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There are several ways of starting a business. Others push through
with their entrepreneurial venture quickly, while others take it
more slowly. It may be a result of several factors, such as the
availability of capital, readiness of the product, presence of
demand for the product.
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However, you also need to consider the timing as its affects those who
surround you. For example, getting a business off the ground while paying
for a child's college education or a pressing financial obligation may not
be the ideal time.
Here are ten ways that you can start your own business:
1. Start your business on the
side.
You can moonlight in your spare time and run your business in your spare
time while keeping your day job. Running the business while having a steady
paycheck will allow you to assess the viability of your business and allows
you to better see its potentials. You can work on your business as a
sideline until you have built up enough earnings to leave your full time
job, or stumbled on an opportunity that will allow your business to grow by
leaps and bounds. There will probably be no greater feeling than when you
walk out the door and into a business wherein you call the shots!
The key of course is to consider your employer, and avoid situations that
can lead to conflicts of interests (e.g. your new business is a direct
competitor of your employer or you are using company time and resources for
your business).
2. Opt for a flexible schedule.
If working at basically two jobs (your salaried job and your business) is
too much for you to handle, consider requesting your employer to cut down
your hours and adopting a flexible schedule. You can bargain to work 3 or 4
times a week instead of your 5-day workweek. Think of this stage as your
easing out of the corporate world period, while preparing yourself for a
life of a home-based entrepreneur.
3. Get an Assistant.
Let's face it: working on a job and running is a business can be very
daunting. How much time do you really have to strategize for your business,
market the business, fulfill clients demands, etc?
With the growing popularity of virtual assistants, another strategy is to
hire someone to do the legwork and groundwork for you while you continue
working in your job. You can direct the person and make the assistant do
some of the work for you, while you work on the business in your spare time.
You can ask the person to do some of the routine tasks of your business, to
gather materials, or even to find clients for you and market the business.
The person you hire should be reliable, capable and follows directions
carefully. Just be sure, though, that the person you hire will not run away
with your business (a non compete clause might be a good safeguard before
hiring the person)!
4. Get a part-time job.
If you want to devote more time in your efforts to start your business while
maintaining the security of a regular paycheck, get a part-time job instead.
You can do the groundwork activities of your proposed business, and work for
an employer in the afternoon. A part-time job can provide you with a base
income while you are building up the business. You can drop the part-time
job if your business income equals or exceeds the income that you receive
from your job.
5. Spin-off plan.
A lot of successful entrepreneurs saw business opportunities while presently
employed. Perhaps your employer out sources some functions that you can
expertly provide. Or a niche in the industry is not being fully explored by
your employer. You can turn your previous employer into your first major
customer, or when ethically possible, take a major client with you from your
previous job.
6. Utilize Your Nest Eggs.
Use a financial resource like savings, a severance package, inheritance, or
divorce settlement to yourself when you start a business. Such a cash
cushion should be large enough to cover your base expenses for at least six
to twelve months. Of course, time off a job can also provide a cushion, i.e.
you might start a business while on sabbatical leave. If you have six months
or more of income set aside for emergencies, you can also use these reserves
to start a business.
7. Enlist the help of your
family
While you are taking your chances in your entrepreneurial venture, you can
request your spouse or partner to help support your family until the
business starts to earn income. When Barry Edwards, President of Creative
Presentations of Louisiana, started his business, he asked his wife to
temporarily act as the family breadwinner until his visual presentation
business takes off. You may also need to cut back your expenses so you can
live on one salary until your business gets going.
8. Have your clients finance
you.
There are instances that clients you meet in your employment are so
impressed with you that they are willing to finance your own venture. This
year's winner of the Small Business Person Award for Alaska, Barbara Cash,
started her own interior design business after a client in the firm that she
works for convinced her to start her own design shop.
9. Never burn your bridges.
In business, networking is extremely important. The right people can open
the right doors for you. When you leave your job, your former colleagues may
become an important source of contacts and customers for your business. You
may be able to find investors from your previous contacts. They may decide
to help you in your business, in the event that you are on the lookout for
extra hands. And best of all, they may have the connections that your
business needs.
10. Treat your business as a
work in progress.
You may have dreamed of starting your own printed magazine, but if you have
no capital whatsoever, then start a blog instead. Or if you are thinking of
starting a consulting business with a posh office, but cannot afford the
office part, then start your business working from your home. There's
nothing wrong with starting your business on a slow path, or a barebones
version of what you imagined your business to be. Continue working on it
everyday, nurture the business - and if you are lucky, you just might see
your business grow into the business of your dreams.
Recommended Resources:
About the Author:
Isabel M Isidro is currently the
Managing Editor of Power Homebiz Guides. Read her blog at
PowerHomeBiz Small
and Home Business Blog
Updated June 2007
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