Start A Business And Keep Your Day Job… For Now

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Getting a new business idea off the ground can be terrifying if your day job is your sole source of income. Heck, it’s even scary if you’re in a dual income situation. Not everyone has the luxury to walk away from their 9-5. But you don’t have to put your dream career on hold until you win the Powerball. In fact, starting your business while you have a reliable source of income is a smart way to get the ball rolling without taking a bigger financial risk than needed. Here are a few ways to get your business started while you keep your day job… for now.

Start A Blog Or Website

The internet is a (mostly) beautiful place full of extremely inexpensive platforms for self expression that can help you kick start your business. Start a blog and write about your interests, passions and your business. Are you starting a tech consulting business? Write about the issues you see in the business today and what you’d change or fix. Discuss your opinion on an emerging trend. Get your name out there and start establishing a webs presence in your desired industry.

Or, put together a basic website for your business that sets forth your offered services, a sample portfolio, your background and pricing. This will force you to flush out your business idea and think through your business model. It will also give potential clients the signal that you are open for business and ready to get to work.

Blogging or starting a website is a great way to introduce yourself and your business to the world. But it doesn’t have to be a public forum either. If you’re just not ready to make an entrance or still need time to flush out your ideas, keep your page private and use it like a journal or virtual business plan. Keep writing and editing and then edit some more and eventually you will get to a place where you’ll want to go public.

While you’re at it, lock up any domain names you are certain about. Even if you don’t have anything you want to publicly publish, it will set you up for your future debut.

Squirrel Away Some Cash

Having a 9-5 means you currently receive a paycheck. Congratulations! But now, you’re going to have to revisit your budget to make room for another line item: squirreling away cash for your new business venture.

When you eventually make the decision to jump ship and go full time on your own, it’s unlikely that you have any income from the new business. For a few lucky ones, that might only last a few months. But for the majority of new business owners, it can take several years to see a paycheck. You have to have a way to pay your personal bills and living expenses. Student loans? Insurance? Car payment? List the nonnegotiable essentials you need to survive and figure out how you’re going to pay for them when you say “buh-bye” to the day job.

Determine what your 6-12-24 month plan is. Are you planning to leave your job soon? You’re going to need a lot more money, fast. If you are making future plans, consider how much you can afford to take out of your paycheck each week and put in the max. With a little sacrificing (do you need to get a latte twice a day? can you dump the pricey gym membership and run in the park?) you can set yourself up with a little 2-3 month expense cushion.

Establish Proof Of Concept And Client Base

Every entrepreneur and business owner wants their business to succeed. Unfortunately, it’s not always going to happen. And, especially with a new business, sometimes you just won’t know until you actually try.

Rolling out your business slowly, while you work your day job, gives you the ability to test the concept on a smaller and more manageable scale. We often talk about entrepreneurs taking risks and huge leaps of faith and moving quickly to capitalize on opportunity. But for many new businesses, slow and steady is exactly the way to go.

At this point in the game, the amount of time you have to devote to your new business can be minimal so use your time effectively. Build your client base and establish good relationships with the early supporters. These early believers are going to be your lifelines and give you awesome feedback to help you determine whether your business is viable. Whether they know it or not, your early clients are your product/service guinea pigs so learn from them and their critiques.  When you’re ready to go full time with your business, you’ll be confident that your business is exactly what you want it to be.

It’s rare that entrepreneurs can just quit their day job and dive head first into a new (not-even-established-as-a-business) gig.  But that doesn’t mean that you have to wait for your lucky numbers to hit big at the local convenience mart. There are a few proactive steps you can take today that will help get your business off the ground when you’re ready to split.  Just remember to keep your dream at the forefront of your mind so you never lose sight of it. That way, when the 9-5 is dragging on and you feel like you just might be stuck there forever, you know that you’re making strides towards that dream.