One of my friends shared his business idea with me and asked if he should leave the job and start the business with that idea. I spent a couple of hours helping him how can he go ahead and start his business without quitting his job. And hence I thought to share some important tips to start a profitable business without quitting your job.
In this post I will guide you about how to start a profitable business without quitting your job.
How to start a profitable business without quitting your job:
Most of the people think that to start the business you should quit the job to start the business, but that is not the right way!
Smart people think that you should keep both until and unless you are stable in your business.
Do not leave your job to start your business. Start it side by side, earn side by side.
Write a Business Plan
Most important thing before starting business is, “write a business plan”.
Don’t just discuss or think about your business plan but write your business plan on paper. At the initial stage, the business plan written by you will look useless but you will know it’s important when you actually start your business. Document everything of your business.
Failures can get handled better if you have a job
Business may get failed due to multiple reasons. Even if your startup get failed you will have a secure job to feed yourself and your family. You have your skills to apply in your career and growth.
More time to apply ideas to grow your business
You can think and develop more ideas to grow your business while working 9 to 5 job. Business success takes time.
Important tips to start a profitable business without quitting your job:
- Avoid working on your business while at your day job. Employers tend to frown on this and it may get you fired.
- Regulate your daily routine & take your time to work on startup.
- Take your passion, and see if there’s an audience for it. Then create a revenue stream by harnessing people’s interest.
- Develop the business under trial conditions as much as possible while you are still maintaining your job or career.
- Start from zero or less(negligible) investment .. the only investment is your time.
- Don’t take profits out of your business at first. Try to invest these back into the business in order to grow it.
- Keep detailed financial records. Detailed financial records are important for gauging the health of your business.
- Don’t quit your day job until you have enough revenue to support your current lifestyle with the side hustle.
- Don’t quit your job until your business becomes more enjoyable and satisfying than the job.
- Most important is, don’t leave your job without creating ample backup of funds.
I would suggest you read these books and implement the ideas/tips provided:
- Side Hustle: Build a Side Business and Make Extra Money – Without Quitting Your Day Job
- Before You Start-Up: How to Prepare to Make Your Startup Dream a Reality