Starting your own business while working full time might be something you’ve desired for quite a while but don’t know how to go about it.
Getting a dependent income in 2021 is more important than it can ever be after the economic meltdown that occurred due to the pandemic.
Some lost their jobs while some others lost their means of livelihood. This situation has opened the eyes of many to financial freedom.
Getting financial freedom depends on how stable and dependent your incomes are. Do you think a dependent income comes from just your monthly salary?
I bet not.
Also read: See 50 Businesses You Can Start With 50,000 Naira, No. 48 Will Surprise You
Several streams of income have been proven to be the best way to gain financial freedom.
However, you might have a brilliant business idea but you’re not ready to ditch your nine to five job for it. What then happens?
You don’t have to throw away that idea, you can start that business alongside your job. If you’re already considering starting your own business while maintaining your nine to five job, then you’re at the right place.
6 Steps To Follow Before Starting Your Own Business While Working Full Time
Starting your own business while working full time is quite easy when you follow the steps that are listed below.
1. Test and validate your business idea
Before starting your own business while working full time, the first step to take is testing and validating your idea.
There are several failed start-ups and your plan is not to fail, so you need to ensure that your business is realistic and can be easily monetised.
One of the ways to validate your business idea is to get honest feedback from potential customers before you start creating, building and pumping money into the business.
You can also put out a test product/service at a very low rate to get honest feedback from customers.
These strategies and more will prove whether your idea is feasible or not.
2. Understand the terms of your contract
The contract you signed with your company needs to be properly evaluated before starting your own business while working.
This is because some companies include a non-compete clause in their employment agreement. If you have that on your agreement, then you can’t start a business that’s similar to where you work.
In cases where you are unsure of anything relating to conflict of interest with your job, you might want to consult a lawyer.
Most pre-existing agreements with your employer can cause legal problems for your business. This is why it’s very important to review your employment contract for intellectual property rights and noncompete clauses with a trained lawyer.
3. Manage your time wisely
Starting your own business while working full time is very demanding, so time is a valuable asset to you.
If your nine to five job requires forty hours a week, then you have remaining to meet up with the demands of running your own business.
For you not to get into trouble with your employer, avoid using your work hours for your own business.
One of the obvious and biggest worries of employers when it comes to employees starting their own business is the potential losses they could incur due to distraction from their duties.
As long as you intend to keep your job, ensure you commit to making it your priority at the agreed time of the day.
4. Set measurable and realistic goals
To achieve remarkable feats in your business, measurable and realistic goals need to be set by you.
If you don’t want to find yourself spinning around in the same position for a very long, you need to stick to fulfilling these goals.
Remember, starting your own business while working requires extra work from you.
These goals will help you take specific steps that would lead to the growth and success of your business without affecting your productivity at your workplace.
It’s advisable to start with daily goals that lead to small wins, then you gradually move to bigger goals that help you hit milestones.
5. Outsource
Starting your own business while working will require an appreciable amount of attention and focus. Once the business starts to experience growth, you’ll need some professional help.
This is where you start to consider outsourcing, especially if you have a demanding job. From promotion, marketing to delivery, outsource the responsibilities you don’t have time for.
You can also outsource the things you don’t have the skills to do. Focus on what you do best and outsource the rest to save time and achieve a better result.
6. Draw a visible line between your full-time work and business
It’s very easy to start a business that’s related to what you do where you work. Be very deliberate in separating your dull time work and business.
Avoid using the company where you work resources to promote and foster your own business. This includes your work computer, any online tools, software, subscriptions, or seeking the assistance of your colleagues.
Also, avoid working on your business during office hours. You can lose your full-time job in the process.
Also, Read 7 LUCRATIVE SKILLS YOU CAN LEARN ONLINE TO INCREASE YOUR INCOME IN 2021
Starting your own business while working full time is quite challenging but it is certainly doable if you follow the steps provided in this article.
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