Many are the dreams of most young people to start their own businesses especially around their passion but find themselves ‘stuck’ in full time jobs that often are their major or only source of income.
Some indeed took up the jobs before conceiving the idea of starting their own while others deliberately went in to make a substantial amount to help start their own.
Recent studies have showed that most persons who enter full-time employment with the intention of making some money to start their own business do not start the business at all. The obvious reasons for this include the fact that most of them get too comfortable with their jobs knowing it provides them regular money compared to starting their own business, which requires lots of sacrifices and some losses.
It is however worth noting that the few who manage to discipline themselves and eventually jump out to start their own business do quite well with that although there are expected challenges.
A major question therefore arises as to how one can keep his or her motivation to start his/her own business even while working and earning regular income elsewhere.
Here are a few tips to help you do that.
- Be certain about why you want to start a business
It is not uncommon to find so many anxious and excited young people who want to start their own businesses but do not know exactly why they want to start. The fact is if you really are clear about why you want to start your business, you are easily able to stay focused and committed to start the business. That will be the main drive, and indeed if the reason is important enough, you are more likely to keep the business to heart.
- Invest in the dream
After getting a clear sense of why you want to start that business even though you are working elsewhere for someone, make deliberate commitments towards that dream. This second step is a way to tie the business to yourself and make it a personal and voluntary ‘burden’ to see it to fruition. These investments include money and time, event sleep. The truth is, you still need to keep your employer’s business running!
- Get a mentor
This has until recently become a very important point to me particularly because most business executives and young CEOs I have interviewed in recent times have stressed it is one of the best things that ever happened to them. Yes, it is not the funding, or conception of idea but the key persons who have provided technical support and played advisory roles. At a time when many new businesses are failing not too long after their grande launching and the economic atmosphere appear to be unhealthy for new businesses, it has become important to have someone with an appreciable level of experience to provide you with the needed information and tips on how to survive and keep the business running well in the face of the many challenges.
Professional groups on LinkedIn or other social media platforms can also be of great help learning from the contributions of members.
- Plan your business
Let me not wage into the ongoing debate as to whether or not to have an elaborate business plan as a pre-requisite to starting your business but I believe it is necessary put something down. In order to convince yourself you really know what you are about, you need to brief written information that can give yourself any other person a clear idea of what the business really is about. South African serial entrepreneur and venture capitalist, Vusi Thembekwayo says business plans are not exactly a reflection of the realities of running a business and so for the 21st century business, its best to have a brief information of what the business is about but as to how it would be ran, that depends on the ingenuity and innovativeness of the business owner to adapt to the various changes that will arise later on.
- Read more.. Listen more
Yes you are working for someone probably in an unrelated field but learn more about the business you want to venture into. There is a cliché that there isn’t any new business anymore but for innovations and improvements of existing ones. You can find a great deal of information about that business you want to run in magazines, over the internet some radio shows and many other sources. On some platforms you can find enough information that would build your capacity to deliver. Also, do well to listen to persons already in the industry for some useful tips. Audiobooks and podcasts are also a great source of information.
- Draw a timeline and set goals
Do not stress yourself within this period. As mentioned early on, you must make sure you employer’s business is not affected as you are still expected to deliver your best. Help yourself by drawing a timeline of activities to guide you on what to do towards you new venture at different times and set goals that can help you know whether you are progressing or otherwise. Building a business is a step-by-step procedure so you take gradual actions towards the realization of your set goals.
I am confident the above tips can help you work at your new business while you are at your full-time job.
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