I’ve recently done a survey which showed that 49% of you would love to start your own business if you could make the same money you are making in your job and further 34% of you were interested if you only knew how to do it.
Many people dream of leaving the “rat race” behind and starting their own business. While it might sound like a tall order, in reality it is quite possible if you take the proper steps along the way. One of the best ways to reach this goal is to start a side business while you are still working full-time. This minimizes your risk, while giving you hope that you will eventually be able to move full-time over to your business. You will also deal with much less stress because, presumably, you will at least have a solid cash flow from your side business before you ever quit your “real job.”
A few years ago, while working full time in recruitment, I’ve decided I wanted to start a side business. I’ll tell you a story of how I came up with an idea of interview coaching on another occasion, but I’ve learnt it is absolutely possible to start a business while keeping a full time job. Let me give you a few tips in this video:
These five tips should help you get well on your way towards achieving the dream of running your own business.
Are you currently working on a side business? Have you made the leap to working on your own business full time? I’d love to hear your tips and thoughts on the subject!
I agree with all the points on this video,
I would say to first create the business plan, consult your bank to confirm that the business plan is valid and what are the chances of getting a loan if such is required, consider other lenders or *angels*, and analyse all the offers properly otherwise you will end up working for them.
Very important, be sure that at home, if one has a partner, that support is there as well, take it from me that if that support is not there, expect some problems and the chances of progressing will be difficult. it is important that both agree with what will be the changes and both are sure of the type of commitment expected.
If keeping the full time job, be sure to find someone trustworthy, friend or family member to take care of the business and be sure to maintain both sides of the relationship, professional and personal separated.
very important, DO NOT take high wages, that is one mistake that people make, first 2 years of business, take minimum wages if needed, some people make the mistake of going over £30K or more, just because they are making money.
The first 2 years are crucial, because there will be a lot of money to pay back.
Hi Julio, I agree with your points. But a lot of side businesses don’t require that much investment – you can start an online business for less than $1k… when I started my business, it cost me almost nothing – bought my first website from templates for about £40k and spent a bit on Google Adwords – had 2 clients within a week…
I agree with the point above.
But depending on the type of business, lets say an online order catalogue business for example, *Clothes*, *Tools* *Toys*.
It can be more expensive, considering:
• Facilities (Not too many people have the required space or the proper conditions to do a side business from home)
• Utilities bills, Website, Adverts, etc;
“One must have both feet on the ground”
And these days with so many options available for clients, having at least one client on the 2nd or 3rd week of business would be really valuable.
True – service business is always easier to start and doesn’t require that much investment. I’d never hire an office though unless I was already making money!
All good points Margaret. Thinking of how your business fits into your life plan is another important first.