Today on our WedBizTips series the question is can you run a business whilst holding down a full time job? We hear this question all the time from new and potential students at the Academy. It is a common question from anyone who is thinking of branching out on their own and becoming an entrepreneur.
Now of course there is no magic formula that will see you suddenly turn into a successful business and allow you to quit your full time job, but there are some top tips that we can share with you that might help you to take that next step. Anyone who has started a business is facing the same set of challenges, and unless they have unlimited funds at their disposal they will also have the same dilemma of whether to continue working or throw themselves wholeheartedly into their business.
Here are our top tips to help you combine working full time with launching and running a business:
- How much do you really want it? Your commitment and passion to your new business will be put to the test as it will require everything you have and more. You need to prepared to make some sacrifices and give it your all.
- Evaluate your skills, weaknesses and abilities. If you want to be successful you need to maximise the time you spend on doing what you’re great at & outsourcing what you’re not.
- Diarise your tasks. A diary, whether electronic or otherwise will become your best friend & help keep you sane as things start to get really busy. In your diary write down tasks you can do for your business outside of your full time job, however, it is essential to be realistic.
- Use your dead time. Dead time will be your new best friend, for example your commute to work or the time you may have left after a lunch break.
- Set attainable goals & realistic deadlines for yourself. Strategise & plan. If you have limited time make sure the time you do have is productive.
- Tell your family and friends what you’re doing. It is essential to inform your family and loved ones about your plans, so they know what to expect from you. Don’t try to cut out your family life and relaxation altogether, because this can cause you to burn out quickly.
- Keep evaluating your time. Once you have been running your business for a few weeks. Record how much time you spend on certain tasks and make sure you are being productive.
- Work smart. Know which time of day you’re mentally at your best & make that the time you spend on your new business.
- Networking is key. Networking is vital for the success of a new business. Dead time will be perfect to network for your business on social media. When you are on the train or bus home, you can easily take out your phone & set up a Facebook account for your business.
- Don’t quit your full time job until you’re certain your business can provide a decent wage. Maybe discuss a phased resignation period with your employer. Map out a game plan for how you are going to earn money.
Rome wasn’t built in a day. Starting a new business takes time to develop. Don’t be too hard on yourself. Don’t rush it. Give it time to grow.
Don’t forget to join us next week where our subject will be Ideas to Boost Your Motivation. Watch the video on Instagram and then shoot over here to the blog for the full lowdown.