How can I find the time to kick start my business if I am still working full time somewhere else?
I work 40 hours at another job. I want my Real Estate to kick off but after working 40 hours in an office, I get home and take care of the kids and there is not much time left to work on my business. I now have the money to do the marketing for it, but not the time. If I quit my full time job I will have the time but not the money for marketing... I know there are ways to market that are free but there again time constraints. If I market my business now and it does take off, I won't have the time to manage it.
Hi Ms. McMaster,
This is a great question and it dogged me back in the late 90's when I was pondering prior to my transition. First, family support was critical from a travel away from home point of view in my situation, while kids were young. For those who are family blessed, this is critical.
So here is a general formula and we can talk more if you are interested in pursuing this. The ability of a person switching from a FTE to "Self Employed" mode is all about cashflow and time.
Time is difficult to find as it is limited and more importantly, traditional customers are either unwilling, uncomfortable, or purely unavailable to meet after office hours or even weekends (in most businesses).
So instead of quitting and being a victim of a step function in finance (from salary to zero income), a gradual and seamless transition is key. This means when you are ready to quit your job, you must basically put away your salary income untouched and live off of your business income. At a point when you can do that without having to compromise major needs - rent, food, clothing, transportation, healthcare, and other essentials for a sustainable period across the four seasons, then you have a fighting chance of transitioning.
The key is to design a business model that is compatible with this approach. Ideas may be aplenty to run a business, however, the starting and transitioning is the formula that makes it work.
Thus we have developed a game plan that was used by customers over the years and helped them make the transition without losing out on the components of a standard lifestyle.
Some of the skills you would acquire here:
- Optimization of Your LinkedIn Profile
- Optimization of your Resume Design
- Google document management on the cloud
- Social Media Networking and converting to clients
- Business acumen to initiate and close contracts plus execute successfully
- Manage local clients and align with associates, wherever necessary
- Create your own business model for real estate professionals
Wishing you the best of luck in whatever decision you take. Just don't quit your job without speaking with a finance professional (whoever that may be).
Carissa it is a quandary but something has to give. Quality real estate work requires more than 40 hours/week, particularly if you are looking to go on your own (as it seems you are). I presume you have the license and the skill; have you looked at agencies that will bring on part timers? The purpose of this of course is to build your street cred and to hone your skills. If you want to do this alone I believe you have to go all in, with or without another job.
First of all there is no harm in having an online presence or social media presence with respect to your new initiative.
During your official time you can introduce and divert people to your online visibility .Then after office hours and over the weekends you can do some active work to engage people and converting leads into business.
But I would like to advise you that you need to share the family responsibility for a while with someone till your business gets afloat it will not take much time.
Specially in real estate where even one business recovery gives you ample lead time and resources to create another.
You should realize that for an aspiring entrepreneur a combination of drive and resourcefulness is a blessing and you should capitalize on it.
So your action at the moment should only be to identify leads and try to convert them into business which will take you to a point where you will easily take a decision of discontinuing your job and fully devoting yourself to the business.
Focus on fulfilling customer expectations and needs.
Time is of essence and you should make the most out of the available opportunities.
Best Of Luck,
North York, Canada
You've money but not time. So, why not you buy time of the quality human resources?
- Assume you have 40 hrs free time. List down the works you may execute weekly/monthly.
- Make a weekly and monthly plan.
- Divide the areas as per expertise (web development, content development, marketing etc)
- Create job descriptions for different tasks you want to execute.
- Post job and carefully evaluate candidates.
- Give pilot projects to those selected candidates.
- Once satisfied hire them full time.
- Monitor the performance.
- Repeat the same process.
This will help you to achieve your goal. All the best!
I have had the same challenge as a Director of my own newly incorporated company while still a full employee with a company here. What I had to do is to look for an affordable manager whose salary I get from my salary and as well work so hard on coordinating all my newly incorporated company on phone and I do sales on Facebook and other social networks, use business cards and a website that I put up to increase awareness and market our activities.
I suggest that you contact me to assist you more about that. Please look at our website to see how best we can be of assistance on www.innovatemaximalimited.yolasite.com or our Facebook page on https://www.facebook.com/innovatemaximalimited/
We offer so affordable but professional business advisory and consultancy services.
Hope this will be helpful to you Carissa McMaster.
One of the best assets for being successful in any business is having a sound understanding of the time you have available to work with. Assess your time. Limit all distractions and obstacles where you can. Develop a schedule. Manage it effectively. Amend where necessary. Success can be achieved maximize your potential. Move forward with the mindset to succeed and never fail.
You must allocate 90 minutes per day every other day if you. Think of it as working out, you need to exercise 3 to 4 times per week. So if there is "free" time you actually have when you are like watching TV or going on Facebook, redirect that energy into you new business. And do Baby Steps. Watch the movie GroundHog Day, my favorite "business" movie.
Set that as a start. The other thing, if you have money to dispose, hire a Virtual Assistant to help you with the mundane and low level tasks. These are places I heard are good.
Have you done a business plan? If not you should..... Are you trying to go solo or would you join a company? What are you trying to do and why would buying real estate from you be better than from another company who pursues this profession full time?
The best way I have found to begin is to commit at least 2 hours everyday without fail to just that. For me it happens at 10 PM every night. Granted sometimes it goes longer but the idea is to give yourself a specific time to "go to work". You'll be tired initially but your body will get used to it after a while. Just make efficient use of your time and you'll do great! Ih and if it does take off...why would you still want to work for someone else? :) Best of luck to you!
I struggled with this same problem until I discovered outsourcing. Outsourcing is extremely affordable on any salary. We can chat about it more if you'd like?