In recent years we have seen a steep rise in the number of young people who are ready to take a calculated risk to make it big alone on their own. There are software developers, writers, graphic designers and various other startup entrepreneurs who are ready to leave their secure high paying jobs to start a business on their own. Here we discuss how you can start a business without harming your full-time job. Here are certain important steps you need to take to ensure the security of your job as well as the growth and stability of your enterprise.
How you excel over others in the same trade:Find out your competitive edge. Make an honest analysis of facts and figures to find out what advantages you have over others in the field you propose to work. It may be your skill, the cost of procuring raw material or the ease of marketing that may make your product or service rule. Jot down all such points before venturing.
Before quitting a job make sure your business can sustain you: Before you say “goodbye” to your office for all time, make sure your business has grown enough to give you an amount regularly to sustain yourself.
Always seek an opinion from the market: Your clients’ opinions always count. As you are marketing a product or service for the benefit of others, you must always keep in touch with your customers from day one. Their feedback will help you to refine and improve your product or service.
Have a solid strategy: Plan everything before you make the first move. There should always be a second plan if your primary plan fails. No one can do it for you, yet you will find that planning cannot be done solely by yourself. Take the advice of experts when needed, but finalize everything all on your own.
Do a SWOT analysis: Examine yourself. Find out your strong points, your weaknesses, your opportunities, and your threats. Do you really have the skills for this business? Find out if your weaknesses will hold you back in the future. Do you have the opportunities for procuring and selling the goods or services you want to in this business? Do the self-analysis very honestly and objectively before finalizing any plan.
Move-in small steps. Set realistic goals and win: Keep in mind that your business involves work and a daydream. It needs a well-calculated real-world approach to be a winner. So, set your goals small and reachable. Achieve them in small steps and then make a move for the next one.
Never cross the line: If your business is in the same trade as your employers, it may result in conflict of interest. So, do the job you are being paid for. The rest of the time can be allotted to your business.
Find out if your business idea is feasible: Ask others, people who are veterans in this field to find out if your idea will click. Target customers to find if there is really a need for the product or service you propose to sell. And also make a cost analysis to find out if you can sell the same at par market rates, if not cheaper and still make profits.
Think before you leap: Dreaming of having your own business is very nice. However it is a lot of risks too. It will consume your time, labour and money. It may strain your relationships. So, give it serious thought – do you really need to start up a business?
Starting a venture while retaining your regular job is a bit difficult, but not impossible. Hence, you have to be cautious and diligent to achieve your goal.