If you’re looking for a sign to quit your job and start a business today, here it is: don’t do it yet. Many people have made the mistake of leaving their day job to start a new business. But there are advantages to keeping a day job while building a business. One is you don’t have to worry about money. If you leave your full-time work, the income from your new business might not be enough for your living expenses. But if you retain your day job, you will get regular income plus extra earnings from your growing business. Another benefit is that the people you meet at work are all potential customers or valuable networks.
That being said, starting a company while working full-time isn’t easy. So we’re here to offer some help. Here are a few tips to help you get your business off to a great start while keeping a day job:
Take advantage of your spare time
Most business empires built by hybrid entrepreneurs are started in their spare time. That three or four-hour window after office hours and before bedtime can be the key to your business success. As long as you stay committed to using your spare time efficiently, you can accomplish a lot in your business each day while still having enough energy to go to work the next morning. But of course, this may come with a few sacrifices, such as skipping some parties and having less time to spend on your hobbies. We suggest keeping your weekend as your rest days: don’t work on anything, whether it’s for your job or business. That way, you won’t get easily burned out and will still have time for people and things that also matter.
Ask your boss for flexible hours
If working from 9-to-5 and developing your business from 7-to-10 is too overwhelming, consider negotiating with your employer for a more flexible schedule. This is more likely to be achieved now that we’re in the era of working-from-home. Just make sure to show your boss that you’re not slacking off. Continue to perform well and efficiently. Once you’re done with work, use the rest of the day to develop your business idea, shop for equipment, create your marketing campaign, or start getting new clients.
If flexible hours aren’t possible, you can ask your boss if you can transition to part-time work. This way, you can have more time working on your business while still having enough to cover your living expenses. Also, with this arrangement, you can keep a good relationship with your current company.
Partner with your employer
If the business you want to build is related to your current company, see if you can ask your boss to collaborate. Your company can support you with funding, connections, and even office space. Say, you want to try your hand at investing in real estate, and you currently work for a design-and-build firm. If you have built a good relationship with your boss and you offer a good business proposal, you’ll longer have a hard time securing a good design-and-build company for your future residential or commercial projects.
Once your business has taken off, and it can finally cover your living expenses and more, it’s a sign to focus on it full-time. Keeping a day job while working on a new business can be tiring and stressful. But with the security of a monthly paycheck, you can focus on growing your brand and improving your products—not merely on taking too many clients just to pay the bills. Though difficult, keeping a day job and using your spare time for business can make your transition to full-time entrepreneurship smoother.