Starting a business is tough work. But to start a business and keep a day job; that is even tougher! Before you throw in the towel on the idea, we have prepared a few practical guidelines on how to be successful in both endeavours.
Here are some suggestions on the business that you can start pursuing while living your passion and having a day job:
Instead of going full throttle at the start, validate your idea by launching it online and from home first. Drive sales online and see the acceptance of your target customers. There are many readily available and cost effective sites and apps that you can use to launch your business, for example:
Starting online also help you keep your focus on your day job. It is less distracting as you can run your business via your smartphone. Just remember to do it during your break time and not eat into your work hours – that could get you into trouble with your employers!
Some companies do not allow their employees to have a side business. Make sure your startup does not conflict with your company’s policy. Read your contract and if you are not familiar with the legal terms, consult with a lawyer or legal consultant.
To avoid any conflict of interest, ensure your business idea is not related to the business of your employer. Be open to your boss or supervisor about what you are doing, the last thing you want is for them to find out by coincidence.
How much are you willing to invest? Since you have a consistent paycheck, you can use a portion of that as your business capital. Figure out how much you need each month to purchase inventories, rent a space, and market your products or services. Make sure you are working on your business using your own resources, not your employer’s.
Determine how many hours you want to allocate for your business. If you have a specific 9-to-5 work schedule, consider investing your time in the evening to grow your business. Set a realistic daily or weekly business goals and make sure you achieve that, as this will help you to stay focused. You will start seeing a positive result on your business.
It is important that you do not slack off during your daytime job. If you find yourself too tired in the office the next day and start impacting your performance, stop working on your business in the evening. Instead, spend time during the weekends on your business.
Starting a new business is tough and often a lonely journey so, find a business partner or a co-founder. This allows you to brainstorm, discuss ideas and solve any challenges together. This is even more important if your current job is very demanding. Your partner can take some burden off your shoulder and allow you to strike the right balance between your day job and new business.
Remember to separate your career and your business. Be honest and do not steal the time and resources of your employer. Continue to strive hard at work and don’t forget to enjoy your time working at the office by mingling with your bosses and colleagues. Find ways to make it fun and motivating because, at the end of the day, your job is your current main source of income.
Consider all of the suggestions above and see how they help you to create a successful business while being professional and productive at work. Alternatively, you can start by working as a freelancer, check out our guide to earn extra income while having a full-time job.
If you need a capital to fund your business, you apply for a loan at our personal loan page (if you are a civil servant, that is).
Have a personal experience you’d like to share? Tell us in the comments!
Yik Seong is the founder of Direct Lending and Chartered Financial Analyst (CFA) Charterholder, with over 20 years of finance experience working in Malaysia, London, Singapore, and Hong Kong. Driven by his passion for finance, Yik Seong founded Direct Lending with a mission to provide safe and affordable financing to individuals with restricted access to credit channels. He enjoys long hikes during the weekend and never skips a morning coffee.