Many aspiring entrepreneurs quit their jobs when they start running their business. But even if you are on your way to your millions, there is still a need to put food on the table. Sure, devoting your time to your start-up provides you with focus and perhaps faster results. But what about your daily expenses? What about the mortgage and the bills? And what if the business will not take off as soon as you have projected?
Keeping your job (especially if the pay is good and the medical benefits is second to none) makes a lot of sense. But then you have to adopt a different mindset to pull this one off. You need to make sure that keeping your job contributes to your business and your venture makes you a better employee. So how?
Learn as much as you can from your job
If you are in the finance department, start learning about how the company deals with taxes – what are the best practices, what are the standards in the industry? Are you working in HR? Start knowing more about technological tools your company is using to get the best talent out there. Understand how businesses work and then contextualize that in your business. What can you do better? What can you apply in your venture?
These questions can make you a better businessman. Learning on the job also make you a better employee. You can even be instrumental in innovating existing systems. When you know a lot about something, more often than not you also see the flaws.
Plan it all out
The secret to succeeding in business is having a plan. The secret to succeeding both in your job and your business is having a VERY good plan. When you plan consider your time commitments both to your job and business. Do not mix up things, always be honest and ethical when using your employer’s time. Have a Gantt Chart for your start-up – know where you are and what’s the next thing you need to do. That should help you with your scheduling.
Being a time-conscious employee makes you effective at work. It also makes you a better entrepreneur as you begin to accept the fact that priorities make your world go round.
Build a business system
There are many kinds of businesses – some will just change your title from an employee to self-employed. This arrangement can get really challenging as your business grows – you need more time to focus on your business.
Then there are businesses that are set up as a system. You can “build” it up, automate what can be automated, then just leave it to run on its own while you are at work. Money is flowing in while you do your day job. Online businesses are the best examples for this. Property rental business can also provide you with the same kind of cash flow. Passive income is the name of the game.
There will come a time when your business will grow bigger and if you still want to keep your job you can start outsourcing. Too many calls coming in from your business throughout the day? Hire a VA! Your social media killing it in sales? Maximize the platform by hiring out a social media specialist. There are a lot of job you can easily outsource that way you can keep the job that you love and you still earn good money from your business. It’s a win-win situation.
There is a way to run a business while being employed. Be a believer of business systems and outsourcing. Understand you can leverage time to your advantage and not all business operates in the time-for-money format. Passive income is achievable. Think business freedom lifestyle!