When it comes to making the leap from employment to entrepreneurship, do you follow your heart, your gut or the money?
For many, the safest option is to follow all three and to start a new business part-time so that they can start working on their dream, while having the safety of a monthly paycheck.
There is nothing wrong with the approach of starting your own business part-time. In-fact I often recommend it because you first need to live and pay the bills. You cannot just jump ship if there is no certain way to support yourself financially.
There are however some underlying pitfalls to be aware off when you’re doing it part-time.
Pitfall #1: Keeping your job as a “backup plan”
Having a back-up plan is good, but it often originates from thinking of “how not to lose” should things go wrong and don’t work out with your new business.
The problem with keeping your job as a “backup plan”, is that it will dilute your focus. It will subconsciously prevent you from giving your new business your all….because there is a fall-back option. For example, if something goes wrong with your new business, you’ll feel you can always fall back on you current career. So you didn’t lose anything.
Don’t keep your job as a back-up plan, but keep it as financial support while you’re getting your new business up and running.
Pitfall #2: Finding time and energy to work on your new business..
Building your part-time business to a level where you can leave your day job can take longer than you initially expected. The reason for this is that most of your productive hours are spent at work (in your job). Thus, you can only really work on your own business after hours.
For example, if you wake up at 6am, get to work by 8am, spend eight hours at work, another one or so commuting and another hour or three tending to family matters in the evenings, you might be exhausted by the time you are ready to work on your own business.
Therefor, it sometimes takes will-power, persistence and an extraordinary effort to get anything worthwhile accomplished during those scraps of available time.
Find ways to keep your energy levels up during the day, so that you still have enough energy and motivation left when it is time to work on your business.
Pitfall #3: Transitioning without a plan…
Part-time entrepreneurs often struggle because they do not have a plan on how to transition from their job into a self-owned business career. Many simply hope things will work out for their new business.
And when things don’t work out as expected, they are disappointed and often times blame themselves for not being good enough or knowledgeable enough to make their dreams a reality. A bad place to be in…
So , What is the solution?
The solution to working part-time on your new business and slowly transition from your job into a full-time business, is to develop a plan that is built around your new business goals.
Focus on what you want and not what you will leave behind.
This changes your mind-set from “how not to lose” into a mind-set of “how to win”…where you win the business and lifestyle you want by reaching your business goals – even if it requires hard work, courage and persistence.
Here’s how you do it.
1. Develop an Action Plan
Understand the reasons WHY you want to have your own business. Those reasons will more often than not carry you through the difficult times.
Then create a plan where your new business is your primary goal and clarify what you will and won’t do to make it a reality.
Create time in your daily schedule to work on your new business (e.g. before work, during lunch, after hours) and set a due date when you want to make the final transition.
Be persistent and work on your plan daily.
Don’t make it a plan about: here is what I must do in order NOT TO LOSE, but rather focus on here is what I must do in order TO WIN! This approach will make it more likely to accomplish your business plans.
2. Take Care of the Financials
Money, or the lack there-off, is often a make-or-break factor when starting your own business. Within your action plan think about ways to:
- Reduce your current monthly expenses,
- Save bigger chunks of your monthly pay check, and
- Start using only the income from your new business to pay for living costs.
This approach will help minimise the impact of cutting your income when you eventually decide to go full-time into your new business. On the up-side you will also have a nice savings account that can form a buffer for the first couple of months after the full transition.
3. Think Long-term
When you are in a job, you can see an immediate result on your efforts in the form of a monthly paycheck.
However, in your own business the results of your efforts may not show up immediately. Getting a new business stable often requires slow and steady work. The approach of thinking long-term will help you keep your eye on your business goals so that you don’t loose faith in the early months where you are still growing and figuring things out.
NOTHING IN LIFE IS IMPOSSIBLE.
If having your own business or working from home is your dream, you will find a way to make it a reality.
To Your Success