How to Set Up Your Own Business While You’re Employed

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Many of us dream of setting up our own business, however, one of the biggest challenges that aspiring entrepreneurs face is having enough time to do it, especially while still being employed.

If you’re keen to start a business, we’ve got some pointers for you. Plus, if you haven’t come up with your business idea yet, you could consider creating and selling your own custom design products online with a print-on-demand company like www.printful.com.

Let’s get started.

Why you shouldn’t quit your job… yet!

While you may be tempted to quit your job and give your new business your full attention, you’ll be in a better position if you stay employed initially. With a dependable and stable income, you’ll be able to confidently test the waters with your new business and get through the tricky first year period without putting too much pressure on yourself.

Many businesses fail in their first year, so ensure that you lay the groundwork and have some initial success before considering quitting your job.

Prioritising your time

If you’re going to be running your business alongside your current role, you may not have a lot of time for much else. Decide what’s most important and discuss your plans with your family and business partners or stakeholders. You can then create a plan for how you are going to fit everything in and what you can eliminate to make time for your business.

Save and budget

If your business starts making a good profit and you’re seeing some side income, it’s sensible to set this aside. Then, when you do make the decision to leave your full-time job you will have a pot of money to sustain you.

You should also ensure that you set up clear spending and budget guidelines for your business so that you do not start spending beyond your means. If you can build your self a safety net of money initially, you’ll be much better off in the future.

Don’t choose the wrong business

If your business idea is impossible to run part-time then it may not be the right thing if you can’t afford to give up your full-time job. Opening a food shop, for example, would be an all-consuming role. Designing and selling products online, however, would be easier to manage part-time.

Bringing it all together

Starting your own business will certainly be challenging but you can still make it a success while keeping your full-time job. If you make a clear plan, prioritise your time and stick to a budget you’ll be able to test the waters and see where it takes you.

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