Can’t make the move yet? Here’s how you can work on that business idea while still employed.
The great thing about good ideas is that it can strike just about anyone; you can be a third-generation entrepreneur or a thirty-year corporate veteran, if you have a great idea, you can become an entrepreneur. How many times have we heard of stories of people leaving their jobs and building a startup?
But not everyone has the luxury to quit their current jobs to start their own business. For most of us, things like commitments and financial restrictions come into play.
That doesn’t mean that there is no way to turn your great idea into a business. Starting your own business while having a day job can be done. Here are few to things that may help you make it happen:
1. Get good partners
You can go at it alone, of course. But that would be quite difficult. Building your own business is challenging, especially in today’s environment of fierce competition and constantly changing customer expectations, and having a person or a group of people helping you out goes a long way. But it can’t just be anyone. You really have to go out and find good people.
Also read: First time entrepreneur? These 10 courses are fantastic sidekicks
By “good” partners, I mean people who not only believe in your idea, but who are also willing to do whatever it takes (within legal and moral limits, of course) to make it happen. These are the people who would willingly inconvenience themselves so that all the goals that you have set can be met.
2. Make sure you have regular, quality communication
A lot of issues can be avoided if teams are communicating well. Not just constant, but well. Constant communication just for the sake of communicating is about as helpful as not communicating at all. You and your partner/s need to be able to have the kind of conversations that propel your idea to become an actionable goal.
If you are employed, this means that any time you spend turning your idea into a business is worth a lot. Don’t let this time go to waste with pointless meetings or online discussions that would accomplish nothing. Make sure that every time you meet your partner/partners, whether in person or online, that everyone knows what is expected from it.
3. Clearly divvy up responsibilities
The key word there is “clearly”. If you have partners or a team, makes sure everyone explicitly knows what they are responsible for. For example, one handles all internal aspects like finances and documentation, while one handles all external aspects like outreach to potential suppliers and clients. How you assign responsibilities is up to you, though it’s best if you play to your strengths.
Also read: The 4 drawbacks of working remotely and how to address them with your team
Make sure that each one has ownership over their part of the business. Which is why, in all things business whether startup or not, it is important to work with people you trust and know you can rely on. That way, you need only to update each other on the daily operational things and have better, more productive conversations. This also helps you avoid misunderstandings and see which part of the business may need more resources, or which one requires more focus.
4. Identify key events that would trigger a shift
As with most things, you cannot have that kind of set up forever. It is best if you determine milestones in your business that would act as your kick-off point for shifting your focus. For example, if your product is ready to launch, you may want to hire someone to focus on it. Or reaching a certain number of users or clients could be your mark to focus fully on your business.
It requires a lot of planning, as well as bit of forecasting not only in business but in your personal requirements as well. Making the move from employment to entrepreneurship is quite daunting and rather difficult, and the least you can do is try to lessen the risk.
5. Know your limits
Probably not something you want to hear when talking about starting a business while being employed elsewhere, but it is something that you need to remember. Turning your idea into a business is an exciting thing, and planning how to do it may energise you and make you feel invincible. BUT. Doing so requires a lot of juggling. One one hand, you don’t want to neglect your duties to you employer. Starting your own business doesn’t mean you don’t owe your current job your best work, especially if it is your main source of income. On the other hand, you do want to make sure you have enough time for your own business.
Also read: This is how we scaled up the Bukalapak engineering team
The key is knowing your limits. Know when to take a pause to take care of yourself. It is to the advantage of both your current job and your business if you make sure that you are physically and mentally fit.
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Featured image credit: Elnur / 123RF Stock Photo
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