In these uncertain times, having a full-time job can be a source of mental, emotional, and financial safety. So often, the idea of giving up something familiar for something we want but that remains unfamiliar can be daunting.
What if you could have both? What if you could have the financial security you need while building a business that you want?
Many people who dream of entrepreneurial success understand that while a good business plan is a strong foundation, a new business requires resources such as time and money to grow. Therefore, starting a business while working full-time can provide a significant safety net. Just as you wouldn’t jump out of a plane without a parachute, so you can make great use of this safety net.
You don’t have to risk everything to bet on yourself and chase your dreams. Greatness is often achieved in small steps instead of leaps and bounds. So let’s get to work.
Steps to Success
Starting your own business may be a great deal of work and lead to a few sleepless nights, but there are ways to avoid the pitfalls of failure. Before you start investing your time and money, there are four critical questions you should be crystal clear on before beginning:
– How invested are you?
Starting a side business requires a great deal of time, effort, and sometimes sacrifice. Therefore, you should be clear from the beginning just how much of yourself and your free time you are willing to give and for how long.
– Can you justify your business idea?
You will need to research and ensure that there is a market need for your business or product. Seeking honest and unbiased advice from potential customers on whether or not they think they’ll need your business before spending time and money is crucial.
– Are you clear on your skills and weaknesses?
Understanding what skills you require will allow you to either refocus your business plan to suit your skillset, learn the needed skills, or set aside resources to outsource to someone with those skills who can assist you.
– Does your current employer allow for a side business?
Be clear on your current employment stipulations if you are allowed to start a side business. If your employment contract is unclear, speak to an HR adviser or even your boss. You don’t want to find yourself accidentally in breach of contract.
“Start where you are. Use what you have. Do what you can.” – Arthur Ashe
Succeeding Slowly, But Surely
Statistics have shown that about 20% of new businesses have a high chance of failure in their first year, and up to 50% fail by their fifth year. That can be a scary statistic when one is just starting. However, starting your own business while you’re still employed can provide some much-needed buffering when you’re just getting started.
Having a stable and dependable full-time income will take the pressure off of needing your side business to immediately be profitable while allowing you to reinvest any profit back into the company for as long as it takes. Should your business not take off, a steady income will give you the confidence and financial security needed to try again. You can learn from your previous choices and do it better the next time without sacrificing your current lifestyle – it’s the best of both worlds.
“Sometimes you win, sometimes you learn.” – John C. Maxwell
Overcoming Fear and Failure
There is a growing divide between people wanting to start their own business and ultimately pulling it off. Why is this? Do would-be entrepreneurs lack the resources, opportunities, or skills required to start their own business successfully? Not always. According to business blogger Ryan Robinson, the three main reasons a new business fails to take off are often attributed to a “lacking” mindset; lacking confidence in themselves or their business idea, lack of assumed necessary resources, and a lack of motivation.
This type of mentality can infiltrate your every thought and action and ultimately affect your personal life and business. As a result, many new business owners who suffer from a lack of confidence or fear of failure opt to work with an experienced Small Business Coach to help them get started.
An Evolucentric business and life coach will work with you to identify and work through mental and emotional blocks, help you balance the stress of a full-time job and side business while teaching you the skills needed to succeed no matter the challenge. At Evolucentric, we don’t believe in settling for less than we deserve and want because we know that excellence is achievable. We know that building the foundation for your business while working full-time has its benefits. Our experienced and NLP-trained coaches in Singapore can equip you with the invaluable skill of balancing your needs and wants without compromising either. Success is always possible.
Contact Evolucentric and schedule your Complimentary Coaching Call today and take your business from dream to reality.