Many people start their own businesses while still being employed full-time. This may seem like a daunting task, but it is possible if you use your time wisely and maximize opportunities that come your way. If your goal is to start and grow your own business, you will surely face many challenges. However, to be successful, you must face these challenges head-on.
Here are 10 simple steps to start a business even if you are employed full-time:
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Table of Contents
Make a concrete plan.
In starting your business, the first thing you should do is to sit down and create a concrete and feasible business plan. Your time is important. That is the reason why it is crucial to list down all your commitments and allot a specific amount of time for each of them.
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Get the necessary permits and licenses.
You need to start your business right by getting all the necessary permits and licenses based on the services that you will provide. Each type of business has different permits and licenses. Your location is also a big consideration when you apply for them. In order to obtain permits and licenses, you need to comply with a lot of requirements. For instance, service providers such as handymen usually need liability insurance. Affordable handyman liability insurance is available through reputable insurance companies.
Aside from the business license, the most common licenses and permits for small businesses are the Fire Department Permit, Air and Water Pollution Control Permit, and many others.
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Answer the most pressing questions about your product or service.
After creating a concrete plan, it is also important to answer the most pressing questions about the product or service that you intend to offer to the market.
One of the most important questions is: what is your product or service? After determining the answer to this question, you also need to think about what problem your product or service solves and its unique features.
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Make sure that your current job is not affected.
You need to be able to divide your time between your full-time job and your business. Make sure that your time preparing for your business does not affect your work in your current company.
Do not work on your project during company time and don’t ever use the company’s resources to benefit your business.
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List skills and assets.
It is important to list down all the assets and skills that your business requires. After doing this, you also need to list down your available assets and skills, so that you have an idea what you can do for yourself.
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Get help.
After listing down all your assets and skills, you also need to list down your weaknesses. Recognizing these weaknesses will help you identify what type of help you need. You need to be able to get sufficient support in areas where you need help.
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Test your idea rigorously.
The best way to reduce start-up risks is to test your business idea rigorously. This might be a challenge if you have a day job, but with a little planning, this is possible.
One way of testing your idea is through customer interviews. Another way is creating prototypes and getting user feedback.
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Create a Road Map to Launch
You need to be able to identify your specific launch date. Since you have a full-time job, you should be seek outside help and get valuable advice from personal mentors.
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Network with the Right Contacts
Networking is absolutely important in business. However, you should be able to network with people who would be able to bring value to your business.
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Know when to Quit your Day Job and Jump in Full-Time
When you are generating enough revenue, and creating enough traction for your business, it may be time to decide to quit your day job and go full-time. This requires proper timing. An ideal time is when you have proven to your customers that you can deliver a product or service that customers are fully satisfied with.
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