... where visionaries, game changers, and challengers discuss business models
There are entrepreneurs out there who are either very brave or very stupid when they throw themselves behind their business. Without a second thought, they quit their job and put all of their efforts into the business. For most of us, this isn’t a viable possibility. The fact is that we need that main source of income to fund the business in the first place.
Which means finding a way to somehow manage the workload of a full-time job, whilst also trying to get a business off the ground with a few hours of work a week. It can be frustrating, to say the least.
So, how should you start a business in your spare time? Without losing your full-time way of earning money for your business in the meantime.
Don’t Tell Your Boss
Like fight club, there is one cardinal rule involved with starting a business in your spare time.
Do. Not. Tell. Your. Boss.
If you do, it’s either a sure-fire way to get yourself fired or for them to come calling for a chunk of your profit when you are eventually successful. Of course, not all employers are like this, but the ones that are can really put a damper on your business ambitions. Making it much easier to simply not tell anyone.
Also, always check your employment contract. If you are considering starting a business in the same sector, then there could be a conflict of interest clause which makes the situation more difficult for you.
Cut Back on Social Activities
Sorry, but this is just a reality of trying to start a business in your spare time. There’s not enough time in the day to work, socialise and put hours into a business venture. The give has to come from somewhere. And unfortunately, it’s easiest when pulled from social activities.
That trip to the pub on a Tuesday with Mike from accounts? Go straight home. A cinema trip every Friday? Hours that shouldn’t be wasted. Basically, if it’s unnecessary then try to claw back that time.
Of course, all work and no play made Jack a dull boy. But it also got Jack’s business off the ground. So consider that when you hesitate to give up your precious social time.
When you don’t have a lot of time, but business is picking up, you should consider the outsourcing route. It can be a great way to get more done for your side business, without having to outright quit your job in order to do it yourself.
If you can find someone to do this for the right price, that doesn’t eat into your profit, then all the better. You can always drop this if it does end up becoming too expensive.
A virtual office service can also be used to help field enquiries whilst you are at work. Many virtual office services provide a professional phone answering service, so you don’t have to worry about enquiries slipping through your fingers. Alternatively, there can also be a voicemail function for the same purpose.
This isn’t essential by any means. But, if you do value your time at home and want to keep a better work/life balance then this is one solution to that issue.
Use Internet Marketing Smartly
In the modern world, the internet is vital to help make a success of your business. Sometimes if you market smartly you can achieve lots in a little time, which is perfect for the business owner who is experiencing a lack of time.
Boost your posts on social media, it isn’t free but it is effective to help bring engagement to your brand. The more of a social following you have, the better it is for you in the long run. As you can share successful offers, sales and news that will convert - you can even invest in app development to get this to your audience directly. This means that return custom can be extremely important for your business.
A digital audience means that you can achieve a lot from the comfort of your home. So, take advantage of this in order to launch your new business successfully.
Making the Transition to Full Time
The goal of most people starting a business in their spare time is, of course, to make that business their full-time venture. But making the successful transition from part-time, on your kitchen dining table, to full time can be much more difficult to achieve.
Part of it is having the guts to do it, while most of it is knowing when the right time is. You need to be sure that you can support yourself and that means making enough income in your own business to cover the loss of your full-time job. If you are not certain of this then it becomes a waiting game until you are.
At the end of the day, starting your own business is hard whether you do so in your spare time or not. Sacrifices will need to be made and you will need to work out where these will be made in your life.