Starting a business with a full-time job requires a positive mindset and preparation to handle both. If you choose to prioritise the 9 to 5 position, find the loopholes that could stop you from realising your dream of having a business and stuff those immediately. What loopholes? And how do you press them with a busy schedule from 9 to 5? You ask.
Not starting a business on a budget…what are the consequences?
Here are the worst situations in “once had a job.”
Whether the case of not having a job would be due to your decision to quit or not, anyone can find themselves in any of the scenarios listed below; if they become jobless with no clear plans and preparations for starting a business.
Do you have a robust career portfolio you can’t use to run a business?
It happens all the time. Companies also have interests to protect. The trade secrets can prevent you from engaging in similar activities or beginning the same business line as your current employer. An entrepreneur who vigorously assessed all the threats relating to his company would find ways to protect his assets.
If you’re an employee, you could spend years building your career and acquiring the knowledge to operate a business, yet find yourself with years of experience you can’t use to start your own business.
Of course, if you’re not aware of the terms of your employment contract. After all, you wouldn’t want to be in turmoil about starting over a new career as an adult. Moreover, close to retirement or after.
Do you have startup capital without knowing how to set up and operate a business?
It’s possible to build large sums of reserves for a business startup as an employee. If you’re not reckless in spending, you could clear all your debts and have a good standing credit record. That can allow you to create working capital and stay prepared for emergencies. It’s a good start for a business-minded person.
But guess what, a business idea and startup capital is an insufficient reason to start a business. The know-how is critical too. It takes time and a lot of errors to master the art of becoming a successful entrepreneur. You learn from your or others’ mistakes.
Some errors can be way too costly that they can ultimately erode your reservations as you try to master the skills without other sources of income. You could end up in worse off situations.
Do you have money without concrete plans for business?
You either blow the money or lose it in trial and error. And if you fall into this category. Here is how it usually goes.
The desire to start a business is there, but the thought is only triggered by what you see or hear—no efforts on your side to pursue. When the day comes to put the tools down, you think of setting up a business. Of course, you always had that idea in mind. But, as a casual thought.Don't quit your job without a #backup #plan. If you've done it already, #checkthisout before blowing your reserves! #commonpitfalls Click To Tweet
Remember, you’re not broke in this situation. So, you cash out your policies and compile your reserves, viola; you have enough money to set up a business you think. How much money? What kind of business? Maybe you do have enough funds let’s see how that pans out.
As you compile the list of the things you need to set plans into motion, you realise there is a lot required to get your business off the ground. Maybe, even the money you have isn’t enough to cover half the things you need. Ring a bell? The panic mode, you need more money Asap! You go to the bank to acquire a loan.
Unfortunately, a bank won’t fund a business that hasn’t taken off. Produce the financials first. Plus if you’re no longer employed with no other sources of income, how will you repay the debt if your plan flops? Fast forward; you knew or didn’t, how that was going to end?. There goes your dream unless the universe somehow gives you a second chance in finances.
Do you have a solid business plan, no startup funds and don’t know how to run a business?
That was my idea s/he stole from me. I’ve heard that before; from those who had lost their brilliant business ideas to those with money or knowledge.
Without a job or other income streams that can enable you to counter your shortcomings, such things can happen to you if you try to negotiate business partnerships or try to enter into contracts with only a plan and nothing else. You sell yourself short. What else can you contribute to the connection apart from the idea?
How to start a business with a full-time job
The following will ease the pressure and help with the preparation.
Study your employment contract in detail
Do that to identify any clauses in the contract that indicate a restraint of trade. Engage a corporate lawyer or seek clarity from the company’s HR team if you have to. It doesn’t end here, any future contracts relating to a shift in your job description or position, business negotiations contracts with associates in the supply chain; can contain such clauses too. So keep that in check. That way, you’ll know where you stand and make appropriate plans for the future.
Detach personalised interests and passion from your employment.
That involves eliminating using your current job title and a position branded with the name of the company you work for in employment. Those things can give you an unfair advantage if you use them in your private dealings. The downside is that such can also challenge your ego or compromise your relationships once you isolate it all.
Whatever you do unrelated to your job, separate the involvement from your current employer. Not only will that help you avoid future legal conflicts with your employer as you form your own company; it also make you aware how the world operates once you become “a nobody”.
Acquire additional skills with your business in mind
With a busy schedule from 9 to 5, the last thing one needs is another hour or two of additional stress or anxiety. All you need is therapy. That comes in various forms. By the way, what is it that you want to achieve? In this case;
- Business; your long term goal,
- The skills you need to start your own business with fewer obstacles,
- The hands-on element for practise
- And a paycheque if you do that successfully.
- You add a fun item to it, and you’ll get a therapy session.
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Wait, what website? you wonder
Make time to prepare for rainy days. You can have fun while doing it.