Getting your business or side hustle off the ground while working full-time for another company is super challenging. Before setting out to give it a go, it’s important to ensure it’s something you really want, the timing is right, and that you are committed to making it happen. There are only so many hours in a day/week, and you only have so much motivation and energy! 

However, with determination, you can still attain your goals! I’m a big believer in achieving what you put your mind to, and if you want to make it happen, you’ll find a way. The number of young entrepreneurs is skyrocketing, and you should not be left behind. There is no shortage of people determined to take risks, from content marketers to app developers, writers, startup founders, and business consultants.  

So, how do you go about it? Here are five steps to starting a business while working full-time. 

Make sure you allot the right amount of time

Starting a business while having a busy schedule will stress your calendar as you make tough decisions. Start by writing down all the commitments and activities you have in your life and the time allocated to each. Your new venture will certainly take a lot of time and energy, and it’s important to ensure you have enough time to put to it!

Take note of the less important issues and lessen your involvement to focus on your new project. Think of easy stuff like playing video games, watching TV, surfing Instagram or Facebook, and having drinks with friends every evening. These are some of the things you can forgo for the sake of your business. Also take note of the important things in life – perhaps working out, family time, or other activities that help you recharge. It’s important to have balance in your endeavor and not go completely overboard as you essentially work two jobs!

Reflect on Your Abilities, Skills, and Weaknesses

We all have our weaknesses and strengths. As an entrepreneur, ensure you focus on a venture that allows you to leverage your strengths, skills, and abilities. Spend time learning a new skill that will make your business happen. Nobody has all the skills, and by identifying the gaps you have, you can proactively find others to help (i.e. outsource or bring on partners), or learn the skills on your own.

There’s such a great ecosystem of both outsourcing resources, and learning resources. YouTube has basically everything for you to learn, as well as other free (or cheap) courses online. If you want to develop an app, you may take time learning coding.

Think About Business Capital 

Your business vision will determine the financial need. Most new startups will require financial resources of some sort, and this could be a fairly large amount, or a smaller amount. There are lots of ways to fund your new business; whether it’s bringing on investors, taking on debt, or simply using your own savings for it. I’m personally a fan of bootstrapping as much as you can, as debt always involves risk, and bringing on investors gives away part of your equity. If you do go the debt route – be smart about it and try to minimize the interest rate and/or fees. However, since you’re working, you can start with payday loans where you don’t need collateral. A loan like this would probably be my last option, but depending on the idea and how bad you want it – you do what it takes!

There are also lots of small business loans, or grants that might be available to you. Just to reiterate, ensure you choose the right bank or financial institution for your small business loan. Consider their interest rates, as well as repayment terms and conditions.

Set Measurable, Detailed, And Realistic Goals 

Setting realistic deadlines and attainable goals prevents you from spinning wheels for a long time. It’s impossible to be successful without a clear plan of where you’re going. It’s also important to have realistic goals, you’re not going to boil the ocean overnight!

It works best if you set daily, weekly, or monthly goals. Start with small wins and gradually start hitting big milestones. Give yourself grace when you fail, stay positive, and know that things like starting a business take a long time!

What is Your Competitive Advantage?

Write down your competitive advantage, i.e. your secret sauce, which will make you generate greater margins or sales. A competitive advantage is what makes your business and helps you stand out. It can be in the form of product offering, customer support, cost structure, or distribution network. Find a way to stand out, and work to differentiate yourself. You don’t have time to just be another copycat!

The Bottom Line 

Working full-time with a vision of starting a business seems like a far-fetch dream, but it’s attainable. You only need to make a few sacrifices here and there, and before you know it, you’re running a stable and successful business. 

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