Do you have great ideas suitable to start a side hustle but scared your full-time job might be a barrier? Follow the steps in this article to learn how to run your business while working a full-time job.
One fact is, working a 9 to 5 job can be stable and somewhat reassuring, but sometimes, it may not take you that far.
This is because you are basically confined to a limited and limiting structure.
So much has to be considered before you can be promoted.
In smaller companies, this may even be next to impossible.
For those who are earning above the average salary, your situation maybe a little better, but you are bound to hit the wall in terms of creativity and growth.
So, it is understandable that you have started a business.
But is it the norm?
Most people would not even dream of running a business while working.
They find it too risky.
They find it too exhausting to juggle a full-time job and side business.
But here is the thing: you have already started your business.
It is common for someone starting a business to be employed at the time they are thinking of starting a business.
Of course, there are also those who have business as their lifeblood from the very beginning, but that is a completely different scenario.
How To Run Your Business While Working A Full-Time Job: A Step By Step Overview
Running a business while working is possible.
If you are reading this, then you are more likely already living it or you are considering doing this.
There are some steps that you have to make before you can finally decide that this is it – this is how you want to live and work.
Step One: Explore The Pros And Cons
By weighing the pros and cons, you get to decide if all the hard work is worth it.
Pros And Cons Of Owning A Business
Running a business is tough in itself. It has both pros and cons:
1. Being Your Own Boss
When you own your business, you don’t have to report to anyone.
You are the boss and you get to make the final decisions.
So, your creative ideas will not be set aside.
The operating hours will be up to you, as well.
2. Appeals To Your Interest
The fact that you have started the business means that it is something dear to your heart.
For example, people who love food or cooking may start a restaurant or a catering service.
3. A Sense Of Autonomy
Running a side business carries with it a sense of autonomy.
In addition to being the boss, processes can be carried out without you having to go around for other people’s signatures.
This is a welcome change from being given a list of jobs that must be performed on the day at work.
4. Possibility Of Higher Earnings
It is a business.
So, it has a possibility of booming.
If you manage to invest in services or products that people in your community care for, then you are most likely in for an income boost.
5. Providing Employment
This is your opportunity to give something back to your community.
A business may require an extra pair of hands at the least and a whole team at the most.
By hiring people to help you, you are helping your community.
6. Security Boost
Owning a business provides additional security.
You get a heads up of what can possibly happen in the near future because you control the decisions.
A full-time job and side business combo is a tough combination.
However, it can provide you with even more income security.
If one fails, then you have the other to fall back on.
1. Financial Risk
Unfortunately, a business begins with a risk.
You have to make an investment.
If you are operating in a brick and mortar store, then you may either have to buy or rent the place.
Even online shops require you to spend some money on customized URLs, website design and development, and at least one computer.
You need to buy your products or materials, as well.
2. Fewer Chances Of Getting A Break
Business needs devotion.
You will not have much of a break.
If you are running a side business, then the more impossible it is to get some time to go on a vacation.
After all, you are juggling two income generators, together with family, social life, and other possible priorities.
3. Inconsistent Income
There will be good times and bad times, and that is a given.
One month, you will be raking in enough money to rival or surpass your fixed salary.
The next month, you may be struggling to make ends meet if you have to rely on the business income alone.
4. Side Business Taxes
Side business taxes may be a pro or a con.
Your side earnings are taxable.
So, you are getting taxed in two ways.
However, it can be made to work to your advantage because your business losses can serve as tax exemptions.
The pros and cons of owning a business can make you ultimately decide whether or not you want to maintain your business venture.
Step Two: Choose The Income Generating Setup Of A Lifetime.
You know yourself enough to guess whether you can survive a particularly hectic, but possibly rewarding, life.
It is time to decide. Would you:
- Stick to your 9 to 5 employment
- Quit your job and focus on your business
- Work double time
If you have chosen c, then you can move on to Step 2.
Make sure, however, that option c is workable.
Your business should not compete with your employer’s company.
Best check your contract for possible conflicts.
On the other hand, make sure you don’t burn bridges if you go for option b.
Step Three: Get Organized
Staying employed while working a side business is not an easy feat.
You need to be very organized.
A secretary will be an extra expense.
So, you have to do the following:
1. Set Up A Regular Space For Your Business.
Some of you already have this business space, whether it is a home study or a rented/owned commercial space.
If not, then you have to get one.
You cannot mix your personal stuff, business materials, and office documents.
This will also prevent you from getting tempted to use your boss’s equipment and supplies.
2. Customize Spreadsheets.
You may have to be your own accountant, as well.
If you haven’t done so, do invest some time customizing your spreadsheets.
Writing all your expenses and earnings on a notebook may be quaint and applicable to, perhaps, an antique store, but things can get very confusing.
Make sure your updated spreadsheets are uploaded into the cloud.
3. Prepare Timetables
This is also one important factor to consider when planning to run your business while working a full-time job.
Since you will be wearing many hats, it is important to set timetables.
What time are you working?
If it is 9 am to 5 pm, then do not entertain your own clients at around 10 in the morning.
Make sure that you work before and/or after your regular working hours.
For example, if you are an artist with printing and designing business, you will have to take the early hours (e.g. 6:30 to 8:30 am) and the after-hours (6:00 to 9:00 pm) to work on projects.
You can also provide business services for your clients on Saturdays and get your rest on Sundays.
4. Open Separate Accounts For Personal, Business, And Payroll As An Employee.
If you haven’t done so yet, it may be time to have several bank accounts.
