Start a business without losing your day job

February 04, 2015

There is always risk involved in starting a business. You can never be entirely certain that your idea will come to fruition, that investors will find your genius worth funding or that consumers will believe that you have the answer to their problems. Sometimes it can pay to keep your day job while exploring a new business venture. The balance between running a brand new business and working fulltime is tricky to achieve, here are few tips to help you get started:

Keep an open mind

One way to get into entrepreneurship without sacrificing a regular income is to create a semi-absentee business, in which a manager is hired to keep track of the company’s daily activities. The owner commits to handling operations on a part-time basis. Semi-absentee businesses can be a godsend for individuals who aren’t ready to quit their long-held full-time position, but it requires some flexibility. Not every business can be semi-absentee. Look for ventures that are structured to fit a part-time commitment from the owner.

Be prepared to adapt

If your big dream is to own and operate a home improvement business you may find yourself having to quit your job a lot sooner than you think. Many companies simply cannot find success unless the owner is willing to commit completely. Be ready to shift gears and adapt. Whether that means finding a new dream, or dropping that job — to take advantage of opportunities that come your way.

Gather your resources

If you are going to be running a business while working your day job you need to have all your resources at your fingertips. Know your team before you begin. Draft a clear business plan. Have a good idea of your company’s first few months (or even years) of growth. Have you checked company name availability? Are you thinking about incorporating your business? Knowing where you are going will save you time and allow you to get up and running faster.

It’s not impossible to start a business while keeping your day job, as long as you are prepared for the task.