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Are you trying to start a business while working full-time but you don’t know how to go about it?
You’ve come to the right place. Let this article serve as your guide and hopefully, your starting point.
Starting a business while working full time is something that may seem quite daunting, maybe even impossible, but the truth is, it is actually feasible.
In all of recorded history, never before has there been such rapid growth in the number of entrepreneurs worldwide. Due to major technological advancements, starting a business while working full time has never been easier.
People want to venture into business for several purposes, but ultimately, it is to make money. Financial independence and buoyancy is something that is sought after by everyone. So, wanting some extra cash on the side while maintaining a full-time job is actually quite normal.
In this article, we shall enlighten you on the most important things you need to know on how to start a business while working full-time.
The very first thing you have to consider when trying to start a business while working full-time is your level of motivation. Business aside, nothing ever works out well without proper motivation. Ask yourself, how badly do you want it? Are you willing to grind out your 9-5 while plotting new business moves? If you want it badly, then the energy to be invested will become insignificant to you.
Make a list of all the activities and commitments you have in your life with the time you devote to each, during the week. Mark the ones you can afford to lessen your involvement with. Doing this will enable you to devote more time and focus on the new project that means a lot to you.
Starting out a business isn’t only about buying, selling and making a profit, no. You need a certain amount of skills in order for you to achieve that. Find time and do some critical thinking. What skills do you possess, what are your strengths and where are you lacking? If possible, answer these 50 questions to know yourself better.
This may seem unimportant to you at first, but the truth is, knowing these things will help you not just in the long-run, but immediately. These key factors will help you in figuring out what time of business you would like to venture into.
For example, you cannot start a web designing business if you lack sufficient knowledge about coding and web designing. Do some soul searching first before you make your move.
Before starting up your business while working full-time, you have to do your research. The importance of this step cannot be overemphasized.
You have to carry out extensive research before venturing into any business. Business in itself is high-risk-high-reward. The product and service you wish to sell, find out about the availability of the market for such products, find out the total capital cost, find out ways to market the product. It is foolhardy to venture into any enterprise without proper research, especially when you plan on maintaining your full-time job.
Read up on Why 90% Of Startups Fail and What To Do About It to minimize novice errors.
What is your competitive advantage?
A competitive advantage is defined as the unique advantage that allows you to generate greater sales and profit margins, and/or acquire & retain more customers than your business rivals. It’s what makes your business special. It could be your business structure, the kind of products you offer, how you offer them, or simply the ease of product acquisition by the customers. It could be anything.
Find that thing that makes your product stand out. We all want something different, something special. Time to put on that thinking cap.
Another thing to consider before starting a business while working full-time is your business goals. What do you plan to achieve by starting the business? Map out clear and realistic targets, doing so will mentally prepare you for the road ahead.
The human mind works a lot better when working towards a specified goal. Give yourself deadlines and set about meeting them in order to beat procrastination.
Of course one of your goals should be to secure your desired product. Working towards that enables you to be psyched up and motivated.
You’re motivated, you’ve done your research, and you have a clear set of goals. The next thing is to plan your launch date. Keep in mind that while doing all the aforementioned steps, you are still working full-time. So, be careful so as not to mix up your working hours with your personal enterprise. It is quite easy to get carried away when starting a new business.
Ensure that on the day you plan to launch your brand, you have lots of time on your hands and have little to no work-related commitments. Launching your products requires your full, undivided attention for it to be a success.
So now you’ve started your business while working full-time. The next thing you should focus on is how to improve on your current success, and one sure-fire way of doing that is by actively asking your customers for feedback.
Through this feedback, you will be able to learn about the pros and cons of your products which will, in turn, help you to develop them further and make them better.
Customers purchase value. The more value you’re able to add to your business, the more sales you will make.
As mentioned earlier, it is easy to get carried away by your new business. Do not allow this to happen since you’re looking to maintain your full-time job. There should be a fine line between your personal enterprise and your daily job. You have to be able to find the balance between these two.
The time allotted for your full-time job should not be shared with your business and vice versa.
It might seem like a lot of work, and it is, but it has some advantages. For example, depending on your salary and the size of the budget, your wages could be used to finance your business. Having another income stream while running a business is very important especially where funding is concerned.
Another advantage is that your target customer might just be an office away. Your colleagues and superiors are potential customers and so, it is relatively easier to sell your products seeing as there is some trust already.
This is the 21st century, there are endless business strategies that one could use to ensure success in their business. The more you read, the more information will be available for you to use to your own advantage.
There are so many best-selling books out there for young and fresh entrepreneurs to help them sidestep novice errors and realize success with relative ease.
Check out 10 Books Every Small Business Owner Should Read
Starting a business while working full-time is really not so complicated once you’re able to map out your schedule and plans. The whole essence of starting a business while having a full-time job is to make some extra income on the side and also be your own boss.
It is not impossible, in fact, a lot of full-time workers have some form of business on the side. We live in a time where business has been made easy and all you need is the right mindset and information. It is time you stop procrastinating and cast aside any doubt or fear. It is time to seize control of your financial independence!
Be sure to visit Northpad to read up on exciting business and finance tips to help you generate more wealth.
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