By Sheza Gary
Time and money are two of the things that most people wish they had more of. In order to get more money, many people are starting their own businesses. The ability to create a business has never been easier. In fact, there are more than a half a million new businesses that are started every month. What many do not realize is that there are probably that many businesses that disappear every month as well.
The problem with starting a business is the amount of time and effort that it requires. Unless a person is very lucky, a startup business will not be able to provide enough money to support a person and their family. It takes time for a business to grow to be able to do that. It means that many people that are starting a business are also working a full time job to give them the money they need. The hope is that they can eventually quit their full time job and live off their business, but getting to that point is not always easy. In order to succeed a person needs to be able to balance their full time job and the demands of the business. There are many things that can be done to help this along, but learning the best ways to manage the business and the full time job can be made easier if a person learns these things.
Creating a Plan
All successful businesses start with a plan. If a person is going to work full time and try to manage a business, they need to have a plan for themselves and their business.
- Know what you want – Before starting a business, think about what it is that you want. Do you want the business to provide extra income or do you hope it will replace your full time job. Set goals for what you expect from your business.
- Evaluate Yourself – Everyone has different strengths and weaknesses and these will play a role in how a person will juggle their business and their job. Make sure to consider how the weaknesses will affect your ability to reach your goals and find a way to overcome the weaknesses.
- Create a budget – The budget needs to be about two things. Time and money. Know how much time you will have to devote to your business and to your job and make sure that there is enough for both. Budgeting money will play a role in how quickly you can make the business succeed.
Finding the Tools
The one good thing about starting a business today is the number of tools that are available that help a person trying to juggle a job and the business.
- Online conferencing – One of the best tools that a person can turn to is online conferencing. Web conferencing allows people to reach out to their business clients without wasting time or money traveling. This tool can help a person manage both of these things much more efficiently.
- Money Management – Software and online programs can help manage the money for a person and their business. It can help with the budgeting and the bookkeeping for the business and for the personal expenses. It can help a person avoid the money problems that doom many businesses.
- Outsource – There are plenty of services that can help you with the day to day operations of a business.
- Evaluate – It is important to always evaluate how the plan is working and make any adjustments that are needed. This can include pulling back on the business or the full time job to gain a better balance.
It is easy to talk about running a business and working full time, but there are some things that need to be done to make this happen.
- Get the money – A business can be a drain on the finances of an individual that the full time job will not cover. Make sure to have good financial plans for the business and get the money needed.
- Take a break – The starting of the business is the most difficult. If possible, take a vacation from the full time job to start the business. It will give you the time to build up your online conferencing skills.
- Don’t quit the full time job before you should – While the goal may to eventually quit the full time job, make sure that it is done at the right time.
There are plenty of people that have been able to follow the path of running a business and hold a full time job, but it is not easy. With the right plan, tools such as online conferencing and by taking the first step, it is something that can be managed by anyone. If you have any thoughts or ideas, please feel free to share them with us.
Sheza Gary has been a Project Strategist since 2009 and also involved in the launching of startups n tech companies in New York for over 5 years. She has keen interest in writing her own experiences about business plans and upcoming business supporting technologies. Follow her on Twitter & Google+.