Moonlighting to start your own business

[Nazreen]

If you're like me, then like most people today, you're also working at least two jobs just to make ends meet. I guess this is especially true for most people in the U.S. today. Since I've started working in a school, my job as a financial adviser has been taken to the sidelines. I still want to continue this as a part-time job though and at the same time start my own business.

I think it's preferable if I still keep my two jobs and start business on the side so I've made some research on how to do this. I've listed below the important points on how to moonlight your way to business.


Before you start, you should already know which business you want to embark on.
A good thing to remember is not to start the business only on your spare time. You must make time for it.
Make use of your time in your job more efficiently so you don't have to work overtime and can leave on time.
If you have flexible working hours or if your boss is agreeable, adjust your working hours to avoid rush hour. This will cut your travel time to your office.
Some leisure time like watching tv or dvds and weekend leisure activities also need to be sacrificed so you can spend time on your business.
Create a very specific and reasonable timetable, listing all the tasks that you need to take care of and put a Start and End dates for each of them.
And the most important thing is to have dedication and discipline in making this happen.


Do you guys know of other things to consider on how to start your business on the side? Please feel free to share them here.

[Fergal]

Great tips there Nazreen, thanks for sharing. I agree with you fully when it comes to lists. Some people are very disciplined in their day job but when it comes to their own part-time business they can be less structured in their work and more likely to get distracted. Running a business is not easy and it needs a disciplined, structured and carefully time managed approach.

[Nazreen]

I guess it's also good to point out that starting a business and running it, requires hard work. So starting one and at the same time having a day job, would require us to work even harder. This would involve a lot of sacrifice from our side like getting up earlier on weekdays and weekends to do our tasks for our business. This should continue until a point has been reached where our business has achieved a certain level of success that we can already quit our day jobs.

I'd also like to add that in order for us not to lose sales while we're working on our day jobs, we should setup voice mail for our business line. At the end of the day, we should try to reply to all the messages left on our voice mail and any emails that we may have received.

[Fergal]

You also need to be careful that you don't stretch yourself so much that your ability to deliver in your job, your part-time business or even both is compromised. This would damage your reputation which will not help your business or your career.

[silent_thunder]

http://www.associatedcontent.com/article/348495/how_to_start_your_own_business_while.html

you can also add these tips to it

[Nazreen]

I think that I missed this website when doing my research. Thanks for that.

I find that the advice of keeping your mouth shut about the business your starting on the side is a very practical one. If any of your peers gets to know of this, there's a good probability that this will also leak to your boss. Your chances of getting a raise or promotion in your day job would then be gone and you might even get yourself fired.

[tongyun]

Nazreen, these are very valuable tips for everyone and anyone considering a business venture. The most important is to always keep your day job. I'm in the process of getting a business off the ground and as exciting as it is, there is no way I will leave my day job until my venture is stable.

[Fergal]

Tongyun, please feel free to start a new thread to request advice and suggestions for starting your new venture.

[Nazreen]

...I'm in the process of getting a business off the ground and as exciting as it is, there is no way I will leave my day job until my venture is stable.

Good for you tongyun.

I've read some discussions as to when is the right time to quit your day job. Some said that you should only leave your day job once your business venture is already earning as much as your job. Others have said that once your business is already up and running and you already have built your customer base, you can already quit so you can focus more on your business. Both of these opinions have merit but I think this all depends on the person. If you feel that it's already time to quit and that you won't be having problems financially after quitting your job, then please do so.

[Fergal]

It's difficult to know when is the correct time to quit and start on your own. A huge percentage of new businesses fail within their first year, so you need to be careful that you don't leave your job too early and commit yourself to a business that is not going to work. On the other hand lots of opportunities are lost because people don't have the courage to leave their day jobs and commit to their new business 100%.

Also, it is worth remembering that even if your business does fail, you will have gathered a wealth of experience that will stay with you for the rest of your life. It is important, although extremely difficult, not to take failure too personally.

[jackmcmanus21]

It is a big risk to leave the day job, and those are good tips Naz

[jigyasa]

These are some wonderful tips every one. I would like to add, however, no matter how excited about your new venture you may be, make sure you have done a detailed market research for its success and competitors. You would not want any surprises after you start.