5 Tips to Strike a Right Balance between your Day Job and your Start-up!
You wish to start a new business but are not yet ready to give up on your day job as you are going to use your income to fund your start-up or you’re relying on your income to sustain your living expenses until your start-up generates a profit. Whatever the reason, quite a few businessmen have started their entrepreneur's journey this way. All of us know, building a business from scratch takes lots of efforts & hard work.
1. Set aside a designated amount of time for working on your new business!
When you’ve started out on a new business while doing your day job, 24 hours a day won’t feel enough for you. You can tackle this situation by making a schedule and prioritizing important tasks first. Making a schedule is easier said than done, making a schedule and most importantly sticking to it will keep you on track. After a long day at your job, it is too easy to let yourself get distracted by other activities. The hard work will pay off once your business takes off and you are working on it full time!
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2. Try reducing hours at your day job simultaneously
If your work schedule & time permits, consider taking a day off or half-days off from your day job to work on your new venture. With one day a week to focus completely on your business will help you be more productive. This won’t be as feasible for everyone but it could be an added bonus if your office allows this sort of flexibility. This is important as you shouldn’t feel overworked and make you feel like giving up on your full-time job.
3. Dealing with de-motivation & sacrifice
Starting a business is as it is tough but starting a business while being employed elsewhere is even tougher. Once you accept this, it’ll be easier for you to acknowledge that the beginning course of business is always a difficult part than the rest.
Don’t be discouraged because of the fact that you can’t spend all of your time on you new business. Most of the people believe, they need to spend 100% of their time when building a new business. Sure, it requires a lot of efforts and your attention but as long as you are aware of what going on, you can make it work.
4. Set a financial goal that lets you quit your day job at peace.
This monetary goal can be fulfilled with your day job or business or both. Once you reach this goal, you can quit your job. This certain amount needs to suffice and act as a safety net for you to sustain for another 12 months or so. By that time, your new venture should also be capable of generating some amount of income too.
5. Allow yourself to indulge in some free time while minimizing distractions
Starting a business while still being employed is a bit of a time crunch. This may be the situation for time being but focusing on better time management can help you fit more things into your day & help you minimize your distractions.
An important reminder, the late nights, the stress & the full packed schedule you’re going through right now only temporary and will lead you to run your own business.
Do you have any suggestions for other entrepreneurs from your experience on how to start your business while doing your day job?
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.