Updated Online video classes available for CA,CS,CMA for May20 and Nov20 batch. Call: 1800-3000-0505

How to start a business while working full-time

Rohit Manglik (Founder and CEO - EduGorilla)     19 June 2019

Rohit Manglik
Founder and CEO - EduGorilla 
 21 points

| My Other Post

The reasons can be more than one. Probably you aren’t satisfied with your living a monotonous existence. You may simply want to be your own boss and be subjugated to nobody else. Or, the case may be that the 9 to 5 schedule doesn’t fit you and you’re looking for the ways to pull yourself out from it. Whatever be the reason, I am pretty sure you’ll think of attempting to create a side-hustle for yourself, after reading the lines below.

Put Only the Legal and Correct Step Forward

This front demands a bit of attention and is vast too. Now, it may happen that you may have agreed upon a no-compete clause when accepting your job offer. This can potentially curtail your freedom to leave your organization at your will. And, it’s particularly more if the sphere you are raring to begin to, post your resignation, and the field of your organization, are the same. Hence, ensure to read, comprehend, and verify all your employment documents- employment clauses and conditions, the period of the contract, agreement(s) with your assignment, non-disclosure assignment- anything that has your signature.

Upon finishing with this document-verification, decide on the kind of proprietorship you want to provide to your upcoming endeavor. Decide, whether you want to embrace any one of the alternatives of sole-proprietorship, LLC, or a subchapter corporation. Moreover, you can also get help from legal services websites. These portals help you document and finish formal paperwork by yourself, instead of employing a lawyer. Sites like Rocket Lawyer, Nolo, or Legal Zoom can assist you in this task.

Finally, remember to maintain your integrity throughout your stay in the organization. Don’t work for your dream venture, when finishing the jobs and tasks of your company or business. Equally crucial is to remember not to employ company resources for your enterprise. That is a sure-shot path of having yourself fired, and possibly inflicting irreparable harm upon yourself.

Use Your Time Extremely Efficiently

Without dismissing the paucity of time that you face daily, it will be equally prudent to hope that you would eke out some hours for your daily use for your dream endeavor. Hence, craft an expeditious draft that judiciously makes room for the daily activities pertaining to your day job and your dream venture.

Hence, record all your daily and weekly future commitments. Give some thoughts on rendering a complete extinction to your unnecessary jobs. Buy extra time following a strict regimen- wake up early in the mornings, stay awake late at nights, utilize your lunch and meal breaks and even use your vacations.

Alongside, set realistic, realizable, and small targets for yourself. Divide your goals for each day, week, and month. This will enable you to attempt for meeting both your short- and long-term objectives.

Having said that, make sure to pull out additional hours for yourself also. And, only those things that reinvigorate you must occupy this slot. Be totally free to enlist any activity that refills you with the much-needed zeal for your chosen mission. Spending some quality hours with your children, picnicking with your chosen friends, taking a stroll at the beach, and similar other moments must fill this void. Remember, it’s only you who is going to plunge into the sea of forthcoming and unescapable liabilities. Hence, complete rejuvenation is a must.

Certify the Success of Your Upcoming Service or Product

Before launching your product in the market, you need to authenticate it. This authentication can be a comprehensive exercise. Moreover, its success depends on your market, almost entirely. Simply, the question of “Will somebody buy your product and why?” is the most crucial for your product. Ryan Robb, a writer and 'side-entrepreneur' has developed several successful companies. Still, his first endeavor failed because of product validation/authentication. He didn't test the product in the market. He didn’t verify it on the price point or attempt to have a feedback of an insider.

Hence, start with freelancing if you want to offer a service (data analysis, IE digital marketing, blog writing). Start accumulating the tools for building a client base and a footing for your enterprise. As per Neil Patel, you must be on a continuous lookout for finding ways to do your work most efficiently. He writes blogs in a way that enables him to post 8 articles per week alongside running his firms.

Celebrate Being Economical

Once your business picks up earning profits, curb your hands from throwing away the funds lavishly. Being lean will help you immensely in building your stock of resources and provide you with the opportunity to attain your goal faster. You may feel the need for sharing your workload with other people (more on this below) but go wisely with your choice. Several businesses employ accountants. But you can use QuickBooks when your initial returns are small and execute it yourself. Square, Revel, and similar other apps dealing with payment processing are easy to use. Moreover, they provide robust yet low-cost services for small companies. Still, you may need accounting expertise for issues as the filing of taxes, etc. Hence, it would be better to pay for a single consultation overall and be ready with questions.

Jim Fowler, the founder of Jigsaw (overtaken by Salesforce for $175 million, in 2010) and Owler’s CEO, bestowed this lesson for the upcoming times. He suggests you shouldn’t ever plan financially for the best-case scenario. Instead, you should forecast for the worst one. Thus, he relates his success, in part, to be an optimistic realist.

Share Your Load

Once your business starts growing, you will require assistance. There are only too many fronts to handle, simultaneously. Be it social media, graphic design, or customer service, discern the spheres of your inefficiency. You may also specify the items you simply don’t have ample time for. Subsequently, you can outsource them and thus reduce your burden. Instead of taking on an employee, employ the services of a freelancer. There are several services and websites that will do everything for you- from designing a logo, to running errands. Sites like UpWork, Fiverr, or even TaskRabbit, for example, will provide you with hungry and reliable freelancers.

Don’t Let It Die

In the course of your journey, you can learn key entrepreneurial lessons from the world around you made up of people, portals, and success stories. Still, you will need to grow your fighting spirit bordering the never-say-die attitude or even living it, to blunt and boomerang every fatal arrow that (the so-called) misfortune seems to pierce you across. Don’t cave into hardships till you’ve given them your best blows. Let the world know that you are a pro. Declare to them that your product will change their lives. Sooner, or later, anybody coming across you will certainly meet with your success only if you carry the right attitude and positivity of believing in your business, unfailingly. Who you are, or what you're up against, or what you're trying to achieve, these questions hardly matter till you nourish yourself with optimism. Nurture your mind with enthusiasm and do your best.

Make the Beginning, at Last

Initiating your own enterprise can seem too formidable an endeavor to begin with. Still, there are several resources plying at your help along the way. Attending to your full-time job alongside pursuing your dream cam stretch realizing your success longer. Still, in the long run, it gives you the financial anchor and sustenance you require for being achieving success. Begin with a strong groundwork, improvise available tools, always welcome those invaluable pieces of advice, and stay humble with spending. Ensure to make the beginning as swiftly as you can. Even a little step forward still, is the progress forward.

Attached File : 2832297 20190619151600 start a business medium.pdf downloaded: 14 times

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Popular Discussion

view more »