Starting A Business While Working Full-Time
Updated: May 20, 2021
Turn Your Side-Hustle Into A Thriving Business
Starting your small business or side hustle while you are still working full-time may seem risky, overwhelming, or maybe even impossible. Yet there are many upsides, and once everything begins to fall into place it won't seem so impossible after all. Also, a dependable and stable source of income can give you enough confidence to test the waters with your startup idea, which is likely to come with many risks in the starting months or years. The first step is to simply start.
How to start a small business while working full-time
Take inventory of your skills and experience
Take some time to discover your skills, experiences, weaknesses and more. For an effective business startup, you must know where you can outshine yourself and where you might need help to grow.
Also, knowing your particular skillset will let you help in choosing best business ideas for your side hustle.
Choose and validate your business idea
Once you know your skillset, abilities and weaknesses, now you have better opportunity to choose right business ideas for your side business. Think of what you are interested in or what your niche may be. One thing I like to do is really zone in on a skill I know I'm good at, or something that I love doing.. then complain about it. Thats right. Complain.
For example, let's say you absolutely love baking. You're great at it, you have fun doing it and it makes you happy. Now find ways to complain about it. Maybe cookies spread too much in the oven, or cakes become too crumbly or tough. Find a solution and then either create a product or write/blog about it. Build an audience while also building your brand for baking solutions.
Once you have chosen your business idea, the next step is to validate it. Understand its market demand and competition to estimate your chances to grow in this field.
Set realistic goals
You will spend plenty of time spinning on wheels if you do not have attainable goals with realistic deadlines.
· Understand what you exactly want to do to be successful.
· Set daily, weekly, monthly or yearly goals. It will help you stick to both short- and long-term objectives.
· Your daily goals will essentially be your to-do lists that will help you accomplish a milestone gradually.
Map your business plan and launch it
How are you going to reach your business goals? This is an important thing to consider. It's one thing to have goals in mind, yet completely different to map them out entirely from start to finish. I'm a huge advocate for planning, because a constructive business plan will help you hit your target and reach your goals in the best possible way. It's also so pleasing to see your entire business road map in front of you knowing the possibilities are endless. Then to watch it all play out and grow is even more exciting.
Being organized and proactive with mapping your business plan after determining your business idea and goals will lead you on the road to success.
You're Not Alone
While we all like to believe we can do it on our own, this is where we need to swallow our pride. I'm not necessarily saying you'll need to partner up or have someone else planning your business for you (that defeats the whole purpose of starting your own business to begin with). However, you should be spending the majority of your time focusing on what you do best. So back to my previous example.. if baking is what you do best and you're spending all of your time attempting to code and build a website, that's taking away from connecting with your target audience and your purpose. Outsource where and when you can, and know it's okay to ask for help when needed.
Lastly, once you have started your business and you begin earning profit, it is important to maintain focus and avoid spending your funds foolishly. Turn your "passion for fashion" into an obsession over your financial goals. Try and create a waiting period before you can spend, and then treat yourself. You deserve everything you have coming, but being careful with spending can help you build and achieve your business goals more effectively.