How do i balance my 9-5 and my start up business at the same time? I know I can do both I just don't know exactly how to find the balance.
My business is very small but it has great great potential. I am providing a relaxer free and harmful chemical free service to clients. Right now I work a city job 4days on 3 days off. On my off days i promote my business and try to gain 1 new client a week on those off days. the problem is some times i feel like i am still not doing enough to see the revenues start flowing into the business. I am creating somewhat of a niche market within the market of beauty. One issue I have is sometimes i feel nervous about when will be the time to leave my 9-5. how long? Second issue is being loyal and feeling overwhelmed about knowing how to leave a 9-5.
Hi bossLadee A1 ~
First off, thanks for choosing to provide a healthy, non-toxic product! We need more conscious businesses, and conscious business owners.
Like Mary-Alice and some of the other responders, I too, launched my first business while employed full-time. I was contemplating it for close to a year, then landed my first client before I even had my own computer! They were a start-up, knew I had a regular job, and were happy to work with me on weekends or evenings, as long as I could meet their needs.
By then I was on fire. Over the next few months I set up my home office in a corner of my small apartment living room, bought my first Mac, a printer and a fax (this was in the 1990s, lol ~ I wasn't even online yet, and my new client was a plane ride away), ordered letterhead and business cards, obtained my business license, and, when all was in place, gave notice at my job (AFTER making sure I was fully vested in the benefits package). I also had at least 6 months of savings in the bank. Within two months I had landed several other accounts, and never looked back.
About loyalty: I honor your ethics and caring. It can be a rude surprise, however, to discover just how "dispensable" we are. When I was preparing to leave my corporate position I'd been there just under 7 years. I was my own department; most of what I produced was in my head, and I figured it would take at least a month to train a new person. I was willing to give several months' notice to my company. However, there was also the matter of being vested in those benefits I mentioned. And despite my magnanimous intentions, my intuitive voice insisted I keep my plans under wraps until I was sure I was ready to leave.
When I gave notice, my company didn't blink. They said, in essence, nice knowing you, be gone in two weeks. So do make sure your safety net is in place before you step off that ledge.
Having said all this, I wish you the best with your new enterprise, and welcome to the wonderful world of entrepreneurship!
Sometimes as many self employed business owners will tell you, that you just have to dedicate yourself 110% to your business and jump in with both feet. The decision was to start and run a company to replace your income, not to supplement it a little. When the time is right you should feel the force of the nature of your company and finances pulling you away from the job and almost forcing you to just go for it. Most entrepreneurs we have met over the years have let their business collapse because their business was not getting the proper attention while they were still hanging onto their 9-5. You have a great opportunity to grow your business around your schedule with so many days off throughout the week. Being loyal is a great attribute but in the business world you do have to take care of your best interest. I served many years in the US ARMY and learned very quickly that no one in the military is in charge of your military career except for you. You will never be promoted until you apply that promotion packet. You will never get a school until you apply for it. Therefor when you take that promotion or go to that school, someone is ready to take your place behind you looking to boost their own career. Your business will grow and your business will force you into leaving that 9-5 almost by the nature of it. But you have to be ready and willing to take that leap of faith when its time. Simply put, how will you know its time? When you just don't have time for your job anymore and your job is getting in the way of your business.
First of all, you have to decide what you actually want....Which is more important for you, your 9-5 or start up !!! Practically speaking you cant get success in doing two things at a time,It was rightly said below by natascha and adding something more to that;; Start-Up is like a newly born baby,and you have take care of her all the time,you have to bear pain,your main priority should be her ,so, that she can nurture and develop properly...Spend more..Give more on what you actually want and what makes you more happy.....
Since your product relates to beauty, you can do Home to home promotions, or select an area every week and circulate a pamphlet requesting residents to join at a nearby place and have a small promotion type of activity. you can hire a person like Mr Christopher has said to sell your product all 7 days.
also create a website about your product and publicise in the pamphlet.
Until you see an average revenue flowing in you cannot leave a 9 to 5 job.
Try and determine if there is a realistic future in your new business. The "Startup Owners Manual" is quite fought reading (by Steve Blank), Lean Startup by Eric Rise is easier but doesn't give as much detail. Both of them propose to make experiments to try out the validity of your business. How easy is it for you to get one more customer per week on three days/week? How financially rewarding is it? How long will it take you based on your current sales pace to reach a point where you can pay your own salary full time? Is there some way you can accelerate the sales pace? Answer realistically. If the answers are positive and your feel you have the strength to do it. Buckle down for as long as needed. Say for example you give yourself six months to reach a certain point (so or so many customers). If it is not working out. Regroup. What have you learnt. Can you do something different? Should you stop doing this all together and do something else? Don't by overoptimistic or naive but again, if there is an opportunity, if this is your dream, really try so you don't regret not trying. Running a startup is never going to be a 9-5 job. It all consuming. But it can be very rewarding (if your idea has the potential). I hope I didn't ramble on too long and that I was of some kind of help. Brgs, Chris
You can do it, but you have to work at both jobs as if they're providing your bread and butter. It's hard to think of one job as secondary to your 9-5. You have to train your mind to think that both are just as important. That would be my first block of advice, the other answers you've gotten are also very much true, to go along with my .02.
To be honest, I think it is best to see your start-up as a baby, and be prepared to not have a balance, sleep or sanity for a while to come.
Plan and schedule your time with military precision, and make sure to include meals and sleep!!
Only you know when you are ready to leave your 9-5. A good rule of thumb is to always make sure you have at least 6 months of rent and expenses in your bank account, just in case your business takes a while to get off the ground. That way you could devote yourself 100% to your "baby" and still not have to worry about the bills.
First of all, you need to secure your own revenues. This is to set a target for the top line of your income and then to analyze the contribution of your 9-5 and your start-up. The moment you have 70 to 80% of your monthly income coming from your start-up you can plan to quit the 9-5. Meanwhile, you need to continue to do both.
Managing the 9-5 and startup is always a hard but necessary conundrum. Each time I was in this position, I had to work my startup like it was second job, with dedicated hours. Building a brand requires constant work daily, so it is best to try to map out at least consistent weekly hours, even if on Monday you can only devout 1 hr to the startup. You leave the 9-5 once the business can provide twice the income from your 9-5, at least. You gotta remember, you have a higher risk factor and you cover the overhead. You leave the 9-5 with a notice period and on excellent terms. You never know what the future will bring, and professionalism, in any realm is important for overall business growth. You dont want your boss giving you bad publicity. Hope this helps.
First, celebrate what you have accomplished so far trying to balance working and setting up a business. It would be good to sit down and take some time to reflect on where you are currently: what activities are working for you in building your business, what else needs to be done.
You need to also establish what would you need in your business to know you are ready to resign from your job. How many clients do you need to have, how much regular income? It sounds like you are at a point where you want to leave but you want clarity about the next steps. Having someone who can coach you and help you work through what that plan looks like would be great. Like Robert, I agree that having people to talk with is very helpful.
Because you have a lack of clarity of what it will take to get your business to the point of walking away, it's little wonder these feelings exist. Taking time to think, plan, discuss what it will take to build your business to a point of stepping out of your employment is important.