It goes with the mindset and preparation if you can handle both; starting a business with a full-time job. If you choose to prioritise the 9 to 5 position, find the loopholes that can prevent you from realising your dream of having a business in the future and stuff them immediately. That’s the least you can do since you need a stable source of income to satisfy your basic needs. What are those loopholes, and how do you stuff them with a busy schedule from 9 to 5? You ask.
Not starting a business on a budget…what are the consequences?
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
Having a robust career portfolio that you can’t use to run a business
It happens all the time. Companies also have interests to protect. The trade secrets that can prevent you from engaging in similar activities or beginning the same line of business 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 know-how to operating a business, yet find yourself in the above situation if you’re not aware of the terms of your employment contract. You wouldn’t want to be in a turmoil where you have to start a new career as an adult or delay starting the dream business with a heavy heart.
Having startup capital without the know-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 insufficient reason to start a business. The know-how is critical too. It takes time and a lot of errors in the process to master the art of becoming a successful entrepreneur. You learn from yours or other’s 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.
Having money without concrete plans for business
It’s common. And I have to put this in layman terms since the majority falls in this category. Here is how it usually goes. The desire to start a business is there, but the thought of doing it is only triggered by what you see or hear—no efforts on your side to attaining the goal. When the day comes to put the tools down, you think of getting started. Of course, you always had that idea in mind. But, as a casual thought.
Remember, you are 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. How much money? What kind of business? Maybe you do have enough funds let’s see how that works out.
As you compile the list of the things you need to set plans into motion, you realise there is a lot that is 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 has not taken off. Produce the financials first. Plus you’re no longer employed so how will you pay the debt should something go wrong? 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.
A solid business plan, no startup funds, neither the know-how
That was my idea s/he copied from me. I’ve heard that before; from those who had lost their brilliant business ideas in the above scenario. 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 under the above circumstances. You sell yourself short. What else will 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 it 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 to your private dealings. The downside is that they can also challenge your ego or compromise your relationships once you isolate it all. Whatever you do unrelated to your job, separate the involvement to your current employer. Not only will that help you avoid future legal conflicts with your employer as you form your own company; it will also help you realise how the world operates once you’re a “fallen hero” or “a nobody”.
Acquire additional skills with your business in mind
Might sound like a ridiculous suggestion. With a busy schedule from 9 to 5, the last thing one needs is another hr or two of additional stress or anxiety. All you need is therapy. That comes in different forms. By the way, what is it that you want to achieve?
- Business; your long term goal,
- Additional skills that will prepare you to start a business with fewer hurdles,
- The hands-on element for practise
- And a paycheque if you do that successfully. That sounds better. It will keep you motivated.
- You add a fun item to it, and you’ll get a therapy session.
Side hustle by learning how to make money from a website. Do it right here.
So, go ahead and create that website in WordPress. Start with a free version to practise.
Wait, what website? you wonder
It’s necessary if you want to start avoiding any of the above circumstances. You don’t want to end up in a helpless situation, do you?. Follow me here; I’m showing you the steps.
Make time to prepare for rainy days. You can have fun while doing it.