There has never been a time in history when so many young entrepreneurs take the plunge and start working for themselves. Software developers, business consultants, digital marketers, freelance writers – there’s no shortage of people prepared to take calculated risks to make their career dreams come true.
According to a recent study conducted by Bentley University, more than two thirds of millennials say they’d like to start their own businesses. It’s pretty clear that many people would like to quit their 9-to-5 in favor of becoming a business owner. Then why don’t they?
The answer is not difficult to guess – they can’t afford to. It can take anywhere from a few months to a few years for a company to start turning a profit. That thought would make any reasonable person wary. But no need to worry about it. As advised by llcratings.com nowadays creating an LLC can be very cheap by using a professional LLC formation company.
But this doesn’t mean your dream of becoming a business owner has to remain nothing more than something you think about on your lunch break while pretending to listen to your coworkers’ plans for the weekend. You don’t have to give up your financial security. You can turn it into reality even while juggling the responsibilities of full-time employment.
It’s All About Timing
It goes without saying that starting a business while working full-time will be difficult. This venture will take up a lot of your free time that you could be spending with your friends or engaging in various hobbies.
Even if you wholeheartedly believe in your vision and no matter how much you want to make it, at the same time, you don’t want this to turn into something that makes you hate your life. You need to find a balance, so you still have the motivation to push yourself after a long day at the office.
So what do you do? What’s the secret? First of all, you need a business concept you actually care about – something that you genuinely enjoy doing. If you choose something just because you think it’s profitable, it will be a lot harder to keep at it week after week. Plus, even if you succeed and turn it into a lucrative business, we can assure you that it won’t be long before it feels just like the 9-to-5 you were trying to leave behind.
Maybe you want to start a new business simply because you want to be your own boss, but you don’t have any ideas that you feel passionate about. In that case, you should keep searching until you find something that really gets you excited. You’ll know when you find it.
And since we’re on the subject of timing, you’ll want to start working on it at a time when you have less going on outside of work. This means that if you just had a baby or you’re in the process of renovating your home, it may be better to wait. We’re not saying it would be impossible, but there’s a higher risk of burnout and conflicts in your personal life.
You Need a Plan
It’s important to think carefully about your business strategy if you’re starting a business while also holding down a full-time job. You’ll have less wiggle room than someone who doesn’t have to work for someone else for eight hours or more per day.
Consider your priorities and how to make the most of your time. These constraints should motivate you to value the resources you do have and take full advantage of every opportunity.
Take a look at your schedule and see what you could do to boost your productivity. Usually, you’ll get the best performance when you know ahead of time exactly what you need to do and when you’ll have time to do it.
It’s the uncertainty and needing to improvise that leads to stress and burnout. If you have trouble keeping track of your schedule or feel like you waste a lot of time on simple administrative tasks, you might benefit from virtual PA services such as the ones offered by Virtalent. They will allow you to delegate and have more time for the things that matter to you the most.
Without a strategy or an idea of what to do with your free time, you’ll squander it. There is a reason why the most successful entrepreneurs follow pretty stringent schedules. They make you more productive. Plus, having a routine makes it easier to focus and stay motivated.
Don’t Overcomplicate It
Grandiose launches require a significant investment of company resources. Massive and ambitious initiatives take a lot of time, effort, and money. If you can make this kind of investment, good for you! But if you’re trying to start a business while working full-time because you can’t afford to quit, chances are you’re not in a position to go big.
But that’s perfectly fine. Amazon’s founders began by selling books out of their garage. You don’t need to make a splash. Many of the world’s most well-known companies began as modest businesses, gaining customers and investors as they grew.
Instead, focus on your minimum viable product. What kind of business can you start that provides commercial value while still being relatively easy to manage? For example, instead of launching a whole line, consider launching a single product or specializing in a very specific service.
Don’t Let This Put Your Current Career at Risk
We know it can be tempting. Everything is going swimmingly for your business, and you may even have a backer. You’ve got the tools and know-how to turn your business into a success. There is no doubt in your mind that you’ll be featured in Forbes any day now. It’s possible, but it’s still wiser not to let yourself get carried away.
Remember that it’s all about timing. There’s a reason why you didn’t want to give up your financial security. Until you can look at the figures and know for sure that you can support yourself from your business both now and in the foreseeable future, stick to the plan.
If you do this and you have a little bit of luck, your side-hustle may turn into a legitimate business that pays well enough for you to not only quit but also hire other people. But don’t punch holes in your safety net until that happens.