Start with a great business Idea
Often people like the idea of going it alone and running their own business, but simply cannot decide on what they should do. Others are already earning some useful money from a part-time venture that it is gaining momentum, and clearly shows a great deal of potential, but seems to be stuck at first base. This article, therefore, aims to offer some timely advice to those who have developed a part-time business that supplements their full-time job, but who would just love to make it more than just a sideline.
Firstly, make best use of the time you have
The first stage to success is by maximizing the limited time you have available to grow your business. Build up a solid network of friends and colleagues and get advice from those who are already in business.
Think about creating a brand for your business by promoting it with a website or investing in some publicity.
More increasingly, people are choosing to invest in local products and services; perhaps a locally placed advert would work perfectly.
Be aware that any business needs both promotion as well as selling a product or service, so balance these carefully while you are still working full-time.
So just when should you quit the day job?
The truth is that many people just decide to take the plunge with no guarantee of success. They may have carried their business as far forward as it will go on a part-time basis, and the point has come where it’s just a case of diving in.
At this point, many will think that this is a risk too far and accept that all they ever will have is a good sideline that helps pay for the odd holiday here and there. There may be a family to support too, so the risk is amplified. There is though, one simple step you can take to greatly reduce the risk, and make the full-time launch of your new business much easier and less stressful at the same time:
Keep adding to your savings
It’s a simple yet highly practical idea: keep a separate business account and save up an amount of money that is at least equal to one year of your current full-time salary. It may take six months or five years, either way you will be in the best position to go for broke (pardon the pun) in your new full-time business venture. And because you already have the money in the bank, you can spend time going out and selling yourself without having to worry how you are going to pay the next bill.
If you have a good solid business idea to offer the world, you will more than likely discover that before the money even begins to run out, you will have built up a portfolio of clients that will bring continued and growing success.
Now what was that business idea again?