Do you dream of the day that you can quit your day job and go full time into building your own business? The fact is that most businesses take quite a bit of time to actually become profitable so, before actually quitting your day job, it’s best to start building your side business on the side.
It’s a bit more work and it does divide your focus, obviously, but it’s one of the best ways to make sure that you’re truly committed to your new site business or if it was just a “passing fancy”. Below are a number of ways that you can get your side business going before completely quitting your day job. Enjoy.
First you should come up with a realistic estimate of how many hours per week you can set aside for your new business. More hours don’t always lead to better results, so it’s best that you arrive at a reasonable amount of time and stick to it consistently.
If you’re a writer and can work on your side business from home on your computer, you will obviously need less time than if you’re going to bake and sell cakes or teach a yoga class. These things need to be taken into consideration when it comes to setting aside the proper amount of time per week.
Strategically planning your days so that you don’t have to miss out on things like sleep, family obligations and exercise is also very important. Delegating some tasks and automating others in order to give yourself more time is a great idea and, if you make a personal to-do list, you might see things that you can skip entirely.
Speaking of delegating, there’s no reason to go it alone in your new site business if you don’t have to. If you lack expertise in a number of areas that are important to your new business, recruiting partners to help you is your best bet. Once you make the jump from side business to full-time business, these people will already be in place and ready to help you make it an even bigger success.
Setting a target for how much money your company will need to generate on a consistent basis before you give up your steady paycheck is a definite necessity. Knowing how much you’ll need to charge per customer, and how much per order you’ll need in order to make enough money to do this, are also critical questions to be answered.
Simply put, the more time that you have to prepare your “side business” while you still have regular paychecks coming in, the better prepared you will be when you finally “cut the cord” and leave your full-time, weekly paychecks behind. This could buy you the time you need to make sure that your side business can actually be turned into a full-time, viable business that supports you and your family.