A few entrepreneurs are celebrated in the media for taking the switch from working full time to business owners. While this method can be effective for certain people, at sometimes it can be a source of unnecessary risk.
It’s not a requirement that you have to leave go here your job. It’s about committing your time and effort to a side business which could eventually turn into a full-time occupation. The business world isn’t built overnight and finding a source of income when you’re trying to get your business up and running is a crucial element to the success of your business.
In the case of Jason Quey, an entrepreneur who founded his first clothing and footwear company at the age of 22, taking a break from his day job wasn’t required to earn more than $211,000 of revenue at the close of the first year.
Since since then, Quey has been working as a marketer freelance and continues to experiment with various side projects. While it’s tempting to become in awe of successful business owners, Quey sees this as a risk-free method to find success in the entrepreneurial world. Furthermore, he’s able to experiment with new ideas for his projects, which gives him the chance to provide amazing results for his customers.
For starting your own business , even on the side, Quey recommends aspiring entrepreneurs to focus on three areas:
- Utilize your job as a day-job to help you build your business.
When you are establishing a side-business while working full-time, your day job remains the top priority. There are many mistakes to avoid to avoid being ousted, or accused of a crime, such as working during corporate time. This doesn’t mean that your eight hours of work should be wasted or squandered.
Quey decided to undertake projects that could help him develop the necessary skills for his company. As a marketer Quey chose to create a list of fellow marketers and cofounders of startups his ideal customers. This helped him gain insights into how he could better serve the customers he is targeting. Through his research, Quey also discovered an untapped market. A lot of marketers believe in the show and aren’t able to tell the true story of marketing. They appreciate in-depth studies as well as actionable content and deep data to support their claims.
In the world of fashion and style, a lot of influential and thought-leaders offer their views. They rarely back their claims with actual facts. Quey took that information to launch a blog on the psychology behind fashion. The first post he wrote was about the psychology behind and the ROI of clothing, which included data-based research that shows how one item can boost your perceived value by around $13,000. Alternately, you could make and sell an online course that is based on your abilities by using a platform like Kajabi.
Although your full-time job should be your primary concern but there are many ways to use this time to expand your business and reduce the risk.
Another way to lower the risk is to begin by using money from other people’s.
- Start your business by using the money of others.
A lot of people are worried that the idea of starting a business could cost hundreds of thousands. However, it doesn’t have to be this way.
Quey began Cofounders With Class with paying just a penny in advance. Instead of seeking traditional sources of funding due to his credit scoreHe opened up credit cards with interest-free 12- and 18-month credit cards. When he was unable to pay with credit cards and he was unable to pay through payment sites such as Paypal. This took the stress off him of making sales in a short time. Instead, he was able to focus on building value over time for his clients.
Another option is to use marketplace sites such as eBay, Amazon, and Etsy. This is a great option for young entrepreneurs to begin their own businesses. Query began his first venture via eBay at less than $100. After finding some sales, he put up 5 items for sale on eBay. Within an entire week, he completed one of his sales. The initial costs for these websites are not too high, and they have traffic as well as an easy way to begin.
The possibility of failure is lower when you are starting the business at a low cost. How can you manage your business when you’re working full-time?
- The focus should be on the building of systems.
Begin by determining the time you can dedicate to your business. It may be necessary to get up earlier, work later or work on weekends. When you’ve take some time off rather than focusing solely on your goals you should begin to develop strategies to expand your business while you do your job.
Inspiring by books such as How to Fail at Almost Everything and still Win Big and The 4-Hour Workweek, Quey focused on creating systems that would allow his business to expand while also working as a side hustle. He set out to create the right process to follow for every task he took on. If a process could be reproducible and adaptable the first priority was those that were scalable and repeatable.
While working at your job can be a great method to build your expertise and build relationships but you’re also bound by an hourly base of compensation. Entrepreneurs don’t earn money per hour and instead based on the outcomes they generate.