How to Start Business while Working Full-time
While everyone has the desire to start something on their own and to be entrepreneur, developing the side business while working full time is not only the one of the intimidating life experience but also let you enjoy the best of both worlds and also bring the extra source of the income. There are plenty of people who want to start their own business to have a sense of freedom and security both, but they hesitate to do the same as they might lack some guidance.
Here are some steps one should go through before developing the side business while working full time:
1. You want it, you get it!
This is the lyrics if famous English songs and perfectly suitable for the situation, ask yourself how badly you want it, or are you ready to commit yourself to the extra hustle? Always keep in mind that if side businesses were easy, you are not walking the extra mile to get it. Start analyzing how do you spend your time and keep a record of the same; it will give you an insight into how your day goes and how much time you have on hand specifically dedicated to the business. Also, you need to sacrifice sleep or Netflix time and turn the same into productive business purposes.
2. Do the SWOT analysis
The SWOT analysis means taking a look at your Strength, Weakness, Opportunity, and threats. After an assessment, you will conclude what kind of strength aka skills you need for the business you want to start. In case if you don’t have those skills, consider upgrading your skillset before you start a business. If you have any particular skill set which you can’t do on own, find suitable outsourcing for the same. You also need to consider the opportunity and threats related to the business carries and plan your business according to that.
3. Brush up your business idea
The surveys show that businesses fail due to numerous reasons and the un-availability of the market for the product is one of the many. So as an entrepreneur, you need to validate your business idea, it is an art and science both and crucial before you start creating and developing business. Go through the step by step of the assessment of the business idea including how it will affect potential customers and consider the results before drafting the final business decision.
4. Keep it unique and realistic
While the market is flooded with new businesses each day you need to create a business idea that creates value addition to the consumers as well as organization. This will require you to think out of the box for creating the strategies for production, marketing, and customer care. While you are trying to make the business unique, make sure that you have set realistic goals for the business. As it is new for you, it is important to set either daily or weekly goals for the work and get it done. Often when you don’t have a road map to go, it’s easy to get lost so make sure that you keep an eye over the business activities and fulfill the goals on a timely basis.
5. Launch it, let it hustle in the markets
Each business comes into existence for the people after the date of the launch. While you have completed all the mini-milestones of the business, now it is time to create a path for the business which includes the next business moves. You can divide it into the smaller task and get it done one after another. As your product has entered the market now you can plan for the potential queries and any upgrade in the product.
6. Focus on feedback
Taking the feedback on the business is crucial as it will help you in deciding the future of the business. As a full time working professional, you have very limited hours on the hand to receive the feedback for the product and to analyze the same. Also, it is very important to have unbiased and true opinions which will help the business in both growth and reducing the mistakes. Another important aspect of the feedback procedure is that you will get to know that business worths your extra hustles or not.
7. Don’t quit a job too soon
Do not quit your job! Once your business is settled and you start stabilizing in the business you might think of joining the business full time to enhance the growth of the business. Though it’s important to give the best of you to your side hustle, remember that it is just a side business and you still mainly dependent on the full-time job income. Apart from that, your side hustle can help you in providing the extra resources you might need for the business. Also, the fixed income means you are not solely dependent on your business so you can easily avoid stressful business breakdown moments.
While all of the above are being followed make sure that you are keeping up with the legal requirements of both the business and job so that you can enjoy your business without worries.