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.
This is a testament to the reason why I tell soooo many people that starting a Business should NOT be something we do "later on down the road once we're established" because we'll already be rooted in a totally different place from where we want to be and will literally have to start our lives over to get it going. Entrepreneurs should really be preparing for that type of future as teenagers the same way we prepare for college and a career, but in a society where we value a job more than our own empire that sounds kind of backwards especially thinking "it takes money to make money" when it really just takes a great idea people love enough to pay for.... which in turn makes everything pay for itself.
This is indeed a difficult position to be in because your best bet would be to quit your job and dedicate your entire day to driving your Business forwards, but with bills to pay and kids to raise you can't afford the risks that come with it.
I would say go for it and start publicizing your Business, maybe find an intern at your local college to do tedious work through the day delivering content to potential Clients so you're getting your name out there. One thing you should keep in mind is that making money running a Business is NOTHING like making money working a job. In Business you get paid in spirts and seasons rather than a steady week to week manner. You could make $50,000 in a weekend and 30cents over the next 4 months.. so that will take some getting use to.
Once you get a couple Clients to hire you, you could use sick days and vacation time to work on those deals and once they close and you get your percentage of the sale QUIT and focus on that full time. There will never be a safe zone for you float into so if you wait on that you'll never make the leap. If it wren't for the fact that you have a family I'd tell you to quit NOW and sleep in your car if you need to in order to get things going but that's not an option.
Keep in mind also that a lot of successful Businesses are successful because they have people who operate everything for them.... you don't see the owners toiling over every little detail of the Business.. that's what they hire YOU for. So even though you work a full 40 hour week that doesn't mean the Business can't still run. As I mentioned you can find interns, once you start getting responses, try to find people with real estate experience who are willing to work on a commission basis so they can meet with people.
I don't know exactly what you're focusing on in terms of selling or buying so I really don't know what more to say than this, if you can provide more details about your Business, who you're targeting and tell more about your circumstances I'd be glad to help strategise something.
I'm not a religious guy but the bible had it right that "No man can be slave to two masters." You can't have a career and a business but you can have a job and a hobby. When you see it that way you realize there are different goals and expectations and different rewards. If you are trying to build one to leave the other that's a strategy question. You may need to find a 30 hour office job, sacrifice the salary in search of a foothold in a new profession. Also, don't try to solve problems you don't yet have and most important don't make your life plan from chunks of well meaning advice. You have a big life direction decision to make about what you want, what are your priorities and then what is your roadmap to that success. There is never enough time to do all we wish we could do but there is time to execute a well thought out plan built from the desires of your heart and head and the reality of the clock and calendar.
Carissa, I have been there. Think about what you need to do to build a revenue foundation from the real estate business. Can you start with referral revenue? Can you be the lead on one property for another agent? Get clear on what you need to do to make it a success and give it one hour a day. You will be putting in the hours on the side. i would also approach the FT job about 40 hours in 4 days or other flexible work arrangements to create new time in your life.
Do you have a business plan?
Save an hour a day and build your business plan.
Choose where to start from your business plan.
You make time. Set aside some time every day. It doesn't have to be a big chunk of time perhaps, as little as 15 minutes a day to an hour a day. This will help you start to manage your time.
Hi Carissa Mc Master,
It is very interesting hearing from you. Your problem is a problem but not a serious one This is a Ghanaian conversation. Please any serious minded entrepreneur will create time within time. i advice that you should draw a time table for a transitional arrangement, by moving away from your full time job to your personal business. This should take between six month to two years. Within this time, you might have put all arrangement in order, both financial and made provision for unforeseen circumstances.When you strictly follow the time table, the sky will be the limit. You will never regret.
Get the tools in place to have your business run on auto pilot and then talk to your clients when you can - set up a blog and put the information on there that is pertaining to your business.
I'm in a similar position. Where I'm at today is I think I have build a pretty good online presence and website to introduce my business to the legal and law enforcement community. My main concern is what happens when I start getting too much work (a problem we all want, right?)?
I can do things at night and weekends, but what happens when that becomes untenable? The income won't be sufficient at that point to quit my full-time job. This concerns makes me and my wife very nervous. Working at night and on weekends to replace a 100k+ full-time salary and benefits is enough to not be able to sleep and eat.
It takes time to prepare the marketing plan, logo designed, get some leaflets printed, website set up and boards made up etc.
Once your plan is in place you can start by popping leaflets in people's door to see if they want to sell through you. If they do, it'll be time to quit your job. It's a sign that you guessed the market right, you got the tone right, and the only thing holding you back is your job.
Time to ditch the job and run with your project.
(Conversely, if nobody calls you, you need to reconsider if the market/time or your proposition is right).
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).