If you have a great business idea, you may be eager to launch your project. However, you may also be concerned about the risks associated with entrepreneurship and about how you will pay your bills while funding your new endeavor. It makes sense to continue working at your current job and earning reliable income until your new project becomes profitable.
In fact, many entrepreneurs work in a full-time, salaried position while launching their project on the side. As you might imagine, however, working two jobs can be demanding and stressful, and it will require discipline and sacrifice on your part to be successful. These tips can guide you more easily through the weeks and months to come.
Be Aware of Your Employment Contract
Many people sign non-compete or non-disclosure agreements with their employer, and some of these documents may contractually and legally prevent you from starting your own business in the same field. Review any employment documents that you have signed, and consider consulting with an attorney to ensure that you can legally move forward with your entrepreneurial plans as a first step.
In some cases, your employer may lay claim to your new business because of the terms of the contract, and this may be the last thing that you want. Remember that you also need to plan to work on your new business in your free time rather than during work hours, and you should not use your employer’s equipment or supplies. Altogether, you need to be respectful of the established relationship you have with your current employer.
Disclose Your Ideas to Your Superior
It may be helpful in some cases to disclose your side business plans to your employer. This may be most beneficial when your new venture is not directly competing with your employer. In some cases, your employer may even become an active client for your side business.
Before discussing your new business with your boss, ensure that your company handbook and established policies do not forbid employees from holding side jobs or operating independent businesses. You may find that your employer is supportive of your side business, and this could potentially set up a mentorship situation that benefits you substantially.
Set Schedule and Stick to The Plan
Launching your new business when you are working full-time hours for another company can be stressful, but you need to complete specific tasks in a timely manner if you want your launch to be successful. Generally, you need to treat your new endeavor as a job rather than a hobby. Prepare a solid business plan, and use your business plan to create a schedule of tasks to complete. Daily, weekly and monthly goals can help you to stay on target.
You may plan to spend only a few hours each evening working on tasks as well as a full eight-hour work day on the weekends. However, remember that all goals you set should be reasonable and attainable. Prioritizing important tasks can be beneficial at keeping your own target each day, and you may find that you are more motivated to work on your business when you see yourself making regular progress with your business plan.
Don’t Quit Your Day Job
It can be exciting to launch a new business, and you may be eager to devote as much time as possible to the endeavor. However, your new business should not negatively impact your regular job. When you are at work during the day, focus solely on your assigned tasks and responsibilities, and avoid letting your side business’s activities creep into your day. Your company’s work computer should not be used for your side business.
You also need to get ample rest at night so that you can focus during the day. Furthermore, ensure that you devote time to family and friends as well. Scheduling planned social activities can ensure that you nurture important relationships. If you find that you struggle to find enough hours in the day, consider asking your boss if you can telecommute from home. This can save you potentially a few hours each day by eliminating your daily commute, and this extra time can be devoted to your side business.
Learn to Relax
When you are working two jobs and trying to maintain personal relationships, it is easy to feel frazzled and overworked. Get into a routine that gives you downtime between the two jobs, and plan at least a few hours each week to completely disconnect from both jobs to relax.
While this time may seem unproductive, it can actually improve your concentration and stress level, and this can benefit both of your jobs as well as your personal life. Your disconnection time can also be used to social with family and friends or to exercise and focus on your health. Attending a yoga class, meditating or scheduling a massage are also fabulous ways to spend time relaxing and regrouping.
It makes sense to get your new business venture up and running fully before you leave behind the financial security of your salaried position. However, working two jobs will take a lot of time and effort, and you may find yourself feeling stressed and overworked at times. By following these tips and by taking each day at a time, you may find that you have the tenacity and drive to turn your business idea into a successful and profitable venture.
