Love it or hate it, your job is a job. And many people who come into this realization think of quitting their job and start a business. But it’s important to understand that no matter how good a business idea is, there’s always a chance of failure. With this thought, it can be said that quitting shouldn’t be taken too lightly.
So, we’re here to share with you some tips on how to start your business while working full time. Remember, this would guide you after you’re sure about the type of business you’re going to do. If you have an idea, you can register your copyright using LegalRaasta’s expert legal services.
Time management is more important than money management. Without a doubt, you need to devote some really good number of hours to be a successful entrepreneur. And for this, set a time of your day. It should be experimented as for some people time devoted in the early morning when their energy levels and their will power is high is suitable. Of course, for some, it would mean low energy for their office work. And in such a scenario, people could devote time in the evening after work. Make sure it is done daily as a business is not built in a day. In case if you have excess time but no money, consider going for a job or multiple jobs if you want.
Then comes the financial management. You shouldn’t be living hand to mouth every month. Paycheck to paycheck life is worse as it is. For this, cut down your expenses. Live a minimalistic lifestyle if it is a requirement. Downgrading your lifestyle might not seem like that attractive. But you should be ready for sacrifices in the short run, as the extra finances would be a resource to your new ventures. You heard it right, keep pumping in money into your business. The job you hate doing right now might prove a valuable resource for your business’s finances. Make sure you have some positive cash flows every month.
Although third in this list, this should be your top priority for now. In one interview of Richard Branson, the founder of the Virgin group, it was asked what was his best business advice. And you guessed it right, it was exercise. It would be the best productivity advice for everyone. Stay hydrated, sleep well and most importantly eat raw food items (unprocessed). I know this isn’t a lifestyle-related article but bear with it, as this advice, in the long run, would definitely benefit you. Above all this, have some routine physical workout. This would energize you throughout the day and eventually affects the energy put into the business.
This one comes after the previous point in the priority list. Talking of priorities, measure them. You should be ready to give up a lot of small unnecessary things to achieve autonomy in the long run. Sacrificing hangouts with friends, TV, social media (not in case of online business but a definitely unnecessary waste of time), even sometimes time spent with family. Keep the rosy picture of you living life fully, traveling to new places, hanging out with the people you love to motivate today’s efforts. When it comes to mental clarity, you get paid by the hour in the job, as a job is not result oriented. But for business, you need to be patient, as only result matters. Moreover, you should be asking yourself, what value you can add to people’s lives. Whereas, this was not the case of a job. In addition to this, you’re your own boss now. And you have no accountability but to yourself. Which means you need to go back to the basics of discipline taught in school, to make sure you stick to the plan. Immerse yourself into the process, by dedicating even the weekends for your business.
After following the previous steps carefully for some months (even years), you would be able to generate some income by your business now. And at this stage, it would be crucial to understand that job means steady income. But the business might go high or low. If it’s going high, keep track of the pattern and wait for at least 6 months to analyze the pattern. You could set a limit, let’s say Rs. 50,000 and if the profits generated cross this for 6 months straight, you may avail this option. Remember, to keep investing these profits into your business to grow it further. The process of analyzing would let you know the sustainability of your business. Have some savings in hand and a backup plan just in case in case it goes low.
The time to act is now. Don’t delay your dreams of living your life to the fullest for the sake of temporary pleasures.
This blog post is written by Anubhav, who is a Content Writer at LegalRaasta.
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