How to Start a Business without Quitting Your Day Job
November 14, 2007 By
A lot of us have entrepreneurial aspects and would love to start our own business, but often we have families to take care of, mouths to feed, and mortgages to pay. We simply do not have the luxury of jumping ship, doing our own thing and hoping that our business becomes profitable. This doesn’t mean you are doomed to work for someone the rest of your life, it just means that you have to be creative as to how you start your very own business.
Perhaps the best way to start a business is to start out small while you continue to work your normal job. This way you will still have a steady income and not be in desperate need to make a substantial amount of money right away. Your existing income will probably even provide a little bit of capital to help you start your business. You can initially write your business plan, try to get some funding, and start going outside of your normal 8 to 5 gig.
Unfortunately those of us who want to start our own businesses are often pressed for time as it is. There’s no magic way to make more time appear, and you’re going to end up working more than you do now, that’s just the way it is. It’s all a matter of finding a good balance between your part-time small business, your family, friends, and your day job. This might mean that you can’t see every football game or go out with your friends as much as you used to, but you are pursuing your dream. You’re sacrificing now so that some day you’ll be able to be your own boss, live out the dream that you have and have more than enough money so that you can take a day off just about whenever you’d like.
When you first start working on your small business, start out working no more than 10 hours a week. Start very small if at all possible and gradually grow your business. Once you’ve reached the point where you cannot manage both your full day job and your business and are making around half your annual income at your small business, you should go part-time at your day job. Be honest with your supervisor and explain the situation. Chances are you’ll be able to keep your job for 20 hours a week, and if not you will probably have plenty of other opportunities to work part-time to make some additional money for the family.
After your profits continue to grow for another 6 months to a year and your revenue from your business is matching what you used to make as an employee, go ahead and quit your part-time job and take on your business full time. Put all of your energy and resources into growing your business and make it succeed
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November 15th, 2007 at 9:18 pm
Thanks for the post. I like the part about the best way to start a business is to start out small while you continue to work your normal job. You’re right - I can still have a steady income and not be in desperate need to make a substantial amount of money right away. Thanks.
November 20th, 2007 at 5:17 am
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November 21st, 2007 at 12:35 pm
Found your post as a fellow blogger in Liz Fuller’s Carnival of Small Business Issues.
Great post. Theory is one thing, but the targets and milestones you’ve laid out offer a solid plan as opposed to a dream.
One other point I’d like to offer if 0k: one could consider hiring inexpensive help in the form of a Virtual Assistant in the event cutting back hours at one’s original job didn’t pan out.
November 21st, 2007 at 4:58 pm
I found your blog from the Carnival of Small Business Issues and I do agree that starting slow and careful is important for starting a business while you keep your day job. I concur with David too about possibly hiring a virtual assistant for some of those administrative tasks. Also, be sure that you ask for help from your family and friends. Hopefully you have the support of your family and friends in your venture to start a business, so they should be happy to help with chores, appointments or other events.
I did enjoy reading your post.
November 24th, 2007 at 3:41 pm
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November 27th, 2007 at 1:36 pm
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