Thursday, August 2, 2012

Starting a Business on the Side

You’ve had the entrepreneur itch for a long time but haven't acted on it yet. Starting a business is never easy... especially when you’re a full-time employee, have bills to pay and a family to feed. With that pressure, it’s no surprise that many people don’t want to lose their safety net instead of being a business owner. Other than saving a small part of your paycheck every week until you have enough money saved to quit your job, the other option would be to become a part-time entrepreneur.

Trying to balance a career while running a business is a challenge. Here are some ways to make it a success:

 Ask for help.  Recruit family members into your business.  Ask for help in answering the phone, shipping orders, or even managing your company social media accounts. Having your family members involved makes your bond stronger. However, there’s a caveat – be very wary of hiring your friends as it could have a negative affect on your relationship.

Get ready to sacrifice some “me” time.  Once you make your decision to start a part-time business, your time is limited. You won’t be have time to relax and have any downtime to pursue your hobbies… but remember, the sacrifice is only temporary until your business gets  on its feet. 

Focus on one thing at a time.  Schedule your time for your business in the evening and weekends. So, when you're at your full-time job, focus on your work.  Focus on your business on your personal time only so you don't jeopardize your current employment.

Make every minute count. Your time is precious. Prioritize your time for important activities – use your lunch hour for touching base with clients. Get up early or burn the midnight oil to deal with paperwork.  Use your time wisely without affecting your full-time career. 

Be global.  With today’s technologies such as cloud services and outsourcing, you can run literally run your business with just your smartphone. Use technologies that you’re your life efficient and automate repetitive tasks. Take advantage of different time zones and outsource various activities at the fraction of the cost than that of an employee locally. 

Be patient.  Running a business while juggling a full time career requires you to take your time with your financial goals. You don’t want to run before you walk, otherwise you’ll be overwhelmed with work and your performance will suffer.  Find the right pace for you so you can see progress without completely wearing yourself out. As long as you keep moving forward each day, don’t worry too much on how fast you’re moving towards your goals.