When you first start up a new business it can take some time before it starts to make any kind of significant profit so many people continue to work full-time and run their new business on the side, at the same time.
It makes sense because you need money coming in to pay the bills while you work on getting your company up and running; however it can take a lot of hard work and very long hours to work two jobs effectively.
If you are planning to run your business alongside a full-time employed position there are quite a number of elements to take into consideration, not the least of which is managing your own health and wellbeing at what will be a very busy and stressful time.
To give us some tips on how to balance both we asked the experts from Crunch.co.uk and they gave these useful tips.
1. Make sure you have dedicated time to work on your business
While working full time and running a household it might be difficult to commit to time for your new business but it’s important to do so if it’s going to be a success. You need to set aside dedicated blocks of time where you can work on your business and not be distracted.
2. Work to cut back your full-time hours
If you have the option with your employer than aim to gradually cut back your hours spent in your full-time job, to release you to focus on your business. Perhaps look at flexible working options or going part-time to give you some more freedom to dedicate to the side business. You don’t know until you ask.
3. Don’t become discouraged
You will need to put in a lot of effort to make a new business work and while you may not see returns quickly and you will be tired from working full-time as well, it can be easy to get discouraged and give up. It’s important to be realistic and to have realistic expectations about what you can physically fit in, and what you can achieve in the timescales you have allowed.
4. Set up an emergency fund
While you still have regular money coming in it makes sense to be able to put some of that aside to create an emergency fund which you can use for paying off bills or any urgent money you might need for your business. It also gives you a buffer for when you decide the time is right to leave your job and go full-time in your business.
5. Check your employment contract
It’s important to check your employment contract as some employers will have a clause preventing you from running a side business while working for them. You need to make sure you are not setting yourself up for any kind of legal conflict before you start out on your side venture.
6. Never undertake business tasks during your working hours
If your employer is happy for you to have a side business you still need to be careful and keep your side business completely separate for your own legal protection. Don’t send emails or take calls connected with your business while you are at your place of employment. It’s important to keep the two very separate.
7. Have a goal in sight for when you plan to leave employment
Set yourself a goal in mind for when you plan to go full time with your business and leave your job. It can be when you are earning a certain amount of money or after a certain amount of time – it’s important to have the goal so that when you are feeling disenchanted you can take a step back and look at your aims and objectives and remind yourself about why you are doing this.
8. Reduce the distractions to free up your time
Time management of your whole life is the key to successfully running a side business while being successfully employed at the same time, for example, if you plan to work on your business in the evenings you will be amazed how much time you can claw back by not watching TV or cutting back your time spent surfing the internet. You might have to reduce your social life but remember it won’t be like this forever.
9. Watch out for burnout
While you will need dedicated time to work on your business on a regular basis, it is important to look after yourself and your health and take care not to get burnt out right at the start. While setting up your side business will take time and may seem incredibly daunting, just remember that in time you won’t be working full-time as well so it’s not a long-term situation.
Cheryl is a freelance finance writer and writes for Crunch. When not involved in content creation projects she spends her free time listening to podcasts, doing long-distance runs and petting her dog 2 year old corgi, Nutella.