Starting a business is an exciting proposition. It provides endless opportunities for people to pursue a passion in a way that can sustain their lives for years to come.
But, starting a business can also be a significant risk. Not everyone has the financial freedom to dedicate all their time and effort to a new business venture.
Many very successful entrepreneurs have started a business on the side while they were working a full-time job. There is a balancing act that needs to happen in this situation, of course, but the full-time job ensures consistent income while the entrepreneur starts the business on the side.
Scott Crockett, CEO of Everest Business Funding, says it's possible to not only start a business while working a full-time job but thrive in doing so. Here are four tips he provides for approaching entrepreneurship this way.
#1. Make Sure You Really Want It
It takes a lot to start a business, even if you are able to dedicate 100% of your time to the venture. If you're working full-time while starting the company, it will take even more.
You need to make sure you really want to start this new business and are prepared to do whatever it takes to make it succeed. This may mean sacrificing your free time away from your full-time job to your business venture. You may miss out on gatherings with friends and family or not be able to pursue some of your hobbies.
Understanding that this is likely going into the process will make it easier when you're crunched for time.
#2. Manage Your Time
You must be highly organized and disciplined with your time when you start a business while working a full-time job. Everyone needs some time to rest, have fun, and — of course — sleep.
By managing your time properly, you'll be able to accomplish all of these things — even if your calendar is more packed than it used to be.
Organize a defined calendar to keep you on track. Etch out your full-time job hours. Then, work in dedicated time to starting your business.
Then, with the remaining time in your day, schedule some rest, relaxation, and general enjoyment away from work.
#3. Be Patient
It's important that you have realistic expectations when you're starting a business while working a full-time job.
It's often not possible to dedicate "full-time hours" to your business while you're a full-time employee. That may mean your business will grow at a slower pace than if you could dedicate yourself fully to it — and that's OK.
Go into the process understanding that your business may just be a part-time venture at first until it takes off enough that you can step away from your full-time job. Having this expectation upfront will put you in the right mindset.
#4. Set Aside Income from the Business
From a financial perspective, it's a great idea to save the income you earn from your business for the time being. If you can afford to keep it aside and not spend it, it'll build up your reserves that you can then invest into yourself and the business in the future.
This money can also serve as a goal of sorts. When you reach a certain amount in this side hustle savings account, you can decide it's time to dedicate yourself full-time to the business and step away from your job.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.