How to Combine Paid Job and Personal Business
It is often advised; if one must consider venturing into Entrepreneurship, one should quit his/her paid job. This is so the prospective entrepreneurs would fully commit to and concentrate in launching their personal business.
Ideally, over a period of years, you have worked and saved up money enough to venture into your own business but could this be so feasible for all entrepreneurs who want to break even?
I think the answer is “NO”. This is because of some factors that might be surrounding us individually and how well we can manage our time and resources.
Entrepreneurship is very risky. Considering a man who has a family to take care of, or you are servicing a loan either student loan or mortgage with your salary, how can you survive? You do not have to lay your eggs in one basket. Many entrepreneurial advisers and mentors will ask you to quit your job, if you found yourself in such situation, who would be putting food in your table or service your loans?
The good thing is that, you can actually be an entrepreneur while keeping your full time job (8 – 5). Most successful entrepreneurs will tell you they had other commitments when starting their businesses. I for one is a paid worker, on-field most of the times, yet have successfully started few small businesses that I manage and also coin out little time to write for my blog, write business proposals for business partnership and contracts, look out for new ways businesses are done for maximum profit, attend business workshops and most importantly further my education as learning is a continuous process.
All these depends on how creative and efficient you are, how you manage your time, your passion for the business you wish to start, your objectives and goal, your short time mission and long time vision for the venture.
For some entrepreneurs, you may also wish to go for part time job if you can’t cope with the longer hour’s job. Frankly, I have been able to combine all the tasks stated above cos the job I do is not so tasking.
Here are few strategies I believe will work for you when combining your startup with your paid job;
1. Always Plan Your Day Well
How you plan your day matters a lot. It’s the little, consistent daily things you do that add up to the success or failure of your startup. Do not allow yourself to be distracted by less busy colleagues, office gossips. You will have to finish up with your job so you can focus on your startup. So make sure you write down all you have to do for the day including appointments you need to keep, and thrive so hard to accomplish them.
2. Use your Time Judiciously
Time is of upmost importance in the life of all entrepreneurs. If you must succeed in life, what you do with your time must be of paramount importance. Create a time table for yourself, noting at what time you should have been able to complete a particular task or appointment.
Meanwhile, when you’re dividing your time for each day, you need to deduct the hours you have to put in your day job. Remember also that sleep is very important. Do not work round the clock else you break down. You just need to manage your time to accomplish more daily.
If you must be working and running your business, you need to delegate some task to other people. Complete entrepreneurs often times outsource when they are starting and while they have grown. This will help you to manage what you do with your time effectively. Someone can help you market or promote your business or even know how to do other works faster, why don’t you outsource this task out and concentrate on those tasks you must do personally. If you would be a successful entrepreneur, you must learn how to manage the time and resources you have for optimum result.
Finally, let your job act as a motivating factor. The pay you get from it over time will serve to service your loans, take care of your family etc while you gradually grow your small business to the level that it is already generating good revenue well enough to take care of you and your family.
You can always quit your job when you are satisfied with what you have been able to achieve with your own business, then you can dedicate more time and energy towards its expansion.
In all you need to note that your determination matters most if your small business will be successful. “A determined soul will do more with a rusty monkey wrench than a loafer will accomplish with all the tools in a machine shop.” – R Hughes.
It all depends on YOU.