How to Start a Business Without Quitting Your Day Job

By daomisyel -
If you’re unhappy with your 9-to-5, you may be tempted to leave the workforce and pursue the path of entrepreneurship. No one can deny that being your own boss is an attractive idea! But quitting your day job and launching a business can be risky. What if things don’t work out? Fortunately, you don’t have to give up your full-time gig to start a business of your own—this is typically a bad idea anyway. Start with a side hustle and see where it takes you! Check out these tips for starting a business on a tight schedule and setting yourself up for scaleable growth in the future.

Photo via Unsplash

Build Your Side Hustle

As you consider side hustle ideas, think of the things you love to do. Passion will give you the motivation you need to plug away at your side business during your time off from work. For example, if you love animals, starting a dog-sitting business can be a great way to make a living while dipping your toe in the business world. You could even board pets in your home as long as you take a few safety precautions, like removing toxic houseplants and securing garbage can lids. Posting your services on pet-sitting websites is a great way to connect with potential clients.
Some other popular side hustles include e-commerce, teaching, web design, writing, and caregiving, but you can turn almost any hobby or passion into a business. For instance, there are many blogging opportunities for writers on a variety of subjects. It doesn’t cost anything to get started as a freelancer, so this can be a great role for side hustlers on a budget. Many top freelancers choose to get started by making a profile on an online job board like Upwork. Becoming a freelancer will help you find flexible work opportunities and build up your portfolio while working your day job. 

Launch with the Bare Minimum

Although planning your business is important, many new entrepreneurs make the mistake of planning too extensively. Believe it or not, you don’t need an elaborate business plan to get started. Come up with a basic action plan and launch with the stripped-down version of your business. If you need a website for your e-commerce business, stick to the bare minimum and keep it as simple as possible. 
This is not the time to strive for perfection. In fact, a side hustle should feel imperfect—this is your chance to play around with things and test out ideas! Inc recommends just a few essential elements to have in place before launching your business, including a personal budget, a marketing plan, and a sales strategy. If you have these, you’re good to go!

Practice Good Time Management

Lack of time can be a serious hurdle for anyone starting a business while working a full-time job. Make sure you have time in your schedule for your new business. You may have to remove some time-consuming tasks from your calendar, cut back on your hobbies, or plug away at your business during your commute. When you have free time, make the most of it! To manage your time effectively, All Business recommends creating a realistic to-do list every night, cutting out distractions, working when you have the most energy, and cutting out distractions like television and social media.

Keep It Scaleable

It’s easy to skip important business tasks when your business is just getting started and you don’t have a lot of time. But forgoing certain responsibilities now can set you up for some major headaches as your business grows. Ensure that your financial records, inventory management system, marketing plans, and customer support strategies are scaleable. It’s also important to stay on top of your taxes to ensure you report your income properly and save enough to cover the taxes you owe.
If you’re interested in building a business but you’re not quite ready to quit your job, starting a side hustle is a great way to test the waters. Keeping your job as a safety net will ensure you have something to fall back on if things don't work out or you just don't like being self-employed.

ABOUT OUR GUEST BLOGGER: Derek Goodman is an entrepreneur. He’d always wanted to make his own future, and he knew growing his own business was the only way to do that. He created his site Inbizability, to offer you tips, tricks, and resources so that you realize your business ability and potential now, not later. Inbizability.com + info@inbizability.com

Comments

Aizelle Joe said…
Writing turns out to be a passion for me, and it's a bonus that in this time of pandekic, when nobody goes out, it has become our source of living. I am just so grateful that somebody introduced me into this kind of business years ago and now I am enjoying the perks of online writing.
May 11, 2020 at 10:28 AM
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