If you’re a small business owner you know that managing your small business is definitely a full-time job. If you are running your own business and working full-time at the same time you basically have given yourself a Herculean task that some people might call crazy to attempt. The fact is however that many people start a new business while they are still fully employed and, according to some estimates, nearly 2/3 of all small business owners work at either full or part-time jobs while their company is developing, gaining traction and creeping into the black.
The fact is that there were only so many hours in a day and many people can quickly become overwhelmed by the responsibility of running their own business and taking care of their regular job at the same time. It’s for those people that we put this blog together today, with tips and advice and should help you to survive while you’re working both. Enjoy.
One of the most important things that you need to do is separate your regular job from your small business job. Simply put, unless your boss is extremely nice (or extremely gullible) it probably would not be a good idea to take care of your small business tasks while you’re sitting at your desk at your day job. It’s also not a good idea to use company resources to get your business off the ground. Instead you should set clear boundaries so that your regular job and your new small business never overlap, setting yourself strict hours and keeping them as best as you can.
Of course one of the most important things to keep in mind is that, if you stretch yourself too thin, your performance at work may suffer and your small business may suffer as well. Think about getting tools like software for financial management to help run your business more efficiently and preventing yourself from getting stretched thin. While many people believe that the extra time to focus on their business would be great, getting fired from any job and losing that steady paycheck can be more than just an annoyance, it can financially ruin you.
If you’re not keen on losing your job but you also don’t want to miss an opportunity to help someone or further advance your new small business, the best thing to do is find someone to help you. Hiring an employee to work part-time or even finding a partner would both be a better option than ticking off your boss, losing your job or losing a new customer. If you choose to go with a partner you’d do well to find someone who has expertise in the area or with a product that you’re going to be selling.
Since it’s a bit difficult to market your business when you’re still fully employed it can also be difficult to generate leads or turn a profit. With that in mind the best thing that you can do is start networking like your life depended on it. Joining your local Chamber of Commerce, having cards made and handing them out wherever you go and participating in local business fairs is a great way to get your name out there at a very low cost. Sponsoring a local charity or athlete is also a great way to endear yourself to the community and get your new business going while you’re still at your old job.
Depending on the type of business that you are starting and the type of business that you are currently working in, you may be tempted to exploit your personal relationships or contacts. While there is nothing wrong with talking about your new business in some cases it can be illegal. If you’ve signed a non-compete clause with your employer and you start poaching clients you could very well find yourself in some very hot legal water. On the other hand, if you are moving into a new sector that could possibly work well with your current clients at work it might not be a bad idea to seek their support.
One of the most vital bits of information that we can give you today is the need to start small and consult with a start-up expert like SunDoc Filings. Finding out if there is a demand for your product or services is vital as well, and working nights and weekends to see if that demand is there should be on the top of your ‘to do’ list before you fully commit to any new project or business. If you’re going to be opening up a brick and mortar retail store you may want to first try your hand at a local marketplace and see what type of results you get. This type of due diligence and market research should not be underestimated as it will give you a much clearer idea of what type of potential your new small business actually will have.
Starting small will also give you a much better idea if you are personally able to handle a full-time job and a small business at the same time. One thing is for sure, your time management skills are going to get a thorough workout.
The final step, transitioning from a full-time job with a small business to just running your small business, is something that will be different for every entrepreneur. Knowing exactly when the best time is to quit your job for good can be a bit difficult, to say the least. In the end, it would probably be best if the money that you were making with your new business was equal to the amount that you are making at your full-time job. If that’s not the case you will definitely want to know exactly how much money you need to make in order to cover all of your basic bills and not have to dip into your retirement or savings accounts too deeply.
Whatever the case and whatever your situation, we wish you the best of luck with your new small business. Please be sure to come back and visit us here regularly as we’ve always got great information on all sorts of financial, small business and energy topics. See you then.
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