Nowadays, technology gives future business owners a distinct advantage. It’s easier than ever to start small and smart, building a business on the side while still having the security of a regular salary coming in month by month.
Here are a few tips about how to start your own business without quitting your job:
Turn your hobby into a successful business
Starting a business takes a lot of your time. So, do something you enjoy. Take a look at something you are really passionate about. For example: start a blog, share your skills with the world and find a way to make money doing it. You do not even feel like working.
Focus on a good product and not on services
Don’t build a service business. The problem with a service business, especially if it’s on the side, is that you don’t own a business, you simply own a job. Services are a tough business because you have to sell your time. If you’re not working, you’re not making money. Rather than sell services, figure out a way to create a product. If it’s consulting, put together a course or if you’re a writer, create books that you can sell. Then sell your e-course or e-books online and generate income even while they’re sleeping.
Learn how to invest
Build an investing business. This requires to invest in your financial education and to save money for investing. But once you get started it has great potential. It can all be done easily in your free time. You even save up for retirement. Once you have a portfolio of stocks, bonds or cash-flowing real estate, you are set.
Manage your business, and sub-contract
Many of those running a side business are doing all the work themselves. But a much better way is to find quality contractors or even an employee or two who can work in the business, so you can spend your time managing them and building the business. So, instead of doing the job yourself, sub-contract the job. Manage the team, review the final product, and enjoy the profit margin. This way, he can do several jobs at the same time that you could never manage on your own.
Surround yourself with an excellent team
A lot of part-time business owners try to save money on things like accounting and legal. But because not trained, they end up costing more in terms of time and sometimes in legal fees or tax liens. Better to find excellent team members and use them. Focus on what you can do best, and let others do the rest for you.
Own your schedule
A common excuse for not starting a business is that you don’t have time. The problem is that most people are owned by their schedule rather than owning their schedule. If you want to run a successful business while working full-time, you need to become an expert at productivity and time management.
Use new technology
Finally, there is plenty of technology out there that saves you a lot of time. The possibilities are endless.
Today, it is possible to develop a successful business while working full-time. Maybe the time will come you have to go part-time or finally quit your job. But start small and smart today and build a successful business of tomorrow.
Sven Franssen