/service.
Rather than immediately launching your idea into the market, it’s better to test and conduct market research beforehand so you can assess any potential flaws. If you realise that the product or service you’ve designed is not optimal for the current market, it’ll save you time and money.
Prioritise your time.
You’ll need to stay committed to your business idea, so managing your time will be immensely useful. Get your priorities in order, have a routine in place and make sure that one of your top priorities is growing your business.
Unfortunately, this means that you’ll need to sacrifice things that aren’t as important and say no to other commitments. You must also remember to have a work-life balance, or else running your own business may not be sustainable.
Outsource tasks.
If possible, outsource and delegate tasks to people who can help you. Seed Formations can assist with company formations and offer packages that include a UK registered office address.
Additionally, you can also enlist the help of friends or family with relevant expertise i.e. if you know someone who is a graphic designer, they could assist with designing your website. Or you could hire people to work for you, whilst you’re at your day job.
Don’t overlook finances.
Keep things lean and spend your money wisely. It is a smart idea to save up some income earned from your side business and re-invest your money into your business. This will keep up your company’s profits in the long term.
Also, make sure you have a sustainable source of income. Don’t quit your full-time job before you can confidently depend on your start-up as your primary stream of income. There are fewer risks involved if you continue to work a job alongside your business.
Be patient and go slow.
Starting your own business can be challenging and time-consuming. It can be even harder when you don’t see results upfront. Without a doubt, managing a full-time job will take up a large portion of your time and therefore, you’ll have less time to invest in your business and growth will be slow at the start.
The most important thing is to focus on your progress in the long run. Don’t expect your business to grow overnight, it is better for your business to grow slowly and steadily over the course of time. Your goal should be to start a sustainable, long-term business.