• Wednesday, February 28, 2024
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BusinessDay

Starting a business while you are working a full-time job

Starting a business

There are tons of people everyday who are either looking to transition from paid employment to starting their own businesses or starting businesses while fully employed. Based on this, there are a good number of things to consider and put in place when starting a business and having a full time job.

The first question to ask is:

“Why are you looking to start your own business?”

Is it because?

  • No time with family and friends?
  • You loaded with debt?
  • You are underpaid?
  • Overworked with no raise?
  • Bad economy?

A lot of us get asked this question all the time by our friends, family and even on social media.

But when asked why you haven’t got started the answer usually results to timing or fear of starting a business. Most people are stuck with their “full-time job,” which doesn’t allow them to have the energy or time to start a business. Also, there are other obligations to attend to such as family, friends, social life or other activates.

While looking to start businesses though fully employed, consider the following:

1. What Sacrifices Are You Willing to Make to Get What You Want?

Starting a business is by no means an easy task. It takes a lot of time, energy and a lot of patience. When running your own business it’s not like a regular 9-5 job when you punch in and punch out and most times get paid no matter what the outcome may be. At a job, usually all you have to do is “show up,” instead you getting paid based only on performance. With a business, you only make money when you produce results.  If you truly want to build a successful business you will have to make it your #1 priority. You have to be willing to give up some things. The bottom line is, you have to be willing to make sacrifices to achieve your goal of success.

2. Don’t Make This a Hobby

We all have hobbies like cooking, bodybuilding, football, music, etc.… but honestly we can’t think of anyone we know who actually sets goals with their hobbies to hit targets and deadlines. If you are interested in turning your hobby into a business it is very much possible.

If you want your ideas and hobbies to flourish into a thriving business, you need to set realistic goals and hold yourself accountable to them. You should be planning out your next steps with dates and be specific to the smallest detail.

Yes, you have a busy life with a job, family, and kids. But at the same time don’t get caught up with procrastination or putting thing off until the next day. Set concrete goals that will help you get past putting things off.

  1. You have to create a Schedule

If you want to manage your business effectively around your life, scheduling is highly important. The majority, don’t have a “system” in place to manage their life.

Before you quit your job it is important you have at least 3 months of earnings as backed up security. You don’t want to quit your job if you don’t have a backup or a plan B especially if you have a family or others depending on you for provision.

At least 3 months of earnings saved and making sure your business generate enough cash flow to live off of it for a few months first. After you accomplish that, then you can quit your job. In business, your income will always fluctuate month to month, as in an office job a weekly paycheck provides consistency and security.

  1. Set realistic daily, weekly and monthly goals

Now, we understand the importance of creating a schedule and the reasoning behind why you shouldn’t make your business into a hobby. Now, let’s get started working on goals for your business. The best solution is to create daily, weekly and monthly goals.

Daily goals will be your smallest goals or to-do-list. Every evening before going to bed you should get organized by making a list of goals you intend to complete for the next day. This exercise should take no longer than 5 – 10 minutes of your time. You can use a daily planner like or an online app so you can cross them off after completed.

Is Starting Your Own Business Worth It?

Absolutely YES, but it’s definitely not easier than a 9-5 job. Being an entrepreneur or owning a business actually helps you to grow and the potential is much greater.

If you’re considering starting your own business, do get in touch and let us get started.

 

Nkechi Alade

 

Alade is a principal Business Consultant at Elvaridah Limited