Starting a Side Business While Juggling a Full-Time Job Do It This Way

Starting a Side Business While Juggling a Full-Time Job Do It This Way Imagine youre leaving the office and heading home.It was a really tough day. Thank goodness its over. Now its time to enjoy these few precious hours of freedom. Do things you actually want to do. UntilTomorrow. When the 9-to-5 grind starts all over again.If youre like most working humans, you dont have to imagine...Honestly, how many times have you spent your lunch break staring out the window, daydreaming about quitting your dead-end job and starting a business of your own?Wouldnt it be amazing to become your own boss? Bring your ideas to life and lead your business to success?Maybe youve even had some Eureka! moments already, discovering ideas, all of which could well be your tickets to freedom.Theres the first problem:Money.Lets say you quit your job to build the business of your dreams. Starting a business isnt cheap. So now that youre freshly out of work, how will you fund your venture?Heck, what about even paying the bills? After all, your business wont become profitable overni ght.Hm. Maybe quitting your job isnt a good idea, at least not yet. Youll need that consistent income to get your business off the ground.So now theres the second problem:Time.How can you manage your full-time career while starting a side business? Where will you find the extra hours and energy? When will you sleep?I can tell you from experience: Its possible.Difficult, but doable.When I launched my college and career consulting business Transizion, I was still working full-time. I had the idea for months, but I still hesitated. My fears were the same as yours: time, money, the potential failure.You know this well-worn phrase:A journey of 1000 miles begins with a single step.Cheesy? Perhaps. True? Oh, very much so.Eventually, I stopped making excuses and took my first step.Below, youll see some practical advice so that you can take yours, too.It all comes from my personal experience (and mistakes I learned from!).1Make a CommitmentBefore youre ready to start a side business, youve g ot to commit. Juggling a full-time job and a startup is a huge challenge. It requires serious sacrifices.So if you arent 100% committed, youre likely to give up when the going gets tough. (And it will get tough.)Ask yourself if youre truly ready to say I do to limiting:Relaxation (e.g., Netflix, mindless scrolling on your phone, staring into space)Time spent on your favorite activitiesTime spent with your favorite peopleYour social lifeSleep.Your business must be a priority, especially in the beginning. You will have to make financial sacrifices and give up your social life.And whats worse:Youll have to make sacrifices most of the time.Youre going to run into problems on weeknights and weekends. Problems will surprise you at inconvenient times.So youll have to sacrifice even more.Your commitment will be tested when challenges arise out of nowhere. But keep in mind that anyone can solve problems when they can plan for them.This also means youll need to learn new skills and manage you r time on the fly.I call this putting out fires. Problems and challenges will always be there. Its your job to deal with them using your time and expertise.Even after you put out these fires, youll be exhausted during your free time.Sometimes, youll feel too overwhelmed and anxious to do anything when youre free. During these moments, your commitment will keep you going. Youve decided to embark on a difficult journey, and youve decided to see it through.If youre prepared to make these sacrifices and stick to them, youll be much more successful.2Get FeedbackAccording to the Bureau of Labor Statistics, about two-thirds of businesses survive two years, and half survive at least five years. One-third make it to the ten-year mark.Long story shortBusinesses fail.But yours doesnt have to.Forbes gathered info from 101 startup founders on why their businesses failed.The number one reason?Lack of a market need for the product/service, according to 42% of founders.Honest feedback is the best w eapon against your business meeting this same fate. We all think our ideas are awesome. But will other people buy what youre selling?Start with your own network of friends, acquaintances, and mentors. Ask for brutal honesty. If their response is, Wow, that sounds great! dont just smile and pat yourself on the back. Ask, Why?Liking your product isnt the same as buying it.Measure the strengths and weaknesses of your offering. Get in-depth feedback that you can actually use.Interview your audience to determine what problems they have that your product/service can solve. How can you be more helpful? What makes your product or service different from others they use?After gathering enough data, its time to be honest with yourself. Is there a market for your product or service? Will your business eventually be profitable?If needed, make adjustments before going live with your business. The worst case scenario isnt going back to the drawing board. Its investing tons of time and money into a product or service that no one wants to buy.3Know YourselfYour time is limited, so youll need to maximize it. Doing so requires that you know when and where youre most productive.When you need to put in those extra hours, should you stay up late or wake up early?Personally, my brain seems to function much better in the morning. This was especially true after I had already completed my nine-to-five shift. I preferred waking up early to put in some time with my side business