Planning a Startup Venture While You are Still Employed? Take Advantage of These 7 Tips

Most people tend to quit their jobs when they plan to start a new business startup. The idea of having a business setup of your own is quite tempting. But before you make a rushed decision to quit your job, know that a massive percentage of startups fail every year. You will have to face a number of potential roadblocks whilst nurturing your setup. So do not quit before you have enough funds to take care of your liabilities and responsibilities.

You can take the hybrid route to entrepreneurship where you venture into a startup whilst sticking to your job as I did. When I started my company, I had only two teammates and a subscription to Spectrum internet in Maine. I continued with my job for a year and a half and handled my business alongside it. Only when my company took off that I resigned. 

7 Tips to Run Your Business Effectively While Being Employed

While people will bombard you with all sorts of business advice for your startup, it’s upon you to focus on the right ones. Here are some tried and tested ones:

  1. Become a Pro at Time-Management.
  2. Inventory Your Abilities and Skills.
  3. Validate Your Business Ideas.
  4. Set Realistic, Well-Planned, and Measurable Goals.
  5. Work on Local Networking.
  6. Consider Having a Co-Founder.
  7. Seek Feedback Actively.

Become a Pro at Time-Management

When you are juggling two roles, time management is going to be the first thing to overwhelm you. Your startup is in its initial phase. It needs a fresh perspective as well as your time and undivided attention. On the other hand, you can’t ignore your commitment to your employer too.

Chances are that you are working over 40 hours per week for your job. You will also have to manage family time, time to rest, and everything in between. And amidst all this, you have to be detailed about your new business venture too. Therefore, the first thing you need to master here is time management. Maintain a written calendar for all your tasks without skipping a thing. Jot down all your overwhelming goals, meetings, and chores and then divide them into achievable bits.

Dedicating time blocks to different tasks will help. Moreover, take advantage of the dead time such as commute time, lunch hours, and the weekends. Handle the bigger tasks on the weekends. For instance, developing your website.

Consider Your Abilities and Skills

That also includes your weaknesses! You need to recognize your full potential and discover all your strengths as a budding entrepreneur in order to achieve success. Also, figure out the skillset that your new setup essentially requires and polish those skills.

If you have time, try learning new skills relevant to your new business. You can also outsource work relevant to those skills but learning it yourself will go a long way.

Validate Your Business Ideas

Yes, when starting a new venture, the notion is that it is a novel and groundbreaking idea. However, conducting research on the market, trends, and similar businesses can be shocking. Therefore, you need to test and validate your business idea thoroughly before you finally plan to launch it.

Here are some questions to help you determine the chances of success.

  • Is your product line relevant to customer needs?
  • What is/are your unique selling point/points?
  • Does your business idea or product/service range resolve customers’ pain points?
  • Do you have a proper target audience?
  • What is your product distribution plan?
  • If you are hitting an existing niche, how is your business different from the existing brands?

The answers to these questions will give you a clear picture of how promising your business idea will be.

Set Realistic, Well-Planned, and Measurable Goals

No business plan is complete until it has a set of well-thought, realistic, and achievable goals. In addition, these goals are to be accompanied by realistic deadlines. Having a clear and systematic plan of action helps in getting more done. You don’t want to end up spinning your wheels because that’s what will happen if you don’t have a potential timeline to follow.

Remember, it’s hard to get anywhere if you don’t exactly know where you’re heading. Moreover, consider following a routine of setting daily, weekly, monthly, and annual goals. This will help you stick with short-term as well as long-term objectives.

Work on Local Networking

Launching and nurturing a startup can be challenging and tiring. It can take a toll on you both, emotionally and financially. You need to have a support system for your entrepreneurial pursuits. It can be your friends and family but not necessarily.  

Even if you have supportive family and friends, you need to have a community of helpful entrepreneurs. This will have many benefits. You will get emotional support, useful pieces of advice from their experience, and motivation. Therefore, don’t be reluctant when it comes to socialize and network with the entrepreneurial community.

Consider Having a Co-Founder

Whether or not it’s not your first attempt to start a business startup venture, it is challenging to do it alone. Yes, there are many instances of successful solo founders, but having a co-founder can be a great assistance. If you have a friend who shares your passion and dreams and complements your skillset, then welcome him aboard.

Furthermore, having a competent co-founder can make you more effective and help in refining your startup ideas. However, we discourage the practice of having a complete stranger as a co-founder. This is very risky. Make sure you consider someone you know well or have worked with before. Also, be explicit about the ownership terms and equity stakes. Nobody likes such surprises at a later stage.

Seek Feedback Actively

Your ultimate goal is to have a product/service that offers value to your customers. Even if you have an amazing product line, there’s always room for improvement. So, seek honest and unbiased feedback from your clientele to improve your products and services.

Start doing this from day one and never stop it. Furthermore, leverage social media channels to procure the feedback and if needed, get in touch with the customers personally. It’s all about bettering yourself as a brand. For instance, Spectrum Tampa customer service (1-855-837-6837) welcomes honest feedback about their services. And I have personally experienced great improvements in their service. So based on feedback, you too can make regular improvements and tweaks to your startup strategies and prosper in the long term.

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