There are some people who can afford to quit their job in order to start their own business. Unfortunately, not everyone is that lucky. Many people successfully start a business while continuing to work their day job, however, it takes a lot of energy and unwavering commitment. Over the last fifteen years, I started three businesses while working a day job. Here are a few tips for anyone interested in starting a business, but can’t afford to quit their job just yet.
SET UP A SCHEDULE
One of the hardest things about juggling a new startup and a job is making sure you have time for everything. Come up with a schedule and stick to it.
SET UP A BUDGET
Building a business is usually expensive. In fact, the expenses that come with a new business are likely a big part of the reason you’re keeping your day job. If you don’t already have a budget, make one. If you do have a budget, make sure you work in all of your business expenses.
LEVERAGE YOUR CONNECTIONS
Networking is something that will help any new business owner. Leverage your contacts and talk to as many people in your industry as possible and let them know what you’re doing. You’ll be surprised at the amount of people that will help you along the way.
CHECK YOUR DOCUMENTS
Make sure that you’ve reviewed the documents you signed with your employer to see if there are any terms around inventions and working on another business. Many companies require their employees to sign contracts limiting what they can do. You need a clear understanding of what you can and cannot do.
STRIKE A BALANCE
One of the main considerations in creating a business and working a day job is to figure out how to do both effectively. Make sure that you can separate your business from your work. And, most important of all, make time for yourself and your family.
Starting a business takes a lot of motivation, courage, time, and energy, and it takes even more when you’re trying to hold down a day job as well. Every minute you spend developing your new business is a minute closer to achieving your dream. Before you know it, the time will come when you will be ready to take the leap of faith and quit your day job.
Tricia Meyer is mom to 5 kids under the age of 8 and founder + managing attorney of Meyer Law, a forward-thinking boutique law firm helping technology companies ranging from startups to large corporations. With offices in Chicago and Denver, Tricia is very active in the technology community and mentors entrepreneurs and emerging growth companies at incubators and accelerators across the United States. Learn more at www.MeetMeyerLaw.com and follow Tricia and Meyer Law on Twitter @Tricia_Meyer and @LoveYourLawFirm.