before heading to work.You also need a comfortable workspace. Some people find that theyre too distracted at home and prefer to work at a local coffee shop or library. I like working at home, as long as my desk is clean and organized.When youre working from home, I also recommend dressing up as if you were heading to the office. This will keep you from getting too comfortable. Dressing up in professional attire will also give you the right mindsetyoure ready to work and accomplish your goals.Figure out what works for you. Give your best hours to your new business and build a productive workspace.4Create a Daily ScheduleRight now, youre energized and excited by your new endeavor. But eventually, the daily grind of your full-time job will drain you. As you sit down to work on your side business, youll think, Maybe this could wait just one more day. I deserve a break.A daily schedule keeps you focused and disciplined. It also helps you budget your time, which is another way to maximize your daily 24 hours.As you build your schedule, you may realize some activities need to be cut. Remember the commitment you made and prioritize whats most important to you.For me, exercise is key to keeping my energy levels up and my mind clear. I fit time into my daily schedule for the gym and jiu-jitsu training, in addition to working on my business. And to avoid burning out, I make sure to budget enough time for sleep.5Use Time-Saving ToolsLook for tools and apps to help you conserve time and energy. A few of my favorites are:Trello, to manage content writing and client projectsSlack, for quick communication with team members (no more cluttered email inboxes)Stripe, to process payments without waiting for checksGoogle Drive, to access documents from anywhere.Sure, technology can limit your productivity. But it can also increase it. Embrace any tools that keep you organized and save you time.If you want to get some extra tips on everyday time management (plus, a list of the coolest productivity apps out there), see: Professional Project Managers Share Their Productivity Hacks6Budget RealisticallyOf course, time isnt the only commodity you need to budget. Youll also need to budget money.Starting a side business is tough, so you need to be realistic when creating your budget. They say you have to spend money to make money. When youre building a new business, its true.Assume that you wont have any business revenue for at least the first 12 months. At first, your money will go into building the business and paying off invoices and credit cards.All of Transizions first-year revenue went to paying content writers and compensating lawyers for drafting contracts. And some of it went down the drain after I made mistakes.7Learn from Mistakes, Celebrate ProgressSpeaking of mistakes, youre going to make them along the way. Its inevitable. Its also human nature to dwell on our mistakes and get discouraged.When youre trying to grow a business, you cant have this mentality.Focus on what youre learning each time you make a mistake. The mistakes Ive made have also taught me some of the most valuable lessons about business.Here are some mistakes I made and the lessons I learned:Mistake 1: When I first started, I was too focused on selling the product I envisioned. I didnt listen to my prospective customers, which cost the company money and time.Lesson: Today, we send customer review forms and host feedback sessions with our clients. This has helped us create helpful solutions for ha ppy customers.Mistake 2: When we began marketing, I didnt place enough emphasis on SEO and content marketing. The company left lots of money on the table as a result of my mistake.Lesson: Now, we invest lots of time and energy into creating in-depth college and career guides for our customers. Its how we build trust with them.Mistake 3: As the business began to pick up, I wanted to do much of the work on my own. I was hesitant to hire new talent and give up control of important projects. This mistake ended up costing me hundreds of hours of time that could have been spent on other projects. It also increased my anxiety.Lesson: Hiring great people is important. So is keeping high standards for client work. Its important to trust your team members to get the job done.You will make critical mistakes that cost lots of money and time. Youre only human.What counts is how you respond.Write down what youll do differently next time and move on. Failure is a natural part of success, and you c ant let it shake your confidence.When you make progress, celebrate it! Get excited about the steps youre taking, no matter how small they are. This keeps you motivated and focused on your ultimate goal.8Keep Business Expenses SeparateFrom the start, split your business and personal expenses. Get a business card and open a business account.This makes filing taxes easier and keeps your accountant happy. It also helps you maintain a clear, organized budget. As your business spending grows, youll want to monitor it closely. Youll also want to see (and celebrate) when your business starts turning a profit.Sowhat do you think?Today, Transizion is growing quickly.It took a long time, but discipline and commitment pay off. Weve helped over 2,000 professionals and students thus far.Ive used the advice I gave you to grow my business while working a nine-to-five.Now, its your turn to skip the regrets and pursue your dream!Are you ready to turn your business idea into a reality? What do you thi nk will be the biggest challenges? How will you overcome them?Id love to hear your thoughts in the comments.