Each of us has got a craving at one point or other to start our own business. Maybe you want to follow your childhood dream, or perhaps you have a great hobby that you would like to convert into your business, or maybe just so that you can earn money without having to answer to your superior. Although the feeling of having our own business is exciting, very few of us take the next step to start the business. The main reason for not taking the plunge is because most of us have jobs and some of them are really good paying jobs with several benefits.
Starting with your own business would require you to quit your job and dedicate yourself to your business, thus foregoing the security that comes with a steady income. This thought might seem like a daunting prospect and thus is conveniently stopping you from moving ahead. But what if you can start your business without quitting your job? If you follow the right approach, then it is possible to start-up without burning down bridges and yet building wealth and succeeding in your venture. So while you maintain your daily job you can follow these strategies to start off with your business.
Know What You Have Signed
While you are drooling over your new business idea while you still continue with your career, do not forget the bunch of documents that you signed when you took up the job. Make sure about any contractual obligations that prohibit you from starting your own business or get some legal advice to make sure you are clear on all fronts. If you are unsure, then it may not be a great idea to establish in the same market and going after same clients as your employer.
While you decide on dedicating every night of your “TV time”, and perhaps some hours from your weekend to work on your idea and manage your business, you must also be realistic about the fact that you cannot manage it this way forever. You need be sure about what you can and cannot do while you continue with your job and eventually you will need to make the commitment either to your business or your job. While you test the waters and collect a regular paycheck, determine a good crossover point when you can transition over to your business completely.
Make Sure of the Market
You are probably unsure about your idea and hence do not want to take the risk by quitting your job. It is a valid reason to hold on to your job because it is necessary to make sure that there is a market for your product. Most entrepreneurs start small as they test their products or services locally to get feedback. Understand your target market as well as your competitors to get a better picture of reality.
Keep the Pressure Low
When you continue with your job while you start off with your own venture, it is likely to not weigh so heavily upon you. When you are not dependent on your business earnings to serve you food, you are free to take risks and work better on the creative satisfaction that might not be possible if the business was your sole income.
Build your Network
While you work on your venture, quitting your job may lead to severing some good business relations. If you can work these business connections in your favour that do not have conflicting interests with your employer, then it might turn out to be really good for your business. Also, make sure you build your network by meeting as many people as possible because you never know who might turn out to be a potential client, vendor or a partner. Doing this now will help you save time when you will need to work on your venture rather than networking.
Take Small Steps to Progress
Don’t rush the process. It is not wise to dive in completely while you are still on someone else’s payroll, but you should take baby steps to slowly advance towards your goal. Map out benchmarks for yourself that you feel are reachable. Understand the consequences of both if you reach or fail to reach these benchmarks. This will keep you organised and help keep your eyes on the goal without letting your business outpace you. Start off small with the bare minimum and then enhance it with time as you gain experience.
Keep the Balance
This is probably the toughest to do when you are juggling with your work and business. If you spend too much time and effort on your business, then your work quality will suffer that in a worst case scenario might cost you your job. And if you spend too much time on your career then it will be difficult for your business to take off successfully. Prioritise your tasks by keeping time limitation in mind. If it is beneficial then outsourcing some of your business tasks might help while you fulfil your commitments towards your job. It is necessary to tread carefully and maintain the balance so that you don’t lose your control either way.
These strategies will help you develop your business under trial conditions while you still maintain your career in the early stages. Build on your network, expertise and credibility during this time period as you experiment and test the grounds. And develop your business to such a point that it would make it a natural transition to move over to your business as you finally bid adieu to your daily job.
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