You have an account that your employer uses to deposit your salary into.
Do not use that for personal and business purposes.
The business account should be completely separate.
This way, you can choose to set aside the income and let it roll to fund the next few months of operations.
What is left behind is your profit.
Do not just take that profit and spend it.
You are not sure that your business is a success yet until you have observed it for months or even for a year.
5. Setup Your Own Payroll And Records For Employees That You Have Hired.
Whether you need to do this yourself will depend on how many employees you have.
If it is a small business, then you may have to do the organizing yourself.
Your payroll and records should come with alerts on when you should deposit the money to your employee’s account.
Each employee record has their attendance and performance.
Step Four: Outsource Some Of The Jobs
If your business is expanding, you will not be able to do everything on your own.
Even full-time business owners cannot.
Outsource some of your work.
For example, you provide writing services.
Assign some of the work to freelance writers.
There are more people turning to freelance jobs now.
You can get a percentage of the client’s payment.
Even if you do not get the bulk of the fee, you have the chance to satisfy and keep more clients.
Get a good editor to work for you.
If, on the other hand, you have a party planning business, you do not have to prepare and produce everything.
You can outsource the cakes, balloons, and party bags, for example.
Step Five: Control Your Business
Despite the fact that you have to hire employees to help you succeed in your business venture, you still have to be in control.
With the help of proper organization and time management, you should be able to control your business.
This means that you should always know what is going on with every aspect of it.
Work with your employees on a personal level.
Make sure that even your freelancers are comfortable enough to contact you as soon as something arises.
Step Six: Continue Learning.
Just getting the business started is not enough.
If you want to do this for the long haul, then you have to keep yourself educated.
Always be informed about the latest news and improvements in your industry or field.
If you have to take certification classes, do so.
However, this may further pose some problems with your time management.
You have to gauge whether it is a very vital addition to your business.
Some ways of educating yourself are more practical.
Read the news.
Talk to other business owners.
Listen to customer feedback.
Step Seven: Believe In yourself
You cannot survive a venture unless you believe in yourself.
You have to keep a certain level of enthusiasm because businesses do go through rough patches.
Remind yourself that these problems are learning experiences.
You will know how to handle your business better next time.
Step Eight: Establish Your Business
Developing yourself and your businesses are well and good.
However, you have to make sure that the relationship between you and your clients are well-established.
Keep your clients in a mailing database.
Provide them with an option to cancel so that they won’t feel like they are being forced into this business relationship.
Establish your business in the community, as well.
Form an image that you want to be known for.
Maybe you want to be known for your family-friendly image, avant-garde designs, healthy home-cooked meals, etc.
What is important is that the image should start spreading its roots.
Potential clients should think of you first whenever they think of your product or service.
Tips On Sustaining Your Work-Business Balance
1. Budget Well
You have to know how to handle money well.
You have two sources of income.
That does not give you the go-signal to just splurge at every chance you can get.
Instead, make sure your profit is saved or invested.
Be meticulous with small details: power usage at the office/home, proper use of resources/supplies, and paying attention to sales and discounts.
If you are not careful, all that hard work around the clock will be for nothing.
2. Create An Emergency Fund
In relation to #1, create an emergency fund.
This fund, which you can keep in your business account or a different one if you like, may only be used if you really need to do.
This could help you during the rough patches.
3. Consider The Home Office Option.
So that you don’t have to rent an extra space, use your home as your office.
Use the garage, attic, or basement to store products if you are a seller.
If you are a service provider, you only need an office or study, with a phone and a computer.
You probably hang out in front of that computer all the time anyway, when you were just working full time.
Make it known to friends and family that you are working when you are in that space.
Just because you are home does not mean you are free to chat.
Set an established routine so that they can get used to it quickly.
If you have to put signage with Open/Close or Office Hours on your door, then do so.
4. Think Of Both Your Job And Your Business In Positive Ways.
Some people search for other means of income because they are unhappy about their job.
That may be the case with you, as well, but learn to dwell on the positives.
You are taking a risk by running a business.
You are taking that risk so that you can do something that you love while earning something extra.
Your full-time job lets you do that with less possible complications.
You have a fallback.
This job provides you with a steady income.
Consider your business in a positive light, as well.
Not everyone gets the opportunity to do something that they are interested in.
If you are passionate enough about it, you will be energized to continue.
There are no miracles and get-rich schemes here, though.
So, the low-profit weeks or months are part of the roller coaster ride.
5. Give Time For Recreation And Family/Social Life.
This may seem impossible for some, but do give time for recreation.
What do they say again about people who are all work and no play?
They do not just become dull, but they also become terribly depressed about life.
Imagine waking up just so you can earn money and for nothing else.
It is not pleasant.
Make your life balanced.
It does not matter if it is hiking on a mountain or reading a good book.
Do what you love when you can.
Spend quality time with friends and family.
You want them on your side.
You are working hard to support your family or to have money to spend with friends.
Be there for your child’s piano recital.
Attend that high school reunion.
You should now have an idea of how to run your business while working a full time Job
Running a side business while working a full-time job is no joke.
It is going to be very physically, emotionally, and financially taxing.
There may be times that you will want to give up.
However, the rewards can be worth all the sacrifice.
You get the best of both worlds: the slow, steady, and secure – albeit boring at times – 9 to 5 grind and the surprising, challenging, and risky business venture where you get to apply what you love.
You are already doing it.
All you need is to keep things afloat.
All things are possible for people who work hard and continue learning.