by Tarminder Singh | 06 September 2022
Many of us dream of starting our own business, scaling it, and leaving a legacy behind. However, many don't pursue their dreams amid the hustle and bustle of working a full-time job and other obligations. We often question whether it is sustainable or realistic to start a business while employed. The simple answer is: Yes - provided there is no contradiction with your existing terms of employment. If you are fortunate to be in a stable job and still have time to dedicate to your own business, you can get the best of both worlds. However, before taking the plunge, here are 5 ways you should know how to start a business while being employed.
1. Starting Small
Yes, we all have the ambition of taking our own business to greater heights, such as hitting the million-dollar revenue market, being consistently profitable, listing the company on the stock market, or even selling off the business for a handsome profit. However, we must be mindful that the start of the journey has to be in small quantities. Try to just focus on securing the first client or breaking even at the end of the month. If that can be done consistently, the business will have a snowball effect and grow accordingly.
No one said it would be easy juggling many things; having a full-time job, a side business, and even personal and family obligations. The key to managing all is prioritization. Learn to become a ninja at prioritization and be realistic in setting goals and expectations. We may not be able to be excellent at everything in life, but if we prioritize well, we can reach a sustainable level and that can be scaled up. Prioritization also means tackling the most important and urgent task on-hand. Thus, it's crucial to set up a prioritization matrix that works right for you.
3. Strong Support System
Full-time employment coupled with a side business is no easy commitment to handle. You might experience a rollercoaster ride of stress, burnout, anxiety, and even loss of faith in the business idea - the one key element separating those who succeed against those who don't is a robust support system. A strong support system can be your close friends, family members, and partner. These are the people who will not only cheer you on but will be there for you to lift and encourage you when the going gets tough!
4. Reinvestment of Profits
Assuming your business picks up and starts generating profit, it leads to another issue to be decided, which is what to do with the additional profits. Some entrepreneurs will use it to fund their lifestyle, but some will reinvest it into the business. The latter is a wise option as it will lead to further business expansion. It will also come in handy to grow the financial base of the business.
The final but most crucial consideration is balance. Starting and growing a business is not a race but a marathon. There will be countless moments of stress and self-doubt. Mental health would probably be challenged as well. Hence, to survive and thrive, finding balance is key. Do make time for things that you enjoy. It could be going out with friends, movie night, going to the gym, etc. This will help you to be more anchored and grounded on this path of starting a business.
Starting a business is a huge decision and is a journey that could yield high returns. Once the business grows and there is an apparent demand for your product or services, it might be time to take that quantum leap to full-time entrepreneurship. Until then, learn to enjoy the journey.
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