How to Start a Business While Working Full-Time

January 22, 2023

The decision to start a business whilst still employed can be daunting. Many people are hesitant about risking their current job and being penalized by their employer if they were discovered working on something of their own on the side.

A bad manager at a dead-end job with a stressful commute can add up really quickly. While some are willing to take the jump. A majority of people end up spending their whole lives at a job they hate, hoping one day that they'll turn a corner and things will be different.

That's understandable. Working a 9-to-5 job requires at least 8 hours of uninterrupted work each day if not more. The demands of maintaining relationships, cleaning your home, and staying in shape means that you'll end up with barely any time or energy left to even consider starting a business of your own. Thanks to the pandemic and the ability for employees to manage their own time, 5.4 million companies were created in 2021. That just goes to show how desperately people want to work for themselves.

Many entrepreneurs who start their own businesses do so while still working a full-time job. It can feel like an overwhelming task to run a business on the side, but this strategy has successfully worked for thousands of small businesses in the past.

The process of starting your own business while still employed has its challenges, but we are here to guide you through everything. We will go overall the necessary steps for making this happen and make sure that you don't miss a beat in your career.

Choose a Solid Business Idea

Before starting a business, it is important to figure out the right one to get into. This process is often difficult and many people struggle to find the right business idea. This leads to half-baked projects that have not produced any tangible results.

The truth is, there is no such thing as the perfect business idea. Consider selecting an idea that aligns with your strengths and tackling it head on. If you're serious in building a business that will last and can potentially replace your current full-time job, your idea needs to be profitable, leverage your skills, is enjoyable and can be scalable. Having all these components will ensure a sustainable experience that comes with benefits that can grow exponentially.

Start Small

To start a business, you will need to set aside time for it. Like any other venture, the best way to do this is by starting small.

Keeping your side business a part-time venture is advisable when building a business while working full time.

By gradually adapting to the many changes that come with entrepreneurship, you can maintain your income and benefits while still working a full-time job. This allows you to take care of business without feeling rushed or stressed out.

Starting a business is an expensive endeavor, and taking on this challenge while working full-time can provide some financial security. Additionally, not risking one's savings or being unable to pay bills during this time allows for more flexibility in the long run.

Create a Runway

Considering you’re still holding down a full-time job, take this time to start saving up in order to have enough funds in case of an emergency, you should aim for six months' worth of expenses. This way, there will be no fear that you cannot cover your costs. This is a good practice because money management is one of the key factors for the success of the business. Be cautious on what you spend on and know that all your earnings from this side gig should go back into the business, growing it progressively with time.

How to Transition Become A Full-Time Business Owner

As time progresses, you'll need to start planning the transition. There is no one-size-fits-all answer when it comes to timing when you should quit your job and start working on your business full time. Many people would like to see their business income replace their regular salary first, but this is often not possible.

The goal is to quit when the concept of your business has been proven and you've saved up enough financial runway to maintain a level of balance in your life. Leaving your job after generating an income sufficient to cover expenses can be accomplished more effectively when planned with a budget in place. Note that achieving this feat is easier when you're spending less than you make.

When you quit your full-time job and transition into self employment, it can be a daunting experience in more ways than one. Even with the financial security to cover yourself for several months, take a step back and really evaluate your situation before diving in.

Define Success Goals as Indicators

Becoming a successful business owner takes focused effort, determination and an ambitious timeline. Make sure you have specific goals in mind to help you grow quickly while maintaining control of your success.

Setting income goals is the most effective way to measure a business' success and can become a useful benchmark for when to transition. Create artificial deadlines and work towards reaching them each month. These can be quantity of customers or revenue goals. They should be as defined as possible to ensure you know where the line for stability and security is.

In Conclusion

Starting your own business shouldn’t be a pipedream anymoreas the barriers of entry are much lower now than ever before. Of course, this comes with a number of risks and considerations. The myth of entrepreneurshipbeing an all-in type of endeavour is no longer applicable. With the current mass layoff trends and the broken illusion of safety that comes from employment, it doesn’t hurt to bet on yourself and be the driver of your destiny for a change.

While setting up a business is tedious work that requires you wear many hats, Mad Creative Beanstalk can help you take on the design aspect of your business. Whether it’s logo design, brand design or marketing collateral, we’ll get you the deserves your brand deserves.

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