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.
Great to see you're going after your passion. Eventually, as you pursue it, it will overtake your 9-5 job. Hopefully, you have a website to describe your skills and service. In your case, if you have the funding (even on a shoe string budget) you can sub-out your daily tasks and promotions while you're at work. This is how to make your money 'work for you'. Interns work great. Fiverr. Odesk. Freelancer, etc. As far as leaving a 'secure job', you will know it's time, when your income doubles and your job starts costing you money.
Generally speaking, start ups are most successful when it's the founder's primary focus. Before quitting your day job, though, I recommend some market research and having (at least) a simple business plan.
To date, has your service been well received? How much time/money does it take to acquire each of your current customers? Are they repeat customers? Do they refer you business? What's the scale-ability and potential of the market?
If you have a created a product you use for your service and plan to manufacture it - I really like working with distributors and reps. What I have found is 1) carving out a new market and 2) launching a service/product, there's usually more work involved. You will be educating your customers/reps too!
Elaine points out some great tools too - there are easy ways to automate parts of your business and your business's marketing. I am the founder of a DIY website builder for indie entrepreneurs.
Personally speaking, I did quit my job (after building a bit of a cushion) before I pursued my first venture (greeting card publishling) seriously. By quitting your day job, you'll be super motivated to make your business work. Being afraid is part of being an entrepreneur. Moving forward in the face of fear is the key to being a successful entrepreneur.
I never regretted my decision. I wish you great success - it sounds like a very cool idea.
Hi, first congratulations on starting your own business. When I started my business I also had a day job and worked on my startup nights and weekends. I think it can be a great way to get a startup off the ground and make sure you have enough traction before giving up your income stream. That said, it can be overwhelming. I found the key to being successful is setting priorities. Set your long-, mid- and short-term goals and then identify the highest priorities tasks. Stay focused, stay focused, stay focused. You have limited time and resources and need to make sure you spend your time wisely. Good luck.
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.
Congratulations on starting your own business. You are doing it the right way, by growing it while you still have a full time job. Since it usually takes approximately 3 years to have a profitable business, it would make sense to grow it until you feel reasonably certain you have enough clientele to give you sufficient revenue stream to support yourself. Have you used social media to gain clients? You could also have a booking module on your website to schedule appointments and if you sell a chemical free beauty product you could also put a shopping cart on your website to generate sales. If you are in your own niche market in the beauty business, determine what makes your service unique and then market your uniqueness to gain more customers. Blog about your uniqueness. Being an entrepreneur requires a lot of discipline, focus and persistence. Good luck with your business. If you are passionate about it, it will grow!
I advise anyone starting a business that they should have between 15 and 18 months of living expenses accumulated before leaving their full time job. Otherwise, the distractions caused by concerns over living expenses will impact your new business. Typically, entrepreneurs are long on ideas, but short on cash. The two bigest reasons why new businesses fail is the lack of a business plan and insufficient cash.
I believe Jennifer summed it up very nicely. You need to make sure that you have developed a solid business plan and fully vetted. This will allow you to measure how well your business is performing to expected goals. Understanding where you are to plan will help you in your decision making going forward especially when it comes to determining the right time to leap into running your business full time.
The entrepreneur sets his or her personal living standard. I firmly believe that you must sacrifice now for the betterment of your business. Remember your business is your baby it looks to you for everything. Don't let it down by focusing on your personal needs in the beginning. Successful entrepreneurs turn their ideas into solid ventures through risk taking, sacrifice, and plenty of hard work.
Let's face it, that fear you have right now is a healthy primal instinct. Use that to to your advantage it will keep you hungry and far from complacency.
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.
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.
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
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.
Surround yourself with great people with a passion as strong as you. For me, having interns around to do some of the lifting while I am at my 8-5 have helps me and my business grow. http://www.braatheenterprises.com/internships
Dear BossLadee warm greetings, congratulations on starting your business. Its good that you are aware that though your startup is small it has great great potential and you are somewhat creating a niche market with in the market of beauty these are all positive signs of having a successful business for self motivation and confidence are 2 main foundations for success and as for how to make the transit from your present 9-5 day job is as you find more response in your business and as some of my friends described beautifully above you will realize your timings as for a small advice there is no gain with out a little pain so take a bold step and plunge fully into what you truly desire - for if your heart wants you in business and you hold back your self in job you will neither do justice to your business nor to your job
Leaving current job consider high risk - but you will be high motivated; Balancing between current job and existing business provide a level of comfort - you are lesser motivated to leave your comfort zone.
You need to define the "boiling point" conditions that cause you leave current job as your first milestone.
1) position your business towards that "boiling point"
2) e.g. income level; cash flow level; business model (include market & product) is tested viable; pressure/ support from family and friends; your purpose of life; etc
3) yes, some planning of the above are required, missing any part will increase the risk of business failure. It will be great (but no necessary, depend on the complexity and the level of competition of your business) if you have a blueprint of a Scalable, Repeatable, Viable Business Model as part of the condition so that you can building it when you like your 9-5.
The time to leave the 9-5 is when you are not doing justice to the work, clients and company. To help your startup efforts, engage professional services or part time consultants who can make your outreach more efficient and effective without all of your time. Start to build the team around you to take your business to the next level. Good Luck, an exciting and anxious time.
Hi, your questions is not uncommon.. first, if you are passionate about your product you will do well. Have you built a website? Do you have friends who can help spread the word and become commission based sales people? Are you selling online or in stores? Is your branding effective. The time to let go of the 9-5 is when you are making enough revenue to keep the business going with a significant net profit that will allow you to pay yourself enough money to cover your cost of living comfortably. Do you have a business coach to help you over the hurdles, guess work and doubts??
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.
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.
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.....
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!