How to Start a Business Without Quitting Your Job?
When you are starting your business then you’ve no clue about what to do with your day job. Your regular paycheck also stops coming, and you get concerned about who finances your business. You might be absolutely indecisive – should you leave the job? Or should you hang on to it, and collect more finance? This transition period can be very confusing, and it can take a toll on you. To grow from an employee to being your own boss is challenging, and takes time and patience. For every budding entrepreneur, this is how you go about taking the change.
You might have jumped into business because you no longer want to work for someone else. You are tired of waking up every morning, getting to work right on time, and you are slogging regularly, just to get things going for some other person. But you would prefer working for yourself, and making a difference all by yourself, and running a successful business. You might pause and think that you are being awarded a paycheck, but it certainly doesn’t suffice the thousands of hours of work that you put in at an office.
Now think of a scenario where you are working hard, but you don’t have to give the benefits to someone else – the benefits are for you. This is going to be the dream come true for you-you could keep all of the money to yourself!
Initially Keep a Side Business
It is advisable to not start thinking of quitting immediately. You have to take it slow. Climb a mile into the idea of the business. Keep your market research data in hand. Just check your present office paperwork and see if there are any rules to not working in a side business. If you haven’t signed any contract like that, you could easily keep doing your business as a side dish. First and foremost, if you are not bound by any legal contracts, think big – what are your passions and dreams? What problems in the world do you want to solve? Are you cut out for the business that you are planning? Is the idea authentic? What will be your source of income? How will you finance it? Do you know the market that will buy your product?
After you have figured these out, you might want to actualize these ideas and questions into action. But that doesn’t mean you have to quit your job just as yet. You should stay on board until your business starts giving you a return on investment. After you are done with that, you might say goodbye to your boss for good.
Develop the Side Business
While on your job make sure you are pushing the business to grow. Check up on online information, talk to people, communicate about your ideas, and maybe even use your job connections to get deals fluid, and set the mood and party to it. Work up the ladder and utilize your time well. Use your paychecks as fuel to grow your business quickly, and cut down on all expenses to get through the planning. Remember that the quicker you earn through your business, the quicker you get to quit your Boss. For those of you who are slightly sluggish in the finance, you could simply be getting through with bank loans. Or keep the option of crowdfunding open too – that works brilliantly well. Also, you don’t have to return this money, so that is another plus point.
You might need some members to help you on board with this business. Hire people who will believe in your version of the success of the business. Hire people who see the vision just like you do. And remember to pay them, so arrange for finances well in advance.
Keep Your Busy Networking on
Attend more business meets and talk to people. You never know when a contact comes handy, and you never know when you clinch the right deal. You could always turn to a conference or a business summit to meet the right kinds of people for your work. The number of people you meet – the more you see where and how your business can stand upright. You could even make a few hires, or get someone to partner with you. The probability of you succeeding increases multifold when you have the right contacts in your pockets. There is a reason that business cards are printed – it is for the time of need. If you know the right investor or the right agency to market you, you have done half the deal already!
Time to Drop the Bomb
When your business has started full-fledged, drop the big bomb on your cruel boss and tell him what you have been doing so far. But just be careful – do it when you are sure to call it quits and not before. A lot of seniors feel absolutely insulted when they learn that their juniors have been earning on the side. You don’t want to get that man angry and still be on board. Tell him at the opportune moment, when you have your sack packed and your stuff organized.
You might wonder why tell him at all? It is a matter of courtesy, and you should be serving the notice period before you leave. Tell him in advance so that they get enough time to look for someone else who will be working in those lines and picking up from where you left. After all, you have been a valuable asset to your company and replacing you might be difficult. You need to give them enough time for their treasure hunt!
The Final Goodbye
Now that your business is giving you returns, you don’t need that paycheck anymore, and you certainly don’t need to hear the boss’ side. Laugh it off, because your struggles are done – you now own a successful business and you are going to make money out of it! This is the time to quit the job and start walking big.