7 Tips For Starting A Business and Keeping Your Job

Are you thinking you may want to start a business of your own? Well that’s a great thing to do, if you want to be in control of how much you make, and where and when you work.

While it’s great that you have this big goal in mind, I recommend you keep your full-time job until you’re making more with your business than your job pays you.

Plus, there are other important things you must consider before making the move to business owner.

Here are my top 7 Tips for starting your own business, while keeping your job:

Tip #1: Identify your passion.

What can you do, that you would do even if you were not getting paid to do it? Write down 3 ideas and how you can make a business from each. Then figure out which of these ideas would make the most sense for you. What’s great about doing what you love is, you won’t get tired of doing it, and you won’t feel like it is work.

Tip #2: Do your research.

Before you get started with your business idea, you better make sure there is enough of a market to support the products or services you plan to offer. A recent report from Fortune stated that 42% of business fail because of a lack of customers. Don’t let this happen to you.

Tip #3: Know your skills and strengths.

What expertise can you bring to your new business to help it grow? While you need skills that will enable your business to operate and make money, it’s always best to leverage your natural strengths, and avoid activities that are a weakness.

Tip #4: Ask for help.

Do you have friends or family members with specific skills that you do not have but your business needs? They could be a useful part of your business. Just understand one thing… even though you may love your family and friends, sometimes it’s better to get help from others who are not as close to you. In some cases, working with family and friends may not turn out to be a good idea, once your business gets going.

Tip #5: Map your game plan from idea to cash flow.

How will your business earn revenue? What will your product and service offers be? Which market will you target? Which methods will you use to let your market know what you’re offering? How will your products help people? And how much income do you need to keep your business going? You must have answers to all these questions before you start your business.

Tip #6: Determine your legal business structure.

Setting your business up properly in the eyes of the law can protect you in legal and liability areas. Before you form your business entity, do your research and understand what the benefits are for each of these types of companies: S-Corp or C-Corp, Limited Liability Company, Sole Proprietorship and Partnership. Then consult with business friends or experts about which of these may be right for you.

Tip #7: Don’t quit your full-time job.

The beauty of starting a business while you are still working at your job is, you can live off of your job income while you’re getting your business going and growing. A good milestone to keep in mind is to wait to leave your job until you are earning as much or more with your business than what you earn with your paycheck. And your business is bringing you this income steadily for at least 4 to 6 months.

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