You want to be an entrepreneur. You've always been interested in business, and you have a great idea for a product or service that you think could be successful. But you're not ready to quit your day job and take the plunge into the unknown world of self-employment just yet.
That’s okay! You don’t need to quit your day job to be an entrepreneur. In fact, it’s often better to keep your day job and start your business on the side. I will actually get more into that later.
There are plenty of entrepreneurs who have successful businesses while keeping their day job. In fact, you might even be surprised to learn that some of the most successful entrepreneurs kept their day job until their business was generating enough income to support them.
I’m not going to explain to you the pros and cons of being an entrepreneur, or tell you why someone should start their own business. There are plenty of articles online with those instructions. I am going to tell you why the best option for most people is to work for themselves part-time and keep their regular job.
Why You Shouldn’t Quit Your Day Job To Become An Entrepreneur
For starters, one of the biggest benefits of being an entrepreneur without quitting your day job is that you have a steady source of income. This is important because it gives you the financial stability to take risks with your business without putting yourself in a precarious financial situation.
Another big benefit is that you can test out your business idea without quitting your day job and gambling everything on your success. If you’re not sure whether your business will be successful, it’s better to keep your day job and ease into self-employment. That way, if your business doesn’t take off, you’re not left with no income and no job.
Insurance is another big benefit of keeping your day job while starting your business. When you’re self-employed, you have to pay for your health insurance and other benefits. In the event you need to visit the dentist because a certain someone got a little too enthusiastic with the candy on Halloween, you’re going to have to pay for that out of your own pocket.
But if you keep your day job while starting your business, you can stay on your company’s health insurance plan. This is a big deal, especially if you have a family. Health care costs are rising every year and little Timmy’s braces aren’t going to pay for themselves.
How To Balance Your Day Job With Your Project
Now how does one actually go about being an entrepreneur without quitting their day job? Here are a few tips:
Start small and be consistent. Don’t try to do too much at once. If you’re working full-time and starting a business on the side, you’re going to be tired. So start small and ease into it.
Make time in the day for your business. Get up an hour earlier or work on your business after you put the kids to bed. Whatever you do, make sure you have some dedicated time each day to work on your business.
Be disciplined and organized. This is important for any entrepreneur, but it’s especially important if you’re trying to balance a day job with a business. You need to be disciplined about your time and organized with your tasks so you can make the most of the time you have.
Don’t let your day job suffer. This is important! If you’re slacking off at your day job because you’re too busy working on your business, you’re not going to last long.
If you are in need of additional tips that will set you up for success, Check out this blog post. 7 Ways To Crush Working From Home
The Reality Of Being A Part-Time Entrepreneur
Of course, there are some downsides to being a part-time entrepreneur. The biggest downside is that it takes longer to grow your business. If you’re only working on your business a few hours a week, it’s going to take longer to get it off the ground than if you were working on it full-time.
Another downside is that you might not be able to devote as much time and energy to your business as you would if you were working on it full-time. This means you might have to get creative with your marketing or find other ways to stand out from the competition.
But overall, the pros of being a part-time entrepreneur outweigh the cons. So if you’re thinking about starting your business, don’t feel as if no progress is made. All it takes is some time, dedication, and a whole lot of hard work. And remember, the best way to succeed as an entrepreneur is usually to take things slow and steady. After all, there’s no rush when you’re your own boss. You can always quit your day job when your business is up and running smoothly!
What Are Some Tips For Making It As A Part-Time Entrepreneur
If you’re not sure whether you can handle the responsibility of being a part-time entrepreneur, here are a few tips to help you make it as a part-time business owner:
Find a mentor. Having someone who’s been there and done that can be extremely helpful when you’re starting your business. A mentor can give you advice, help you avoid mistakes, and point you in the right direction.
Join a community of entrepreneurs. There are plenty of online and offline communities of entrepreneurs where you can network, learn from others, and get support.
Read books and blogs about entrepreneurship. Heck even be active on our site. The more you educate yourself about your given field, the better equipped you’ll be to handle the challenges that come your way.
Why Being An Entrepreneur Isn’t All It’s Cracked Up To Be
Look, I’m not going to sugarcoat it for you. Being an entrepreneur is hard work. It’s not all about sitting in your PJs, drinking coffee, and working on your laptop from anywhere in the world.
Sure, there are some perks to being your own boss. But there are also a lot of challenges that come with it. For starters, you have to be comfortable with uncertainty. There’s no safety net when you’re self-employed, which can be terrifying for some people.
You also have to be okay with working long hours. When you’re first starting out, it’s not uncommon to work 12-hour days (or more). Just to get personal for a moment. When I first started out my pursuit of creating Mentor Motivations I was working a full-time job(still am). I would set aside time in the morning and be given days to work on my business. And I did this for months on end before I started to see any real traction with my business. So if you’re not prepared to work hard, entrepreneurship might not be for you.
How to Know if You’re Ready to Become an Entrepreneur
The best way to know if you’re ready to become an entrepreneur is to ask yourself a few tough questions. First, are you prepared to work long hours with no guarantee of success? If the answer is no, you might want to rethink your decision.
Second, are you okay with uncertainty? Startups are notoriously unpredictable, so if you’re the type of person who likes to plan everything out in advance, entrepreneurship might not be for you.
And finally, are you prepared to sacrifice some of your personal life for your business? When you’re first starting out, it’s not uncommon to work evenings and weekends. So if you’re not willing to put in the extra hours, entrepreneurship might not be for you.
Only you can answer these questions honestly. But if you’re prepared to work hard and take risks, entrepreneurship might be the right choice for you.
So there you have it. Some things to consider before becoming an entrepreneur. It’s not all rainbows and butterflies, but it can be incredibly rewarding. Just be sure you’re prepared for the challenges that come with it.
Bear in mind, that creating your vision and having it come to life is in some ways like building muscles. Since you will not see any results at first, it is important to find joy in the process and not give up. In time your results will take shape and you will be glad you stuck with them.
So there you have it, some things to think about before taking the plunge into entrepreneurship. It’s not all sunshine and roses, but it can be an incredibly rewarding experience. Just make sure you’re prepared for the challenges that come with it. Good luck!
What are your thoughts? Are you ready to become an entrepreneur? Let us know in the comments below! And what are your tips for those considering entrepreneurship? We’d love to hear from you!
This has been”How To Be An Entrepreneur Without Quitting Your Day Job” with Peter Stefanyszyn. Tune in next time for more tips and advice on entrepreneurship, self-help, parenting, and more.
Remember, it is always worth it to invest in yourself!