How to Start a Business If You Have a Full-Time Job? - Baltimore Post-ExaminerBaltimore Post-Examiner

How to Start a Business If You Have a Full-Time Job?

You might be looking to start a business on your own. If you already have a day job, it might be wise to hold onto the same while you explore the possibility of starting a venture of your own. Statistics reveal that individuals who are having a full-time job and exploring entrepreneurial possibilities are less likely to fail. With productive use of one’s free time, it is possible to explore and set up a fledgling business while still holding a full-time job.

How to Build on Your Dreams of Being an Entrepreneur?

Here are some steps to work towards such a goal:

Use your free time

If you have entrepreneurial dreams that you hope to make come true, it can be done by utilizing the spare time that one gets during their office hours or after the same. For instance, you might be spending a lot of time in the office, but not all of those hours might be keeping you busy.

Many people often have a lot of free time in their office during which they might try their hands at free casino games no download games and others. Indeed, online casinos have become one of the key entertainment destinations that people resort to, for unwinding as well as trying to earn extra money by gambling.

Hence, the idle hours can be the best time to work on your entrepreneurial idea. For instance, those who run blogs often add information on their website in between their work schedules, when they have time in their hands even while at work. In such a way, you need not tie yourself down to working on your idea when you have the evening hours of relaxation at home. However, if there are additional activities that your fledgling idea requires, you could allocate certain hours during weekends or during weekdays as well to get them done in steps.

Test or validate the product or service you wish to launch

Validation is important and needs to be in-depth, which depends on the kind of market segment it belongs to. The main question that you need to address is why a person will want to buy the product you sell. Before you launch an idea or look for investments for the same, you need to test the market, price point, get insider feedback, and so forth.

If you are looking to launch a service, you can do so in a freelancer mode. Start by getting gigs that will help build a client base for the same and help lay the foundation for the business you wish to launch. You can balance both the freelancing gig while holding a job at an office.

Be conservative in expenses

At the beginning of launching a trade of your own, it is best to be a miser when it comes to spending your funds. Whether it is investing in software or people, be conservative or start small. This will also help to build reserve funds and to reach certain goals before you splurge on the next level.

Outsource

Once a business starts to grow, you need to get help for different activities. For instance, if you are looking to start an online website, you need to have design services, customer service, social media and marketing activities done. You could take up employees or get the help of freelancers. Several sites such as UpWork, Fiverr, and others provide services of different kinds.

Pros and Cons of Setting Up a Business While Working

Benefits of keeping your full-time job as you set up as an entrepreneur are several:

Hedge the risks

It is best to hedge risks when you are considering starting a new venture. Hence, if you are holding a job, it would be wise to hold onto the same as you start something on your own.

Security of finance

This is the main benefit, that of ensuring that you have a steady stream of income even when you are looking to start a company or service. You are guaranteed income while you strive to start something on your own.

Get access to resources

Working on a lucrative idea or venture while holding a job provides someone access to information. Use of resources such as free internet, access to colleagues and people from different professions with whom you can discuss and get necessary knowhow for your idea.

Drawbacks that you need to consider

Limited time

This is the main drawback to consider. If you have a hectic job, then it would limit that period you get to think and work on the business idea. If you have mostly weekends and nights to work on your idea, it will take longer to start a trade and get it working.

Business becomes a hobby

To hold onto the security of a full-time job, you need to opt for the business as a hobby. You will be working on it more casually, less motivated to see it launched as a full-fledged business. You would also not be fully invested in the enterprise, also because it might involve certain legalities such as conflicting sources of income. In certain jobs, employees are asked to sign agreements whereby they agree that they have no other sources of income.

Verdict

The above points on how to get started on an entrepreneurial venture will help one to plan the steps they need to take in order to nurture a business idea. The safety net of a full-time job will provide one steady income, security, access to finances, and other resources to explore the entrepreneurial idea. Once one is sure of the product or service they wish to launch and to the extent they wish to grow the business, one can take the decision to quit their job in order to follow their business dream.

Knowing the pros and cons will help one to avoid the common pitfalls and be able to move towards exploring their dream idea. While having a job provides one with the confidence of earnings, access to different professionals, their knowhow and support will come in very handy. It is easier to find people who can support the idea or could be co-partners in such a venture.

 

Feature Image by StartupStockPhotos from Pixabay


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