Starting Your Own Business While You are Still Employed? Not a Myth anymore!
Quitting your full-time employment and starting something new which is mostly uncertain can be quite a challenge. On one hand, you will be entrusted with the responsibility of taking care of a full-time job and on the other hand, you will have to think, brainstorm and start working on an alternative career, all this on a daily basis, in the same 24-hour window.
Confidently quitting a full-time career with your employer to invest everything you have in a start-up that “you think” will work, after all, may not be a wise choice without knowing the “How to do it?” part of the business.
In this blog, we surveyed many full-time employees who “did the deed!” and were successful in most ways. They all pretty much had the same thing to say which is summarized and elaborated below.
Time is like ‘salt;’ if you know how to use it in a dish, it would serve and compliment you well. It’s always a best practice to start with this pointer!
When you start working on something on your own, you will have to obviously set aside a lot of time for it; given the fact that you are a beginner at it. With the employment that takes 9 hours of your day, you need to squeeze in extra time for whatever you are working on private which can be a costing process. Time management is, therefore, a critical aspect of everything. If you know how to pivot time and learn to manage it effectively, then there is a good possibility that you will make it through by working on two things at the same time.
The Registration bug!
Now that you have learned how to manage your time efficiently, you will find the need to register your company as a separate entity. I mean, who wouldn’t like a company registered on their name right? So, at some stage when you’re working and getting things running on your start-up you will be haunted by the bug to register the company under your name.
At this point, one needs to evaluate if the company has a steady source of revenue or not. If you do not have, then there is no point in paying taxes to something that is not making any money yet. Therefore, get your company registered at a phase where you are sure of sustaining the economy of the company.
You already know how to start!
If you are thinking of starting a new business on your own, you are someone who has dealt with freelancing and other odd jobs before. Use this point to convert it as your strength and use it to leverage your options and expand your client base.
For example, let’s introspect freelancing; freelancing allows you to have multiple employers and multiple sources of revenues with small business ideas and new startup ideas. You would be someone with fairly good knowledge of how the industry works. Use this to build a client base and a network of people who you think can help you in the future. If you are selling something, you will need someone who can buy it. Your existing client list may be the best place to start!
Know your audience!
You have a good thing going for you and now are ready to pitch the same in different nuances. Given that you know in and out of your product and the market gaps of where it can sell, its fairly a positive point to know more about your audience. There is no one way to do this.
For example, you can start with conducting surveys, interviews among already existing client base. On the other hand, you can gather feedback from the customers who are already users of a similar product. Gather such information and try finding what the expectations are and what is being delivered at the most?
Art of Negotiation
Stay in the good books of your employer. It’s always nice to discuss flexible work timings that would enable you to work from home or work as a freelancer under the same employer.
When it comes to creating something new, avoid building the same thing on what the employer hired you to work on in the first place. Create a different prototype for demonstrations, create sales pagers to distribute as brochures as an when needed and so on.
All these points and more can effectively contribute to transforming the whole ‘start-up experience while you are employed’ — into a success. Any start-up will scale, but so is the risk with it. To avert any such risk avenues, it’s always advised to start a business on small scale first to reach certain revenue number and then demonstrate the same on full-scale. Websites such as Viewham and ADing will help you do just that in a lot easier manner.
There is always uncertainty when you try two things at the same time. Doing what is challenging is what will add essence and meaning to whatever you are trying to do.