When you are thinking about a career change, you can consider starting your own business. It is possible to start your own business when you are working full time, but you will have to ensure proper time management to do it.
Work around Your Schedule
Starting your own business will be difficult in the beginning, especially when you work a nine to five job. In order to be successful, you will have to keep a diary. In this diary you need to write down tasks you can do for your business outside of your full time job, however, it is essential to be realistic. Do not try to take on too much, otherwise you’ll either get burned out or lose all interest in your own business altogether.
It is always better to schedule small tasks instead of trying to push everything in one day and leave sleep over it. Dead time will be your new best friend, for example commute or the time you may have left after a lunch break. It is also essential to inform your family and loved ones about your plans, so they know what to expect from you. Don’t try to cut out your family life and relaxation altogether, because this can also cause you to burn out quickly.
The Tax Problem
Having a business and a full time job can be quite complicated, especially where taxes are involved. It is extremely important to inform your local tax office of this change and the sooner you do this the better. Many starting business owners fail to recognize how complicated taxes can be and end up with a fine or buried in paperwork.
There are some ways to avoid the paperwork that comes with owning your own business, but it will come for a fee. Hiring someone to do your books for you will save the precious time you simply don’t have, especially since you already have a full time job. Whether or not you are considering leaving your full time job over a certain period of time and totally focus on your own business, it does not matter. An accountant can save you a lot of time, full time job or not.
Networking is vital for the success of your newly founded business, however, it may seem quite daunting when you have a full time job. Luckily networking has become so much easier with new technologies. People are no longer connected through only their computers, but also mobile phones and tablets.
Dead time will be perfect to network for your business. When you are on the train or bus home, you can easily take out your phone and set up a Facebook account for your business. Facebook is just an example here, since there are many more social media platforms you can take advantage of.
Creating social media platforms isn’t the only way to get your business out there. You can also join local associations that have something to do with your new business, sponsor a charity event or check out one of the local networking events.
When you are working a full time job, hiring staff becomes nearly unavoidable. Staff does not have to be as expensive as you think, because there are additional options on the international market. Even though you have to be very wary of quality, there are thousands of freelancers online offering their services for a reduced price. Whether you need someone to answer phone calls, put through orders or even answer emails, you will definitely find somebody who can do it for you. This will save you time when you’re done with work and more time to spend with your family.
Evaluate Your Time
Nothing tells you more than experience, therefore it is recommended to evaluate your time once you have been running your business for a few weeks. Record how much time you spend on certain tasks and if there are some areas you aren’t covering due to a lack of time. An evaluation like this will help you determine the next steps to take, but also delivers better time management. You can schedule in more time for the family or decide that you need an extra pair of hands to help you out in the business.
Determine Your Target Group
This tip is not only meant for business owners with a full time job, but for all business owners in general. In order to have a successful business, you will need a target group. A target group is a group of people who need your product and will purchase it. For example, if you were selling games you would be looking at a younger age group who is interested in them.
Target groups can be determined according to various factors, including but not limited to age, sex, location, lifestyle and more. Determining your target group can be quite difficult if you don’t have any experience with the product or service you are selling, so it might be good checking out the competition first. Reviews are also a good indicator for target groups, most of them you’ll find on selling platforms like Amazon or eBay.
Quitting Your Full Time Job
It is not necessary to quit your full time job until you are certain your business can provide a decent wage. However, it can be worthwhile to discuss a phased resignation period with your employer if your business really starts to hit off. You’ll have more time to spend on your business and you’ll also be able to take some time for yourself.
Starting a new business is extremely stressful, full time job or not. If you do have a full time job already, relaxing becomes even more important. Being overworked can lead to fatal errors which could cost you your job and your business. When you take some time for yourself it becomes a lot easier to be creative and think of new ideas, something that is absolutely vital for any company.
Try the Online Trade
If you are thinking about opening a store, but unsure about the demand for a certain product, you might want to offer your product online first. There are various platforms you can take advantage of as an individual or a business and they don’t require as much effort as starting a physical store right away.
As a business, you can take advantage of Amazon or eBay. EBay is usually a lot easier to set up when you are just starting and you will get a huge amount of potential customers. The downside is that you will have to pay a monthly fee if you want to increase your selling allowance and be registered on the selling platform as a business seller. It also takes some time to take pictures of your products and edit them so they fit the eBay standard. Luckily there are countless tools that this selling provider can offer you, from optimizing selling titles to descriptions and extra information.
When you have been trading on eBay or another selling platform, you will get a good idea of the demand after some time. Do not despair if your idea does not hit off right away or not at all. Every business has good moments and bad ones. If a certain product does not sell the way you want it to, there is always time to come up with another selling idea.
Do Not Be Afraid To Delegate
It is necessary to delegate some tasks when you have a full time job. If you have hired someone to take on some of your work for you, you’ll need to take another look at your schedule and determine the tasks you will be taking on yourself. When you just start your business, it can be extremely hard to let go of certain tasks, but delegating tasks is necessary if you want to succeed.
You can decide to only occupy yourself with a certain aspect of your business, for example meeting with clients or procuring new items. Some tasks may even be impossible for you to take on because of you full time job. Meeting with clients, for example, which can be quite difficult if you don’t have flexible hours.
Before you even consider starting your own business in combination with a full time job, you need to make sure you have some financial security. This is not always a possibility, but it is recommended since it is nearly impossible that you will be able to pay yourself a salary when you just start your new venture. You may be living of your full time job now, but your new business will need investments. This money has to come from somewhere, so having a financial reserve to invest in your business.
Cash flow will probably be your number one priority when you are just starting out. You will also encounter some common problems business owners have to deal with, for example late payments or a lack of orders. Being your own boss may feel brilliant for a little while, but reality can hit when your idea does not hit off as planned. Having a financial reserve to implement a backup plan is a requirement.
Should I Tell My Employer?
This is a question that is asked often by people in full time employment and the answer is different for everyone. There are so many things to take into account, from the size of the company to how indispensable you are as an employee.
The majority of people who start their own business while full time employed find it extremely hard to keep this secret. They find it difficult to stay enthused about their current job while combining it with their new venture. Time is also a big issue, since many try to sneak in a few personal hours at work.
If you do not know if your business will succeed, it is probably better to keep your secret to yourself. Once your business starts running, you could switch to part-time, leaving your employer none the wiser. However, if your work is vital to the functioning of a company, you will need to discuss your possible resignation well in advance. As a new business owner you cannot afford a bad name, so try to keep all contacts friendly.
Read Your Employment Contract
Many people are not aware of the fact that they might lose their company or product to the company they are currently working for. The majority of contracts nowadays contain an intellectual property clause, claiming any invention you make for the company you are working for. This could be represented under a right to buy or even right to destroy.
An intellectual property clause and other information pertaining to your current full time contract, can be found in the contract you signed when you started working at your current job. It is also found in the employee manual of the company, if applicable. If you cannot find this information, or have no access to it, contact the human resources department of your company.
The employment contract becomes even more important when you are going to be in direct competition with your current employer. You may have invented something that will innovate the current market or you have decided to offer similar products on the market. If this is the case you will need to go through your employment contract with a fine toothcomb. Many companies also forbid direct competition after the termination of employment, and this could last for a considerable amount of time. So if you decide to leave and focus on your personal venture, ensure that your current employment cannot jeopardize your position, your finances or your new invention.
When you find yourself in such a situation, it may be needed to end your job prematurely, in order to be able to compete. If you are unsure about your current employment contract, find some legal representation that can clearly explain the consequences of a contract termination.