Being a master of your own self, doing what you are passionate about, and reaping the benefits in terms of profit are all those factors that lure you to become an entrepreneur. While quitting your job may come as an easy solution as it would allow you to devote your entire time to your business, it may not be a prudent decision after all. The more pragmatic path to follow would be to test the waters before you quit your day job. Matthew Davies discusses how to become an entrepreneur without quitting your job.
- Start small– Once you have decided to take the plunge into starting your business, take baby steps to realize your dream. It is best to find a partner who has opposite complementary strengths. Starting small will help you to perceive the market for your business endeavor while you have not made a huge investment. If it clicks, you may subsequently quit your job, but stay patient until the results are lucrative enough.
- Start a business that is close to your current job- If you plan a business that is related to what you do in your day job, it will be easier to balance the two. Making your side hustle closely connected to your main source of income will also ensure that you have a reasonable knowledge of the working of the business. Remember, the grass always looks greener on the other side, so decide with a practical approach rather than following your passion blindly.
- Money matters- While you are still in the establishment stage of your business which could take around a couple of years, you need a steady flow of income to take care of your finances. Your business might take a while to give you profits. Till then, stick to your job and give it your full attention until you decide to quit. A half-hearted endeavor in your current job will not go down well with your senior and you sure do not wish to upset him.
- Consider your passion- How many times have we envied a person who has a job which also happens to be his hobby and passion. You will come up with the best ideas and would not mind working long hours if your business is exactly that. Follow your passion to turn them into a business opportunity and it will have minimal chances of failure.
You could be good at finances, teaching, yoga, fashion, or anything that interests you. Turning your hobby into an income opportunity is the best option.
- Balance your time well– While you are still at your job, you may find it difficult to devote time to your business. Start by allocating fixed hours to your business proposition even if it means waking up earlier than usual or staying up late. Once you have begun, try to outsource work to freelancers you may find on online websites. It is easier to manage that way until you think it is safe to quit your day job. The first few months may not be easy as you might feel pressurized working for both. Think of it as a journey towards accomplishing your goal and keep yourself motivated.
Matthew Davies feels that it is not difficult to have a vision and follow it while still being good at your day job. Your focus and determination will definitely help you achieve your goal.