Owning and managing a business is a dream that a lot of working professionals have. Nothing breeds passion and fulfillment like running your own company. Unfortunately, most of these “dreamers” don’t follow through with their ambitions. Most of the time, it’s because of fear of financial risk.
Being afraid to quit your job to make way for a venture is understandable. After all, it’s really hard to let go of a steady income source. However, contrary to what you may think, you don’t necessarily have to let go of your job in order to create your own startup. Starting small with a side business is a smart move for 9-5 workers.
What are the benefits of starting small?
When you start working on a project while you’re employed, you create a more relaxed environment for yourself. That way, you can attend to your side business without the pressure to launch and make money as soon as possible. Instead of wasting your energy worrying, you can direct your focus to designing and implementing a sound business plan. Operating without fear of bankruptcy (especially if you have a family) means that you can think long term and ensure that you have a solid product to offer before diving right into the market.
Also, if you have a steady income source to fall back on, you can bounce back from setbacks a lot faster. If you’re going broke and suddenly you experience failure for the first time, it’s easy to get discouraged. You might even end up abandoning your business altogether. Having the resources to live and work comfortably is helpful in the continuity of your goals.
So how do you start a side business?
- Just go for it.
If you ask successful entrepreneurs about one thing they wish they had known sooner, you’re probably going to hear lots of variations of the statement “I wish I started sooner.” No one ever advises anyone to delay their dreams. If you have a good business idea, start researching and developing on it as soon as possible. Even if the idea turns out to be a dud, at least you already know that you should move on to another plan.
- Dedicate time.
Just like all other fulfilling but challenging things in the world, it’s easy to put off business plans. To combat this, discipline yourself and allow time for it every day. Create a schedule and follow it consistently.
- A business is a business—whether big or small.
Just because it’s a side business doesn’t mean you can slack off a little more. Remember that your goal here is to grow your side business into a full-blown enterprise one day. Thus, treat it like any other startup. Do extensive research. Come up with a detailed business plan. Know your market. You know the fundamentals… stick to it.
- Avoid conflicts with your day job.
Avoid setting up a venture that’s within the same industry as your job. But if you can’t help it, at least ensure that you are not after the same clients. If your employer finds out about this, you could run into issues. Also, pursuing a non-competing enterprise increases the chance that your co-workers will support you. Who knows—maybe your own colleagues will end up as your company’s biggest fans.
- Aim for continuous improvement.
Because of lower financial risks, you have the luxury of taking your time as you build your business. Make this an asset. Always aim to improve your product. Since you don’t have to start high-volume selling right away, you’ll have more time to work towards improvement. However, don’t take too long! You might miss opportunities if you do. It’s all about striking a good balance.
Before we end, here’s the most important advice of them all: Don’t be afraid of failure. It’s a normal part of any business venture. You already have the advantage of having a stable day job. So what is there to complain about? Use every setback as a springboard to a better business. Before you know it, you’re going to be reaping the benefits!
Eviva Media may be able to help you achieve your dream business goals. Talk to us today and let us discuss your plans.