Tips On Starting A Business If You Are A Full-Time Employee

Living the dream of being an entrepreneur is in the minds of most young millennials of today. Be it an app developer, writer, freelance consultant, everyone wants to own what they earn fully. Gazillion people in the world searched Google about starting their own business. But, there are more businesses than startups that shut down in their initial phase.

This is an alarming situation as there are things one needs to consider before starting a business. But, if you are a full-time employee and wondering how to start your own business, some actions require in-depth contemplation. In this blog, you will read about tips and calculated risks that can aid in starting your business without quitting your full-time job.

1. Plan Accordingly

Starting something of your own sounds crazy, especially while working in a 9-5 job. However, if you muster the courage to do something like this, you need to have a plan ready. The hit and trial methodology won’t apply here. The first step towards fulfilling your entrepreneur dream is to make hard choices. Prioritise your stuff. Make a list of things that need your undivided attention and things you can delay or drop out completely from to focus on your business.

For instance, TV time, surfing the internet, shopping, chilling with friends, etc. time can be cut down. Remember, the more time you have in your hand, the better it is for your business’s foundation.

2. Perform SWOT Analysis

SWOT analysis is a great way to comprehend the business idea and the market you are targeting. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Leverage your business with strengths, examine the weaknesses, and how these can be converted into positives. Analyse the opportunities and how your business can benefit from these, and scan for threats that can adversely affect your business from day one. For instance, Pets.com did not fail due to a lack of investment. They went out of business because they did not perform SWOT.

Another aspect that you need to focus on is skills and ability. Often we do not understand the importance of the right skill set needed for the job. Just because it is your business and it is in its initial stage, do not try to do everything independently. Hire people who have the right skill to put your business on the map. Else, you can always learn and master the skills needed to make you an exceptional entrepreneur.

3. Product vs market validation

As per a recent Fortune Magazine survey, the number one reason the founders cited for their business’s failure is the lack of market for their product. This means, before you start your entrepreneurial journey, you should validate your business idea by conducting proper research. From potential customers to market study, you need to be thorough with everything before you start investing time and money in your business idea.

4. Highlight your business USP

The unique selling point of your business is what makes you different from your competitors. Competitive advantage can be in terms of cost, distribution, after-sales services, product, etc. A business USP increases the sales margin, aids in retaining your customers, and converts potential clients to happy customers. Therefore, it is vital for you to think it through, what makes your business stand out amongst your competitors’.

5. Setting deadlines for every milestone

In business, there are two types of goals - main and auxiliary. The main objective is a long-term goal, and auxiliary objectives are the short-term recurring goals that help reach the main objective of your business. If you want to ensure you stick to the plan and reach your ultimate objective of starting a business, maintain a strict calendar. Follow it on a daily, weekly, fortnightly, monthly, or quarterly basis. This way, you will not be keeping everything for the last moment and will be climbing up the ladder with utmost precaution and precision. Not only this, setting a deadline for short-term and long-term goals will aid in comprehending your next business moves.

6. Mapping your goal deadlines

Setting up deadlines is a great way to keep you going while working as a full-time employee. However, this isn’t enough. If you want to excel as a businessman, you should know how to navigate between points A to B to C and beyond. What skills, knowledge, and aspects you shall need to overcome the obstacles between these points. Indeed, your ability to solve problems will help you reach the top of the success ladder in the long run. As a leader, you should have a sense for detecting negative things beforehand that might occur in your business and how to avoid them without letting your business get affected.  

7. Delegate work as much as you can

As mentioned above, just because it is your business does not mean you have to do everything. You are a human being and not a robot. It is advisable to outsource work as much as you can so that you do not mess up things you aren’t good at. Well, this does not mean someone else setting goals for you, creating a roadmap, and describing the product and service you should deliver to the market. This simply means, doing things that you are best at and delegating others to someone right for that job. As you have a full-time job commitment to fulfil, seeking external help is not bad.

8. Look for unbiased feedback

Creating a product or service that no one wants will not make your business grow. Seek honest feedback from day one. Look for people, mentors, colleagues who will provide your unbiased feedback. This will not only make you understand your limitations but will also aid in making your product better and real value for money. Begin with a small group on whom you can relay for feedback. Slowly, try to widen this group through social media platforms and one-on-one interaction with strangers.

9. Do not mix work with personal projects

Having business ethics is crucial. Do not use company time and resources for your business. As an entrepreneur, you need to know how to juggle being a full-time employee and a founder of your business. Do not perform tasks that your company forbids you from doing. This will not only make your relationship with your superiors bitter but will also leave an unpleasant remark on your name. It is advisable to seek legal counsel if you need to get out of a non-compete, non-disclosure, or a conflict clause with the organisation you are working as a full-time employee.

10. Think things through before quitting your full-time job

There will be a point where you will have to choose between your business and full-time job opportunity. Don’t rush this decision. Ensure to analyse everything before you make up your mind. From investors to self-funding, there are other aspects as well that need in-depth consideration. If you are hiring experts or delegating work, then their salary, office rent, and miscellaneous expenses will be paid through your pocket. Therefore, before quitting, make sure you are aware of what you are getting yourself into. Also, never forget that your business might fail despite doing everything right as per your wisdom.

To conclude

Being your own boss in today’s generation is a great thing. But there is a reason why some excel at what they do and some fail. Do you have what it takes to become an entrepreneur? If yes, you need to follow these tips and start planning your business right away. But, if you have any doubts, then you need to wait for a while. Remember, your business will only work if you have full faith in it. From being a full-time employee to a businessman, courage, the right direction, dedication, undivided focus, agility, and problem-solving ability is all you will be needing. All the best!

Also read:

1) Best Tips for Small Business Owners
2) Tips to Grow Sales of a Small Business
3) Business Success Tips Every Business Owner Should Know
4) Tips to Make a Career in Business Marketing