How to Build a Successful Business While Having a Day Job

Have you ever noticed that it’s getting more common for someone to have a side job? In addition to their day job, they also start a business either with friends, family, or alone.

Joining the entrepreneurship wagon is sure a choice. You can start this business because you want some extra savings. Or maybe you see an opening and want to explore more, especially if you enjoy the niche and want to be the best at it.

But let’s be honest here, unless you come from a wealthy family, you need to have a day job to start a new business. It’s your primary support as your company will bleed expenses until it’s strong enough. Therefore, you need to understand what you can do to juggle these two worlds.

 

5 Tips for Successful Entrepreneurship Effort And Keeping Your Job

1.   Set Realistic Goals

When you start a business, you need to have a lofty goal. Set it to be the loftiest you want.

However, you also need to have some realistic goals to keep your feet on the ground. These goals will help you achieve your biggest dream.

And more importantly, they also help you to monitor your achievements. It’s one of the best ways to see if you have issues and how to improve your business.

For example, you aim to have $10000 total gross income in the first trimester. But until the second month, you only get $5000. It means you need to figure out methods to boost sales. You may introduce new products or set a new marketing strategy.

So even if you only have $9500 total income at the end of the third month, you know how to boost your sales in a short time. You can adjust your next strategy and be

Don’t be discouraged when you fail to reach these small milestones. On the contrary, you can learn from these episodes, especially on knowing your strengths and how to utilize them.

 

2.   Do What You Love

As cliché as it may sound, doing what you love isn’t always good for business. You can get burned out and start to hate what you do. Some people even dislike using their hobby to make money.

However, when you build a business based on things you love, you will have an extra motivation to keep going forward. Yes, there will be some drama and issues. Yes, you will meet some unsavory customers. And the love for your hobby alone may not be enough.

 

 

3.   Be Careful with Money

When you start a business, you are using your money as capital. It’s common knowledge that all startups tend to focus on repaying the founder’s capital.

However, you need to pay close attention to money management and budgeting. The first thing to do is to separate your personal money and business income. Yes, it means extra work as you need to have two books to write down all expenses.

At first, you may want to combine everything or keep the household and business in one book. But as the month progresses, you will see that separating only gets even more difficult. It’s a common mistake to make, yet a crucially important for you to avoid.

Separating the money will help you to track how much money your business makes in a period. Picture it this way: ever since you started the business, you have always seen money in your account. But at the same time, you have issues paying some of your bills.

If that’s the case, then maybe your business isn’t as thriving as you believe it to be. Another possibility is you’ve been splurging with the business income when you should’ve used it for other purposes.

 

4.   Strategize Well

Sometimes, a business doesn’t work out well. Things can go awry, and you’re barely able to keep things together. Therefore, it’s important that you need to know if your new business needs a new direction or a complete overhaul.

Understanding the limitations and how you can overcome them will help you to be better. You may face a bad situation and hit rock bottom at work and business at the same time. But it’s the reality of starting a business, and you need to figure out the steps to get out.

 

5.   Clear Communication

Yes, it sure sounds like too much of a hassle to have different numbers and emails for your work, personal, and this new business. But it’s crucial so you won’t mix things up.

Similar to managing your money, you also need to be smart at managing your communication methods. Have separate social media accounts and emails for your business. And even though you’re the only person behind the keyboard, you need to give a professional tone on the business account.

 

But Don’t Quit Your Job Yet

Most people make the mistake of being hasty and quitting their job when they see their business thrive. Yes, it can be very tedious when you have to do everything at work and more at home.

What happens is you are likely to feel overwhelmed with how much you have to do. Therefore, you need to decide whether you need to take a break from your work or business. Perhaps all you need is a vacation to refresh your mind.

Your day job is crucial as it is your primary income. Until your business can sustain your lifestyle for at least the next six months, you should keep away any thoughts of quitting.

However, everyone may have a different benchmark for deciding when to quit. But you must realize that real life has no curtain calls. You need to have a contingency plan if things don’t go as planned.

 

Not everyone has the knack for being a successful entrepreneur. But it doesn’t mean that nobody should try to be one. After all, you don’t know where life takes you.

However, when you know your strength and how you can adapt. No matter what life throws, you will still be successful in life. One day, you will be glad that you have started the entrepreneurship journey.