Contrary to beliefs held by some people it is possible to start a business while still working on your job. Many people want to hold onto their current job for as long as possible for reasons cited in this post ; while they are starting business.
While it is not easy to start a business while still working on full-time job; there are ways by which you can succeed as long as you know what you are getting into and take care of important issues that will inevitably surface. In our view, the key to success is making sure you have laid proper groundwork to operate the business in your absence; while still keep a watchful eye on it.
Below we have highlighted several suggestions you can follow to be successful.
- Have a trusted family member or an ally to watch the business in your absence. Our own experience shows that family that runs the business together; succeeds together.
- Learn and implement time management skills. You will need them dearly. There is no way you will have enough time in the day to take care of both your job and the business. We have documented some of the techniques in earlier posts here and here.
- Hire best people and be prepared to pay them extra. You will be spending more money on employees; but it is worth it. After all, they are the ones who will be taking care of the business while are you away. Here are our suggestions on how to hire best employees.
- Keep a watchful eye on the business even though you are not present all the time. You need to identify key performance metrics and study business reports on a daily, weekly and monthly basis.
- Do not slack on your current job. You never know how long you will need to hold onto it while the business still being built. Also, do not let your current employer get a hint of your new venture. You want to keep both lives separate and not interfere with each other.
- Start small. You don’t have start the business on grand scale from day one. Once you see the business potential you can quit your job and focus on it full-time.
- Take advantage of technology. With the help of smart phones, video surveillance, web and email you can take care of many tasks while on the road and away from business.
- Explore the possibility of having a partner in the business. Although there are pros and cons of partnership there are way by which you can make it work and succeed.
Finally, set a target date by which you will transition full-time to your business. It is easy to get used to the part-time arrangement between job and business. If you want to succeed in the business and grow you have to take the risk and jump full-time. So grab the opportunity and go for it. We wish you best wishes.
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Harry, I like the tips that you have listed.
Depending on the personality of my boss, I prefer to let him or her know about the venture that I am working on and be absolutely clear that it will not affect my work. The conversation is going to be important down the road, especially if you are going to do this for several months or years, in managing his or her expectations and setting a set of performance-based KPIs that both of us agreed upon (this will throw unreasonable claims such as “you have a side venture and because of that you are not being productive at work” out of the window).
That’s just me and yes, this decision on whether to tell or not depends HIGHLY on how your boss would react at such a thing.
Wayne – Valid point about letting the boss know. I agree it depends on your situation and your relationship with your manager.
It is a tricky balance but can be rewarding – My wife and I manage an online business and work shifts for local agencies as they fall available. Whilst it is a juggle with two children, we love the diversity and experience we have gleaned whilst having jobs and a business.