Taking on a part-time side business while still working full-time is a possibility you can consider!
Many potential entrepreneurs, often have a great idea of starting their own business. However, they are not quite sure how well their product or services will go in their chosen area.
If you are able to relate to this situation, then starting a side business while still working full-time may be your better option. Because in effect, you are creating a safety net in case your product or service does not go as well as you hope
Starting a Side Business While Still Working Full-Time
Taking on a part-time side business while still working full-time could help you in a number of ways. For example:
- It can help ease the strain on your wallet or purse;
- You can use the profits from your side business as a good cash reserve for when you decide to launch yourself into your new business on a full-time basis; and
- It can also help you gain some skills while you transition yourself into entrepreneurship.
Test Your Business Idea Before You Start Your New Business
Testing your business idea before starting your new business is often considered the best way to reduce start-up risks. Particularly, if you are not sure how your product or service will go. Here is a list of some ways you can begin to test your new business idea:
Client/customer interviews are a great way for you to learn and understand how receptive prospective clients or customers are to your business: For example:
- You will find out very quickly, how prospective clients or customers view your products or services;
- You will know how entrenched prospective clients or customers are with their current way of thinking.
It is also important that you take the time to ask yourself the following question:
- Are you are in effect providing potential clients or customers with a better alternative?
Client/customer surveys are an excellent way to reach hundreds or even thousands of prospective clients or customers. They are in effect, an extension of your client/customer surveys, the only difference being, that it is much harder to interview hundreds or even thousands of prospects.
Develop an Action Plan and Write Down Your Assumptions
Develop an action plan, should not take up as much of your time than if you prepared a business plan. Besides, knowing what your first steps are will help you in a number of ways. For example:
- Your action plan will force you to get things done on a time schedule; and
- Your action plan will create clarity about the steps that you need to follow.
To assist you in developing your plan of action, you can consider thinking through the following questions and then write down your most important assumptions:
- What is your product or service?
- Is your product or service unique?
- What gap does your product or service fill in your selected area?
- Who are your targeted clients or customers?
- How are you planning to distribute your product or how are you servicing your prospective clients or customers?
- Where will your revenue come from and what are your major costs?
Use the Interactivity and Reach of the Internet
Give some thought to the possibility of setting up a basic website. This concept will enable you to test your new business idea on real live prospective clients or customers. For example:
- You can use Google AdWords. This technique will enable you to see if people are actually using Google to search for answers that are related to your new start-up business; and
- You can even test advertising on Google AdWords or Facebook to see if you can get potential prospects to click on your products or services.
Do Not Penny-Pinch Before Starting-up Your New Business
For the period of time you are still working in your full- time job and before you start working full-time on your start-up business, you should try as much as possible to save aggressively. Your savings can then be used on a number of important things such as:
- Spend some of your money on Google AdWords;
- Spend time and money on building an email list;
- Spend some money on professional business cards;
- Spend time in attending networking events;
- Spend time on getting some form of inventory together that lists details of your products or services.
In addition to the above, consider spending money and time on anything that will help get your business idea to market quickly .
Act Like a Big Business Even When You Have No Employees
This may seem strange at first. However, what may interest you is that the outside world does not know how big or small your business is. Consumers only want to know that you have a product or service that they have an interest in.
It is important at all times that you project a professional image about your business in terms of:
- Your website;
- Your customer service; and
- Your appointment setting and follow-up processes.
When you have taken all the necessary steps and you have proven to yourself that you can deliver a product or service that your prospective clients or customers really want and need. Then this is the right time to quit your full-time job and go full-time on your start-up business.
Seeking Expert Business Advice
It will require lots of time, energy, dedication, and courage to take your business idea to the next level by starting-up your own new business.
You may consider seeking expert business and legal advice, before you start-up your new business and while you are still working full-time in your job. With this in mind, you will find our expert consultants are willing and able to partner with you in providing you with the clear directions and assistance in a mentoring role that can help you in pu1rsuing your business idea and starting-up your new business.
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DISCLAIMER: This blog post is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.