“This is it“ you think, you cannot stand another day of meeting deadlines, pampering your boss, postponing home affairs and working late. Building your own business seems to be the on fleek thing going on as an exciting career option that definitely deserves a look into. But, businesses from the start are extremely fickle career options. Starting your own business while working a day job requires an enormous amount of capital and other funding to actually break even. But why feel the need to put your career on the back burner while you build your business?
What if I said that you can pursue your career and manage a start-up business all the while having quality time for yourself and your family? If that sounds too good to be true, how about checking out these effective tips sourced from successful entrepreneurs/ full-time job workers who have managed to get the best out of both worlds.
MBA holders often talk about the effect that an elaborate and well researched “business plan” can have on any start-up. Apparently, this document is all about how the market behaves and is focused on alienating different aspects of the market and meticulously studying this in an effort to understand the market. What is required in the real world is a matter of fact understanding of the societal framework that should be used to start your own business. But, a plan is definitely important in this scenario. It should include the things like:
- What your product is?
- What problems does it solve?
- Who are your target customers?
- What is unique about it?
Criteria like this gives your start-up much-needed direction and intent.
Finding the ideal co-founder
Funding, brainstorming and starting your own business while working a day job may seem a herculean task. If it seems too daunting , finding a suitable co-founder for your start-up who shares in your ideologies is something you should do. A co-founder brings much-needed experience and other invaluable resources which can increase your company’s productivity.
The synergy between two or three people working for the same cause is a huge boost for any start-up as things can easily get done. If finding someone at the beginning seems impossible, once your company progresses, you can be sure to attract better suitors.
Test your ideas
It is always important that any idea that you come with or you think fulfills a certain need. By starting your own business while working a day job, it’s important to test every assumption. Here are some ways you can test your ideas:
- Customer reviews: Nothing is better than hearing hands on product reviews from the target customers. You can find out if your product could actually solve the problems as advertised. And also, whether the customers found it worthwhile to use it or not.
- Prototype: This method involves releasing a premature product so as to test the public reaction. It is important to keep the price cheap so as to attract a wide customer pool.
- Surveys: This is a great method to reach a lot of people and take in their valuable suggestions for your business.
Reach critical mass
One might think that balancing your company and work is too much and the exciting prospect of quitting will definitely appeal to you. But this is a decision made solely on premature thinking. Quitting your job will extinguish your regular cash flow and will heap unwanted pressure on your start-up. Balancing your work and the business is a consensus you must reach to effectively manage starting your own business while working a day job.
Why to start your own business, such drastic seeming methods are necessary because rewards can only be reaped if we are prepared for the risk involved.