10 Steps to Starting a Business While Working Full Time

The question is how to start a small business while holding a full time job.  It is highly challenging and demanding. However many people have managed to build six figure companies from scratch.

Quitting your job is not the solution because you need to pay utility bills, rent, school fees and feed. Statistic show that 40% of new startups fold within he first year.  

Running a business demands your full attention, funding and strategizing. So everything is stacked up against you yet the urge still persists. If you have an ingenious idea and serious conviction then here are 10 steps to starting a business while gainfully employed.

Ten Steps to Starting a Business While Working Full Time

1.Validate the Idea

Having an idea is all good however translating it into profit is difficult. Test the idea through product testing, customer reviews and surveys. Develop a prototype and study reviews and feedback. Use research companies to test run the product on your behalf.

2. Set Goals

You need to set achievable goals and benchmarks. The goals include increasing customer base, getting more distributors or forming viable partnerships. Don’t treat your business as a hobby but a serious enterprise.

3. Define the Business Structure

Before starting any business you need to define the business structure. Write a business plan that accommodates change in prices, consumer interests and product choice. You can list out the business objectives, goals and aspirations. Define the target audience, product, major costs and customer demography.

4. Study your Employer’s Terms of Engagement

Study your employer’s terms of engagement to prevent future litigation. Go through the employer agreement, non-disclosure clause and other binding agreement.

Make sure the business you conceive is entirely different from your employer’s core business. This is because of intellectual property, and branding. No business likes competition and actively tries to monopolize their industry.

5. Start a Partnership

An effective business arrangement is forming a partnership. You could involve a professional in the field of interest.

This business strategy guarantees a trusted person on the grounds while you contribute your impute as a share holder and executive manager. A co-founder provides shared risks and increases your chances of success.

Make sure the partner is trustworthy, honest, hard working and knowledgeable about the business. Make sure the partnership agreement is processed by a lawyer and registered with the appropriate authorities.

How to Form a Limited Liability Company

6. Work on Saturdays

Many companies work only from Monday to Fridays. If you fall into this category you can build up your company on Saturdays. Make sure you put a full days work in your business on weekends.

7. Invest Funds

Start by investing funds into inventory and equipment. Once this is covered invest in market surveys, product testing and reviews.

Invest in developing the product or service. Other places to invest include qualified staff, contractors, and advertisement. Hire legal council to formulate contracts and form the business.

8. Work within a Budget

Don’t go overboard and work within a budget. Don’t forget you have lots of bills to pay such as utilities, transportation and rent.

9. Network

Gradually build a network of trusted suppliers, customers and industrial players. You need to join the appropriate associations and state organizations. Networking provides valuable knowledge of business practices with the industry.

10. Develop a Distribution Network

One of the most important aspects of business is developing your distribution network. If you are into manufacturing you need trustworthy wholesalers and retailers. the same applies to online products. You could offer affiliate deals for webmasters to carry your products or services.