Working full-time while launching a business takes away a major roadblock to entry: fear of not having steady income. If you are lucky enough to have a job, starting a business may be one of the best things you can do to improve your income and establish your future of independence. One of the most common questions acquaintances ask me when I tell them about my new business venture is, “How can I find the time to do this”?
Most people do not maximize their day or week. I happen to believe if you begin a little earlier with a clear map of what you need to do each day you can be exponentially more productive. Second if you focus on the tasks only you can do in regards to owning this business you eliminate countless hours others can do.
Here are some questions you should ask yourself when determining time management priorities:
- What specific tasks and responsibilities have you determined that you will personally be in charge?
- How much time they will take?
- When must you do them?
I have started businesses where my key responsibilities were hiring, marketing, and setting the direction of the company. I was able to perform these functions before 8am and after 4pm, which allowed me to keep the very high paying job I held at the time. By keeping my day job and its guaranteed income, my stress level was much lower than it would have been had I jumped into my new business full-time.
You can always begin part-time at your new start-up, set measurable income goals for the company, and when you reach these goals, make the transition to full-time. Entrepreneur.com seconds this advice:
If you’re leaning toward starting part-time, then set financial priorities. How do you know when your business is making enough money that you can quit your day job? A good rule of thumb, according to [Arnold Sanow, You Can Start Your Own Business], is to wait until your part-time business is generating income equivalent to at least 30 percent of your current salary from your full-time job.
This method has always motivated me. Avoiding an initial cash drain on your new company is always a good idea. Therefore, if you can maintain your job while starting your new company, I think you should do it.