By: Rilind Elezaj
The thought of a conflict of interest is the reason why most working-class people around the world chicken out of starting their own businesses while working. They get scared of falling between two stools if their business doesn’t kick off as expected and their companies also sever relationships with them. However, you can run a business while still working with no scares attached provided your business is not impeding the interest of the company you work for. There is no law stating that you cannot start your own business while still working. Here are some tips for starting your own business while still employed.
Try to hold on to a perspective
When birthing the idea of starting up your own business when still employed, there will be a feeling of tremendous pressure. This is because you may be thinking about the idea and working really hard too if that is what your current job demands. Instead of waving the idea off because of your demanding job, embrace it and make up your mind that you have a pending project to accomplish.
Remember that depending on the business you want to go into, there is a bigger chance of achieving better financial freedom so you will need to be decisive, clear, and effective with your planned goals. Try to get a business partner with opposite but complementary strengths to help you achieve your goal.
Make sure your current job is not suffering
One mistake people make is that they jump off their current jobs hastily just because they have got a business idea and some capital to kick it off. Instead of immediately writing your job off in the wake of a business dream, why not look at adding to it. You even need to be certain that you could make more with your time elsewhere and until then, you have to make your current job a priority and not rest your oars on it. When you do start your own business eventually, make sure it is closely connected to your main income source so you can give both proper energy and time. Don’t ignore your primary source of income. With several income inflows, you can create true wealth.
Pick a niche you are passionate about
The plan for your side business is going to be taking a lot of the free time you used to have for activities with your friends, family, and hobbies. So, you don’t want to replace these good moments with some business planning that would eventually create the lifestyle you wouldn’t fancy. Finding that motivation and initiative to push yourself to do more work after you have spent your day working is needed and it could end up being a waste if you choose the wrong niche.
So, concentrate on the business concept that you are passionate about. Build that company that you will love so much and be willing to work on. It shouldn’t be because you just want a business but because it is as important to you as a life career. You can easily find the management of your new business difficult if there was never any passion for it. It would be better if you waited for the right opportunity for the actualization of your self-employment dream.
Plan your business launch and schedule
Remember that you need to make sure that your side business is not eating into the time and energy that you are already dedicating to your job. So, you are going to need to think carefully about your business plan and arrange everything in as much detail as possible. Consider the fact that you will be availed less freedom than people who aren’t also tied to an employment contract. Think about your priorities and how to use your available time effectively. The little time you have must be used efficiently to take advantage of all opportunities available.
Part of your plans should be how to register your company without breaching any law in the process. For example, if the business you are setting up is in a different country from yours, say China; you most probably won’t know anything concerning setting up there and the laws governing employment, payroll as well as health insurance for your future employees. So, what do you do here? Making use of the services of professionals who can provide guidance to help your business navigate internationally will be a great idea. This is one of the things you will need to spend on to make sure your business doesn’t get hit by fines in the future. The professional will be able to manage all legal compliance and help you with your China company register.
Finding the time to attend to your business when it starts up will be very difficult so you may need help from other professionals unless you want to quit your job and face your business fully. The aim will be to make sure your job doesn’t suffer at all.
Every day, you can dedicate the first 30 minutes or an hour to it and then outsource the rest of what you have to do to freelancers on websites like Upwork or Fiverr. It is often much easier to get professionals that you can outsource to than you think.
Don’t start something that is too complicated
One mistake people make when they want to start a side business is forgetting it is called a ‘side’ business. They go into something too complicated for them to handle with the demand of their jobs and eventually start having issues at work because their businesses are taking much of their time and energy. If you are starting a side business while working a day job, you probably aren’t in a position to go big. You don’t even need to start very big to build a successful company. There are many major brands that started small and developed their businesses over time. If you wish to run your job and business at the same time, wisdom is really key.
Starting a business while working full time should be done in such a way that you still have your sanity. Your business should also be able to yield you extra funds in addition to what you are getting from your job. Anything short of these will make running the two deals concurrently a bad idea. If you want to achieve success running a business with your daily job, you can learn from the tips mentioned above.