Build a business without quitting your day job: Most people prefer to quit their day job in order to build their new businesses. This is a plan that oftentimes fails. Instead of quitting your job, you can build your business on the side and create an extra income stream. So how do you build a business without quitting your day job?
Why not quit?
First, let’s take a look at why you’re not quitting your job in the first place. There are some valid reasons, but the reality is, you may not need your job as much as you think you do.
You need the money.
Money is tight during the early stages of entrepreneurship no matter how good your idea is. However, if you can secure enough venture capital or a good line of credit, you can scrape by without needing a supplementary job.
You’re afraid of plateauing in your career.
You may worry that if you quit, you may be unable to return to the workforce in the future. This is somewhat illogical in most cases. Talk to a boss or supervisor you trust, and get their opinion on a potential return if your business doesn’t pan out.
You’re unsure about your idea.
If you don’t have a good idea yet, you probably shouldn’t leave your job. While this is a valid reason, why not spend more time developing your idea?
You’re afraid of the risks
You may want to keep your job as a safety net, but safety nets don’t always lead to a better overall performance.
If you’ve considered any of these reasons to hold onto your job, and you’re still convinced you can’t quit, follow these strategies to start a business successfully while still maintaining your daily responsibilities.
First, be realistic about what you can and cannot do while still maintaining your job. You can work on your ideas, build some infrastructure and maybe even manage your business during the early stages, but you can’t feasibly manage this forever. There are only so many hours in the day, and you’ll need to make a commitment to one side or the other eventually.
Focus on the idea
While you’re still working, focus on developing your business idea as much as possible. That is to say, keep your work conceptual during the early stages. This is the best time to flesh out the gritty details of your idea. Evaluate it for flaws, and fine-tune your idea to perfection. You won’t be under the gun with deadlines, and you won’t be strapped for cash, so make the most of this time by writing up the best possible business plan you can.
Unless you’re working in isolation, this is a great time to build connections you can use for your business later on (assuming you won’t be violating any non-compete agreements). Get to know as many people as possible. You never know when or where you’ll meet a potential partner, vendor, client or employee. The wider your range of professional contacts is, the more options you’ll have when it comes time to growing your business. This will also save you valuable time when you need to be managing your business instead of networking.
Start with baby steps
Don’t try to do everything with your business while you’re still working full-time, and don’t try to rush the process. Instead, take baby steps, when you can, to slowly advance your idea forward. Test the waters. Experiment. If you get in too deep, you’ll lose control over the situation, and your business will end up outpacing you.
You may think of yourself as quite capable, and maybe you are, but there’s still a hard limit to how much work you can do before your work starts to decline in quality. If you spend too much time on your business, your professional work will suffer, and you may end up losing the career you tried so hard to protect. Spend too much time on your career, and your business won’t have a chance. Keep yourself in balance.
If you follow these strategies, you can build a business while still maintaining your day job in the early stages. Just remember, there’s no perfect time to start a business, so be sure you understand your own motivations before opting to delay getting started. Oftentimes, the best thing to do is throw yourself into something, and make adjustments along the way; otherwise, you may never start at all.