Starting up a business is a great and quite promising idea. However, it also entails so many risks that it discourages many people from trying. Letting go of your regular-paying, 9-5 job is already risk enough. But success stories of small businesses around can be quite convincing that maybe you think you can actually make it. Maybe with the right ingredients, you can start and help a business thrive. But will stepping into the unknown be worth leaving your job behind? Let’s find out.
The regular income you get from your work is the stability you do not want to just easily forsake just because you think you can make it as other successful startups in the world. Starting a business involves going into something, even with both your eyes open, which can never be predicted. Although, minor and major setbacks are undoubtedly a part of it.
Based on statistics, the success rate of startups is actually dim-looking. If you would be basing your decision on statistics alone, you might think that starting a business is actually kind of absurd. But failing after trying is actually better than not even trying at all. If you have a current job that is both sustainable and stable, you don’t have to toss it all in the wind to have a shot at success. You can keep it while you try on starting a business. But before we forego and discuss three great business ideas you can do, let’s see what you should do first to keep you, your supposedly-new business, and your current source of income out of any trouble.
Be honest about it with your current employer, if possible.
Being honest about it with your boss may sound terrifying, but it will definitely keep you out of additional stress and worries. Additionally, if you have a go from your boss, you can even market your business to your co-workers and clients. If this ideal scenario, however, is not possible with your current employer, you can keep it to yourself as long as your business does not use up your time you need to put in in your current job.
Remember not to use the company’s instruments and resources for your new business. Keep those two apart as much as possible. Before you decide whether or not open it to your boss, keep your ears open to where your employer leans on such matter. There are some companies that prohibit their employees from getting involved in other businesses, even when there is no conflict of interest.
Have a start-up plan for your business.
You cannot just venture into the business world unprepared. So making a start-up plan that involves research and study on funding, sourcing, strategies, and goals should be thoroughly done. Make your ideas open to expansion.
Make it legal.
Getting your business in line with the law from the start keeps your hands from getting tangled with any complications if you don’t. Register your business accordingly and pay the fees and dues that need to be paid. And even if you have a side business, no matter how small it is, be honest with your taxes. It is just the safest way to go about it.
Never let go of your current job hastily.
Not until your side business is going well and earning more than enough can you safely let go of your current job. You need to make sure that your business is stable enough to give you a more than sustainable income before you can start thinking about letting your job go. Remember that in business, everything is unpredictable.
A minor setback can magnify itself uncontrollably in a blink of an eye. And losing your business without having any other income to back you up can be real trouble. So if your business needs more time to get to that stage of sustainability and stability, you need to keep on juggling it together with your current job for much longer.
Businesses you can start while still employed have to be based on what you love doing and is an expert at. To add to that, the business has to be less demanding so it won’t be eating the time your current job demands from you. Also, you should always start something that is relatively inexpensive, but has potential to become bigger. Here are some ideas you can make use of.
Social media manager
With the rise of social media marketing these days, more and more companies are more than willing to pay for experts who will manage and handle their social media accounts like Twitter, Facebook, Instagram, or Youtube. You need to do your research on how to go about it. There are also websites you can find where you can find such work opportunities.
If you have a knack for teaching, tutoring can work well for you. You do not necessarily need to be a teacher to start a tutoring job. Even without a degree in education, you can be a successful tutor with your experience. You can offer services to your local students for subjects like English, Math, or History, or whatever you are good at. Plus, you can also opt to get a certification. Although not necessary, a certification can make you legit. You can also post your services through your personal social media account to get more tutorial jobs if you still can. In the future, you can expand your tutorials services to make your own preschool or tutorial centre.
Become a product distributor
Tupperware and Avon are two of the most successful product distribution businesses. Being a direct marketer for a side business can be a good idea. Marketing their products to others is not too difficult and do not necessarily need expensive capitalisation. You can look online for other legit companies like Tupperware and Avon. It is just important that you yourself believe in and use the products. You cannot be an effective seller if you don’t.
Having a job while starting a business is actually better than relying solely on a startup that can possibly go wrong at any turn of events. But think about it wisely, and prepare yourself to give up rest days and holidays to accommodate the workload of your side business. You cannot allow your side business to take over the workspace of your current job.