Sat Oct 22 07:21:16 CAT 2016

don't quit your job yet

By unknown | Mar 13, 2008 | COMMENTS [ 0 ]

Many people think the only way they can start their own businesses is to immediately quit their day jobs.

That is not the only way to get into business. There is another way to pursue your entrepreneurial dream and retain your current job.

You can start your own business while still working for someone and gradually grow it until it is ready to support or give you a decent salary you can live on.

Let's say you want to start a small business but you don't have enough money, going into business while still working for someone else can be a viable choice.

Many successful businessmen started the same way. An advantage of starting a business when you still work for someone is that it allows you the flexibility of having a stable income while your business is still in the start-up phase.

But bear in mind, though, you need to be organised and focused in order to succeed in doing that.

Remember running a business is also not a part-time commitment. You will most likely be doing two full-time jobs, your current job and the new business.

You must also be prepared to work very long hours and even during the night sometimes in order to see to it that everything is balanced. Make no mistake, operating a business while working full-time for someone else can be a challenge.

The following tips will see you through until you are ready to fire your boss:

l You must be prepared to sacrifice leisure time. Working on two full-time jobs at the same time will change your social life and there will be no time for extra activities such as going out with friends and watching television.

Once you are sure about your decision you must communicate this to people who will be affected by your unavailability when the business is up and running.

l Set a time-frame as to when you want to leave your current job to give full attention to your business.

This will help you to be focused and give you something to aim for, and the amount of money you will like save in a certain period.

It will also help you take your business seriously and not relegate it to the periphery.l Draft a business plan. Many entrepreneurs launch businesses without investing time in developing a business plan.

That is dangerous and can add undue stress and contribute to the failure of your business.

Having a business plan will help you spend time on things that support your business, rather than on things that do not.

l Use whatever time you have to leverage your business. Operating a business while working for someone else requires that you maximise your time.

Found time is the time that is usually used for unimportant things. For example, instead of using your break at work to smoke outside with your co-workers,you can use the time to callpotential clients, suppliers ordistributors, or anyone that is important to the success of your business.

l See to it that your financesare organised. Remember, thereason for remaining with your employer is financial. You needthe money.

Evaluating your current expenses and needs, and seeing how you can cut back and what your bottom line amount is to live and support your business will help.

l Put everything on the table and suss out what can be cut to help you reach the financial target you set yourself when you established a time-frame for leaving your day job.

l Make sacrifices on things you can live without. Sacrifices you make can help you find the resources to dedicate to your business and nurture it to success.

Once things pick up or the cash flow from your business is on track, you can resume some of the things you sacrificed earlier or you might even find your life is quite fine without them. That will mean a huge saving on your side.

l Again this is the time to consider future expenses and how you will address them - what will you do about things like medical aid, to name one.

Followed properly, these tips can help you prepare to successfully run your own business and keep your job when you still need the money.


Login OR Join up TO COMMENT