The saying goes “don’t quit your day job”. And you might feel conflicted about quitting completely to start building your empire or working on it part time. You could be buzzing with ideas for a new business venture but find that you’re too scared to take the leap. Don’t worry, many business owners were afraid to leave their day jobs and opted to hustle on the side instead. Business is all about taking risks but smart entrepreneurs know that calculated risk taking can deliver positive results.
Here are a few things to consider before starting your own business.
Test the waters
Starting a business part time will give you an opportunity to test out your idea before you make a full-time commitment. It’ll help you see if the market is responsive to the product or service you want to provide. If there’s a lukewarm response it’ll give you time to work on your product while still getting an income from your full-time job. You can explore better features to add to your product or change the packaging. And you can ask potential customers what improvements they would like to see you make to the product. You could also develop prototypes and perform surveys in order to find out the market’s reaction to your product. If you’re not fully confident about the market you’re vying for you might need to stay in your current job. By doing so you’re able to spend the time finding out if it’s worth the risk or not.
They say the higher the risk you’re prepared to take the higher the return you’ll get. But if you’re a person who always has to weigh up their options before making a decision you may need to wait before you leave your full-time job. Quitting your day job will put you under financial pressure and this could lead to you experiencing terrible stress.
Your business might only cater to a small niche market and it might not make enough money to cover all your expenses. Many new businesses don’t earn enough profits to allow the owner to leave their full-time jobs. But the new part-time business could provide a nice side income.
If you quit your job you’ll be pressured to make profits quickly because you don’t have an income. Most startup businesses only see profits after six months sometimes it can take up to a year. Working full time will give you the opportunity to save up enough capital to keep your business going when profits are running low.
How much time are you able to sacrifice? If your job isn’t demanding and you’re not working in a particularly fast paced environment then you can start your business part time. But if you have a busy schedule and you also want to work part time, it could be a recipe for disaster. You need to make sure you have enough time for both jobs. If you don’t you may end up neglecting your business and it might fail. If your venture needs your complete attention then you may need to quit your job and if you can’t afford that then you’ll need to put the project on hold. In order for many businesses to get off the ground faster, they require tons of sacrifice and the owner to be all in.
Starting your business part time will be stressful because you won’t have time to spend with family. You’ll have to make a lot of sacrifices to get your business going while still working full time. Your family will have to be part of the decision-making process. Working long hours can be taxing psychologically and you need to make sure you’re prepared.
If you’re starting a business on the side you need to ensure it doesn’t conflict with your current job. If you’re spending hours focusing on your startup then you could end up neglecting your current job. And this will land you in hot water with your boss.
You could find a business partner who might offer an investment as well assistance which will help you launch your startup. Having a partner means you can manage your time better and they will share the responsibility with you. Your business partner will also be able to contribute a new set of skills and the workload will be divided.
You may experience a lot of failures while building your business. But you shouldn’t give up, most successful businesses had to experience a lot of trial and error before they became successful and profitable.
Your startup business could require a lot of capital, which you might need to spend a lot of time raising. Consider leasing your business car, land and equipment. Leasing a cheaper alternative to paying everything cash.
Starting a business part time can be physically exhausting and take up much of your time. If you’re willing to make sacrifices and work hard you will see your business do well. Just make sure you manage your time well and you collaborate with the right people who can help you.