Turning Your Side Project Into a Successful Startup

Like many developers, I’ve always enjoyed working on side projects in my spare time.

I can’t just switch off when I get home from work, and nor would I want to — development and problem-solving are both my hobbies and my vocation. I’d be coding and trying new ideas even if I didn’t get paid for it.

If, like me, you’ve had a long-term ambition to start your own business, one way to get started is to see if there is the potential to turn one of your side projects into a full-time startup.

Choosing to turn a side project into a startup means that you won’t be starting from scratch, and it’s something that you’ve already proven to yourself that you can stay committed to. Both of these aspects will give a good foundation to turn it into a successful business.

Recently, I took the difficult decision to leave my full-time role of almost 8 years and to start my own technology business, Swiftcomplete.

Forever waiting for the right moment

You may find yourself in a position where you have the technical skills, ambition and drive required to go full-time on your side project, but you’re held back by a fear of the unknown.

Maybe you’re spending more time talking about wanting to start a business, rather than taking steps to make it a reality.

It’s a daunting prospect to give up a regular, well-paid job in return for the uncertainty of a risky startup, particularly when you have worked hard to get to your current position and you have a mortgage or rent and day-to-day bills to pay for.

To reduce the financial risk, some would-be founders aim to generate enough money from their side project to match their income, at which point they will leave their job and go full-time.

Often, this never happens, because there aren’t enough hours in the day to successfully run a business and hold down a day job

It’s difficult to build a revenue-generating business in your spare time. You’re trying to compete with other businesses who have teams of people working full-time, but you only have a few hours crammed in either side of your ‘real’ job.

Taking the leap

At some point, you will have a take a leap into the unknown if you ever want to be in the position to start your own business.

It’s unlikely that you will ever have all of the facts and data to guarantee that leaving your job for your side project is the right decision.

You can put steps in place to give yourself the best chance to succeed, but it will never be an easy decision to make.

Remember, starting a business is not the easy option. It takes long-term dedication and hard work to be successful. If it doesn’t feel right, don’t do it — things will only get harder before they get easier

Give yourself the best chance to turn your side project into a successful startup

You should start preparing in advance if you plan on leaving your stable job to start a business. Give yourself enough time to:

Get your finances in order

Pay off any outstanding credit card debt, personal loans, car finance or overdrafts. Cancel any unnecessary subscriptions, and aim to reduce your monthly outgoings to a manageable level.

If you can, try practising living on the new level of income that you’re expecting to have for a few months in advance, to check that it’s feasible.

Starting a business will put pressure on your finances, and so it is really important to make your resources stretch for as long as possible and to be sure that you’ve set enough aside to cover the essentials.

Start a savings account

At the moment, interest rates are near record lows in the UK, but it’s still a good idea to have a financial buffer to protect yourself against any unforeseen expenses. Once you have 1 to 2 years of personal expenses set aside, it allows you to focus on the business, not the bills at home.

Get your partner on-board

As you’re about to make a life-changing decision, it’s really important that you’re open and honest with your partner about the challenges that you will face, and to make sure that they’re completely happy and on-board before you start your business.

You will need their financial and emotional support over the next few years while you’re trying to get traction with your startup.

Widen your network

Take the time to raise your public profile, by being more active on social media and attending meetups and social events. Look for support from local entrepreneurs who may be willing and able to help with networking.

You’ll need a large support base to start your business, and this isn’t something that can be created immediately — start as early as possible.

Once you’ve given yourself the best chance of success, take the leap when you feel the time is right.

Life is short, and the window of opportunity where you have the right idea, skills, experience, time and money to start a business is even shorter

Good luck!

I’m the founder of tech startup Swiftcomplete.

If you’d like to have a chat about product management, startups or a demo of our innovative search technology, head over to swiftcomplete.com or message me on Twitter @chriswinfielduk or LinkedIn

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