What’s the first thing that strikes your mind when you think about starting your own business?
Probably, you imagine something like,
- Owning a corner office in the classy location,
- A team of workers working under you,
- No hustles of rushing to the office,
- Perfect chilling weekends, and
- 6-7 figured amount in your bank account.
Well, if that’s your expectation, we are sorry to break the bubble for you!
Indeed, the thought of being your own boss is surely intimidating. However, along with that comes the responsibility to be vigilant and ready to work at any hour of the day.
Leaving your regular job and starting your own business can be an interesting idea, provided, you have a good financial backup. However, before taking such decisions, you must know that you would no longer receive regular paychecks, there shall be no weekend holidays, and most importantly, you shall be responsible for all your actions.
If you do not have a substantial financial backup, you can consider starting your business along with your regular job. Indeed, it can be a tough road and will require you to do a lot of multi-tasking. Easier said than done though!
Once you are ready to face the roadblocks and start your new business with a unique business idea, you might need a few smart ways to manage your business along with your job.
Here are some fascinating ideas that would surely help you manage your business along with your regular job:
Learn Time Management
The secret of a successful business with a job lies in management, and trust us, it’s not rocket science. All you need is a smart management approach to use your 24 hours with complete efficiency. When starting a new business, you might need to conduct meetings and make the necessary calls. You can consider allotting such work during your breaks in the office, during your commute, or during the early hours of the day. Additionally, you need to manage your resources as well as tasks in a way that does not reflect your daily work routine. Although it would be difficult in managing your time during the initial stages of your business establishment, you will get used to your new work schedule later. Your time will be one of the major investments you need to make for your business.
Focus on Products over Services
When you are already doing a regular job, it is advisable to concentrate on products over services. It is due to the sole reason that enhancing your services takes a lot of time. When you are already working for like 40+ hours a week, it would be ideal to concentrate on one work at a time. After all, whatever you do, must be perfect, or at least, near to perfection, isn’t it?
Consider starting a home-based business to get a detailed insight into the business execution process. You can also grow your network bringing in the opportunity to market your products in a better way. Unless you are in a business wherein you manufacture your own products, you would not require dedicating unrealistic time towards your business. You can earn good margins with retail or drop shipping business wherein you will not manufacture the product and will only market the already–manufactured products.
Work on your Business
Starting a business might not require a degree, but will indeed require some genuine business tactics. You need to determine your target audience and focus on marketing the right products in the right way. Your business needs your time, investment and consistency. Since you have time constraints due to your regular job, you would need to manage your time smartly.
While planning for your business, although you might want to do everything yourself for your business, it would not be a smart idea. Your business idea can be executed when you are active enough to manage everything. Do not try doing everything by yourself and tire yourself in the initial stages. On the contrary, you will lose all your strength and motivation to keep your business alive and growing. To avoid this, it is advisable to hire a full-time resource or an intern who can manage your business in your absence. You can also consider outsourcing so that your business runs smoothly along with your job.
For instance, if you need a certain quantity of blogs for next week’s digital marketing promotion, you don’t have to work overnight to write them. You can simply hire a freelance writer, who can do it for you!
If you are a newbie in the business industry, you need to continuously learn about the market trends and take referencing from a few major players in your industry. If you cannot manage to read more about the industry, you can consider using Podcasts. You can tune in to the podcasts, TEDx videos, tutorials, and audio books even while commuting from your home to office and vice versa. Good research can help you manage your business smoothly with a better understanding of business prospects.
When it comes to managing your business, you can count on technology as your first partner on the journey. Using the necessary software in your business can simplify and ease the pain of managing everything manually. You can deploy certain CRM such as Hubspot CRM, to manage your clients and another database without any worries. For accounting, you can use software such as Quickbooks, TurboCASH, etc.
During the initial stages of your business development, you might need to equally invest in products as well as its promotion. You can cut off the cost of hiring a designer for attractive social media posts and can do it on own with the help of apps like Canva. A well–designed website can also help you in raising your brand value. We, at Builderfly, can help you in creating a beautiful website along with building a strong online presence wherein you can bring in many more customers as well as revenue. Moreover, we help entrepreneurs build their website and get a mobile application, free for the first 6 months from the inception of the business. You can market your products on multiple platforms with one dashboard with Builderfly.