After putting a lot of thought into it, you finally have that million-dollar idea that will launch your entrepreneurial career. The first thing that comes to mind is quitting your job. But before you go handing in your two-week notice, you have to weigh the pros and cons of running a successful business while still employed.
One of the obvious pros of keeping your job is that you will always have a source of income enough to cater for your bills and you have something to fall back to in case the business fails. The downside is that you will not have much time to concentrate on your career, business and still have time for personal development.
However when you think about it, working 40 hours a week may just be temporary. Once your business picks up you may have to quit your job to focus fully on running the business. Hence, it’s not a good idea to quit your job when you are just starting out. Here are ways you can start a side hustle without having to quit your day job.
1. Take baby steps
You have heard of the saying that Rome was not built in a day. This will apply so much in your life once you decide to be an entrepreneur. The problem with us young people is that we want to start a business today and be making millions tomorrow. Business moguls like Chris Kirubi will tell you that to make it to where they are has taken them years.
What’s my point? There is no need to quit your job and dedicate 40 hours to a business that may never pick up. Most startups fail more often. Now imagine the implications of quitting your job and the business fails.
Take it one day at a time. Make a schedule that works around the time you have. You can, for instance, be waking up early and working on your business before heading to your day time job.
2. Don’t burn bridges
Remember even though you have decided to launch your own business, you still have your obligations to your boss.
Go to work as usual and complete your tasks and never work on your business on your employer’s time.
Remember that your boss could become your client once you launch or could refer you to his/her friends.
In the meantime check out 11 Top Businesses You Can Start With 20K In Kenya
3. Think about your business idea
You have come up with a great business idea but it doesn’t stop there. Is it a viable idea that is likely to work in the market? Let’s face it, if nobody is going to be interested in what you are selling, then it’s probably not the right time to venture out on your own.
Read here on 9 Profitable Small Business Ideas In Kenya
4. Invest what you can in the business
Most small businesses fail due to lack of capital but you have the advantage since you already have a source of income. Instead of taking up huge loans to start a business, you can start saving up a part of your salary to invest in the business.
Minimize your expenses if at all you are serious about starting a business and invest the amount in a profitable business.
5. Get a business partner
Launching a new business is a lot of stress which becomes even worse when you have a full-time job. This is the main reason why you should find yourself a co-founder. Whether it’s that friend you know you can trust or a family member, they will come in handy.
Business partners bring in new skills that may be what you need to launch a successful business not to mention making things easier for you to run a business and still concentrate on your job.
6. Outsource as much as you can
Running a business when still employed requires so much of your time. This is where outsourcing comes in. Instead of spending your time doing tasks that someone else can handle, outsource.
For instance, you could get someone to write content for your website while you concentrate on other matters and your job.
7. Keep investing
We are all excited when we make our first coins from the business and you may want to suddenly change your lifestyle. Once you launch your business and money starts coming in, you need to invest it back in the business.
Otherwise, if you are always spending money on the business on personal uses, your business will never pick up.
Once you invest more and more, it means that you will finally venture out on your own and may even have to quit your job to run your business.
Starting a business while employed is not easy. Most of us think about quitting before the business has even taken shape. Follow these easy tips on how to start a successful business while still employed.
Lilian Wamaitha is a Communications and Digital Marketing Officer at Career Point Kenya. Contact her via firstname.lastname@example.org. Click here to like us on Facebook.