Depending on what industry you’re in, you may have already felt the need to make more money. Growing in a company or field, and getting to the income level you really want, takes a lot of time and hard work. If you are in a position where you need to make more money now, and you have the drive to become an entrepreneur, then starting a business with a day job can help.
Starting a business is a big deal, especially when you won’t be able to give it 100% because you need to work your 9-to-5. Just because you can’t focus on your business full time does not mean you can’t grow it and make money from it. I’m sharing 5 tips for starting a business with a day job, so you can start expediting your wealth building journey whenever you are ready to.
#1 Are You Ready to Commit?
Before you jump the gun and start a business, think about the commitment it will require. You will need to put in the time, the work, the energy, and the money to get it going. Do you have kids or a family to think about? Are you able to come home from a hard day at work and put a few hours into growing your business? The number one thing your business will need is your time. If you don’t have it, you may not be ready to commit.
Another thing your business will need to get going is money. It may not need a lot, depending on the type of business, but there are always some costs associated with getting started. Do you already have a savings in place for expenses that may come up? That should be something you have before you get started. It doesn’t have to be much, but anything can help.
Lastly, make sure that you let those closest to you know what you have going on. If your friends, family and significant other are used to seeing you on a consistent and regular basis, that time may be used for growing your business. You’ll want to set the expectation with them, so you don’t feel guilty and they don’t feel left out.
#2 Get Organized with Your Goals and Tasks
In the article 5 Necessary Tools for Your Side Hustle, I mention Asana as one of the best tools for staying organized. I highly recommend you get detailed and organized with all of your goals and tasks. Ideally, you will want to be organized before you start your business. Have clear deadlines and goals for starting, list out all of your to-do items, and keep things organized. Asana will help you do all of those things – this can be a very powerful habit to build in the beginning stages of your business.
#3 Allocate Time to Your Business
As I mentioned earlier, the number one thing your business will need, especially in the beginning, is your time. Before you start your business and work towards its launch, get your time allocated. Think about the time required of you in your day job and personal life, what can be reduced or replaced with time for your business? If possible, purchase a planner and map out the certain hours you can work on your business each day.
When you have the time allocated ahead of time, the only thing stopping you is an emergency or yourself. Emergencies are forgivable, but not giving your business time because you’re lazy or didn’t plan is unacceptable. It may feel like you have no time for yourself, but once your business takes off, all that time and hard work will certainly be worth it!
#4 Give Yourself Time and Grace
This tip is something I need to remind myself on a regular basis. When you have a day job that provides a majority of your income, it can be hard to see your business not meet the same standard. Remember that it’s very hard to give 100% to multiple things. If you need to focus on your day job, that’s perfectly fine. Do what you can with your business with the time you have available.
Most people can’t handle a day job and a business, so you are already further than most. Give yourself time and grace to build the business where it needs to be while working your day job. It may not be an overnight journey, but with consistency and hard work, you will get there.
#5 Understand When It’s Time to Quit
Notice how I didn’t say “understand when it’s time to quit your job”. I left it vague, because it will be very important for you to understand when it’s to quit your job OR your business. In terms of quitting your job, certain financial milestones and signs of business sustainability are required.
In terms of quitting your business, if you are constantly spending money, getting no sales or leads, and no longer have the passion for it, take note of those things. Understand that quitting may not be the right move, but be open to it, if it is. It can be hard to “quit” but who knows what may come because of that decision to let go?
Starting a business is very exciting! Even if you have a 9-to-5 while starting your business, you can certainly be successful. The thing is, you will never know unless you actually start! If you are contemplating starting a business, then make the move (after you’ve completed the tips above). It will be worth it, one way or another. Do you have dreams of starting a business? What is stopping you from getting started? Post a comment below to share your thoughts!
The CGS Team