When people consider launching a new business, most imagine quitting their jobs, abandoning financial stability and risking it all. And, with heavy hitters as our role models – people like Elon Musk and Richard Branson, who went “all in” and won big – it’s no wonder many of us believe theirs is the only way to do it.
But if we do think that way, we are misinformed. Consider that the number of start-ups is in decline, and more businesses are closing up shop than starting up. Think about how more than 70 percent of start-ups fail before the one-year mark. And a big reason for all that failure may be that risk-it-all mindset.
But those failures aren’t hurting just entrepreneurs; they’re hurting the economy at large. So, there are good reasons why aspiring entrepreneurs should stick with traditional jobs while they grow their own ideas – rather than take a complete leap of faith by quitting their jobs.
In reality, nearly 15 percent of small business owners work a second job while starting up, something many young entrepreneurs don’t realise. That’s why you too may have decided that leaving your day job isn’t a prerequisite. And now you’re wondering how to launch your big idea while remaining a full-time employee.
Here are tips from someone who’s been there.
The beauty of the side hustle
As the COO of Hawke Media, I spend 40 hours a week growing an amazing company full of great employees possessing a wide variety of skill sets and potential. I’ve long been proud of the work I’ve done there and have no desire to leave. Yet I still wanted to build something of my own.
So, that’s exactly what I did. Born from my own unfortunate tax missteps in my 20s, 1099.me is the website I created to assist non-traditional employees with tax management. Thankfully, I didn’t fall into the trap of going “all in”; instead, I built my business entirely on the side while maintaining my position at Hawke.
And as I pursued that effort, I found that my two roles were in many ways symbiotic. The marketing tactics I learned at Hawke have been wildly helpful to my side hustle, and the big-picture thinking I do for 1099. me gives me better perspective as a leader at Hawke.
Running a larger, more established organisation that’s financially stable informs my other project, which, in turn, fulfills me on a different level.
Tips for working full-time while running a start-up
I won’t claim to be the master of doing it all, but I’ve learned how to make the most of two simultaneous gigs. If, like me, you’re pursuing a business venture on the side or considering it, here are some tips for keeping it together.
1Schedule like a boss, and follow that schedule like an employee
Sticking to a routine is the hardest part, and unfortunately, it’s also the most important. If my business isn’t on my schedule, Hawke will eat up all of my time until my site fades away entirely. The solution? I act as my own boss and my own employee.
On Sunday nights, “boss” me creates times in the week ahead’s calendar, for tasks and schedules for both pursuits. “Employee” me then shows up on Monday and knocks out the work. With the accountability an organised calendar makes possible, you too can carve out time for both positions.
2Create two buckets: ‘done’ and ‘not done’
Moving your side project forward while making it to work every day takes not only organisation, but also focus. Create two buckets: “Done” and “not done.” Start by listing your tasks, ranking them according to priority and scheduling them into your week. Then grind it out.
Just using productivity tools doesn’t necessarily mean you’re being productive, so don’t forget about the magic of self-discipline.
3Revisit the origin frequently
Every time I get pulled away from my little business, I lose touch with what originally inspired me to start it. So, I ask myself, “What made me start this thing?” Be like me:
Regularly revisit the reason why you decided to follow your passion by tackling that challenge. If your start-up doesn’t still set your soul on fire, get out.
For example, we just implemented a new payroll system at Hawke, which resulted in a multiple questions from our employees about taxes. This reminded me why I started 1099.me and got me fired up to get back to it.
Starting a side hustle isn’t for everyone, and you probably won’t get it right the first time around. Remember to be patient with yourself, get organised and get those tasks done. The journey isn’t always fun, but retrospective satisfaction in your accomplishments will keep you going.
This article was originally posted here on Entrepreneur.com.
10 Businesses You Can Start Part-Time
Find your perfect match for a successful part-time start-up.
Start your part-time business today
- Public Relations
- Freelance Photography
- Corporate Videos
- Small Business Advertising Agency
- Writing, Editing and Proofreading Services
- Internet Marketing Consultant
- Web Design
- Tax Accountant
- Business Consultant
- Business Plan Consultant
Launching a company – even if it’s operated part-time – is all about drawing on your skills, talents and interests to create a viable business. What you know and what you’re good at form a good basis for a part-time business because these companies either become an extension of what you enjoy doing most or they are based on your strengths.
Working part-time while still maintaining a permanent job is time consuming and often exhausting, so choosing what you take pleasure in or are good at can keep you focused and motivated. The right fit is important when it comes to launching a part-time business. Selling a service rather than a product does not require large start-up costs, which means you can grow your business without financing until it becomes self-sustaining.
Are you looking for a business that you can launch in next to no time?
Corporate Communications & Promotions
Corporate communications covers a host of areas, mainly because this is the sector that takes care of how companies look to the outside world – something that is very definitely a service, but also that is not often taken care of in-house.
If you can write, edit, have a knack for advertising, can take photographs or create promotional and corporate videos, you can offer your services part-time to companies both large and small that are in need of these services.
10 Business Ideas Ready To Launch!
Where do you find a good business idea? Right here. Here you’ll find several innovative business ideas that are ripe for plucking.
Where do you find a brilliant business idea?
It’s not as hard as it may seem at first. In fact, the idea is arguably not all that important. There’s a reason investors talk about backing the jockey and not the horse: It’s often not about the idea, but the execution.
A great entrepreneur can turn even a mediocre idea into a success; all that’s needed is a USP and great customer service.
That said, some ideas are undoubtedly better than others. And some businesses are easier to get off the ground. In the following pages you’ll find a curated list of business ideas that have reached a point where they’re just waiting to be exploited.
The 10 Best New-Age Business Ideas You Haven’t Heard About Yet
Creating the company of your dreams often begins with learning more about something completely new to you.
You don’t have to over-utilise iPads and smartphones to transform your business into a modern one. Connecting with newer generations is easy when you take advantage of the cool, in-demand ideas at your fingertips.
Here are 10 new-age business ideas to get you started.
- The Alfa Romeo Stelvio – More Than An SUV
- (Podcast) Are All Prices Negotiable?
- (Podcast) Phone Calls Often Solve Email Problems
- (Podcast) Being An Entrepreneur Is Painful
- (Podcast) Playing To An Audience Of One
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