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 Founder + Managing Attorney of Meyer Law, one of the fastest growing law firms in the United States. Meyer helps entrepreneurs and technology companies from startups to large corporations with day-to-day matters and notable clients include companies that have appeared on Shark Tank to companies gracing the Inc. 500 to some of the largest companies in the world.
Tricia has been named on the Forbes Next 1000 list, is one of the Most Influential Female Lawyers in Chicago according to Crain’s Chicago Business and been recognized as a top 10 technology lawyer.
As an entrepreneur and a lawyer, Meyer has a unique perspective and has mentored thousands of startups and scaling companies at tech incubators and accelerators across the United States such as 1871, WeWork Labs and Techstars. Tricia has been featured in Inc., Crain’s, Chicago Tribune, NBC Chicago, American Express OPEN Forum, and more. Learn more at www.MeetMeyerLaw.com and follow Meyer Law’s story on Instagram @loveyourlawyer.