How to start your business when you are working full-time?
Many professionals have a dream to launch their business venture. However, the lack of time weighs down their dreams of being an entrepreneur. They do not want to jeopardize their full-time job because that is where the money comes from for running their business. Start with a simple plan and focus on your passion. If you are struggling to decide the type of business you want to establish, just follow your passion and turn it into a business idea. It will save you the time spent researching the basics of an entirely new domain.
It is possible to launch your side business and be a hybrid entrepreneur. You can check out these useful tips that will be beneficial for you to kickstart your business while working full-time-:
Check whether it is legal to work at both places simultaneously
The first and most crucial step is to read and understand your current employment documents that have the employment terms, mentions of conflict of interest, NDA, assignment agreement, and everything else you have legally signed with your current employer. It is risky to branch out into the same field because of the conflict of interests factor. So, you can try to do something different from what you presently do. Consult a lawyer if you need more clarifications. Inform your employers if and when you are planning to launch your business. However, never work on your business during your current employer’s working hours or utilize any online and physical resources of that company. If you do, you will surely get fired!
Master at scheduling meetings
When you establish a business while working full-time, scheduling becomes vital. It will help you to manage your time effectively to utilize all available opportunities. Consider accessing a free online appointment scheduling app like Picktime. This online scheduler is accessible via any internet-enabled device without the hassle of installation. Picktime provides you with an online calendar; sync it with your external Google/Outlook/iCloud calendar to display your slot availability and off-days to clients and customers. Accordingly, they will fix an appointment with you via an online booking page. You have to create and customize this booking page with a booking button and make it available on your website, and Facebook and Instagram business profiles. The online calendar will also let you monitor employee schedules, resource allocations, and appointments at all your business locations.
There is also a feature for crafting a personalized online booking form to know your customer/client’s needs before an appointment. Before every meeting, send automated email and SMS reminders to clients to never forget an appointment. You can also accept advanced online payments from them via credit cards, PayPal, Stripe. Finally, access downloadable business reports from your Picktime dashboard to see where your business stands.
Set realistic business goals
Do not be overambitious when you are unsure how much time you can dedicate each day to your business. Set attainable and realistic goals for yourself and your co-workers. Do not be harsh on yourself regarding deadlines. Instead of setting up a monthly agenda, create lists of daily goals, and see how much you have accomplished at the end of the day. Take one job at a time; there is no need to take five client projects simultaneously when you do not have the time and resources to get the work done fast. Be religiously involved in one project, complete it, and then move to the next.
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Outsource jobs to freelancers
When you work full time, you will not be able to dedicate long hours to hire full-time employees for your business. You will also be running on a shoestring budget. If you try to do it all by yourself, you will fail! Therefore, you should outsource tasks to freelancers to reduce your workload. Hire freelancers for jobs like content writing, graphic design, customer support, business development, social media management, and much more. Stay connected with them via Skype or Slack to get timely updates on work. You can also use an app like Gusto for the payroll management of your freelancers. You can get in contact with freelancers on websites such as UpWork, Linked In, and Fiverr.
Spend your money wisely
Controlling your mind is an art that every entrepreneur must master! As soon as you start earning profits and get your salary from your employer, do not go on a spendthrift to buy resources for your business. Instead of hiring expensive law consultants, seek business licenses and file for taxes yourself. After you hire freelancers, ask them to use free online apps for creating marketing content. For example, they can use Canva or Piktochart to create infographics and presentations, WordPress for blogging, Wix for website designing, and HootSuite or TweetDeck for social media management.
Ask your target audience what they want
The main aim of your business venture should be to add value to your customers’ lives and provide them with a larger-than-life experience. Personify your brand, and befriend your customers through social media listening and replying to their queries instantly. Conduct market research to find out what your target audience wants. Analyze what your competitors are doing, what they are offering, their pricing strategies, and marketing effort. Learn from their success and failure. Provide the things that your competitors fail to offer. Only then you will be able to create a difference in the market.
Prepare your list of strengths
A list of strengths, or commonly known as a competitive advantage is the unique value proposition provided by your business to clients. This value helps you gain profits at larger margins and retain more customers. You can write it in any form. Either you diversify your offerings and highlight them, or you provide customers with any extra service not undertaken by your competitors. Show your customers what makes you stand out from the crowd.
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Balance your professional and personal lives
When you work at two places simultaneously, time management becomes a pivotal factor that can make or break things for you. Understand that you will be spending your entire weekend mostly on your permanent job. So, keep your weekends free to focus on your business. You can use productivity management apps like Evernote or Todoist to prepare your daily agenda and create priority lists every day. Check off a task from your list after completing it. With that being said, do not forget to give some time to your family. You have to sustain a healthy balance between your personal and professional lives to maintain your sanity.
Starting your own business while being employed elsewhere is challenging. You might be the best multi-tasker but avoid burning yourself out. Remember that without maintaining a healthy lifestyle, you will not be able to work with full potentiality. Disturbed sleep, hunger, and being devoid of family life will lessen your productivity and make you live like a worn-out machine. You will surely get financial benefits and stability in life, but never do it at the cost of your physical and mental well-being. Follow these tips and take tiny steps at a time.