In this day and age, millennials are eager to start up their own businesses. Unfortunately, it is not very feasible to start a company and immediately make a living. However, here’s the good news! Starting a business does not require you to quit your day job. More and more youngsters are starting their own side hustles next to their 40-hour workweek. And you can do it too!
Here are the do’s and don’t’s of a start-up while you balance your full-time job.
Think of a good idea – This idea can be a simple alternative to an already existing product or service. Pick wisely and more importantly, be reasonable. A fashion blog is reasonable, so is a clothing brand. Do not try to compete with Google or Tesla… yet 😉
Make sure your idea does not conflict with your current employer – Very important! Employment agreements often include clauses that confirm this.
Get excited (and inspired)! – Read about other start-ups (articles like these), watch YouTube videos on start-ups, follow fellow entrepreneurs on social media and try to build your own network. Also, focus on providing value to your potential clients. Creating value and building a strong network at the same time will pay back eventually.
Build a network – Again, building a network is probably one of the most crucial things. You will not be able to start a business all by yourself, this is something you shouldn’t want to either.
Advice from fellow entrepreneurs is important – Someone in my network started their own business about two years ago while studying. And now this person’s catering business is growing exponentially. We make it our aim to share our knowledge and insights on a daily basis.
Make a financial plan – Always have a financial plan, for yourself as an individual and for your company. According to an article published on Forbes, more than 80% of start-ups fail. So it doesn’t matter how great your idea is, in order to maintain your financial stability, it might not be very handy to quit your job yet!
Set milestones and celebrate – 1.000 followers on Facebook? Your tenth customer? Finally profited after a long period of costs? Congratulations! It’s important you set milestones and celebrate them.
Launching a start-up next to your day job will teach you a lot of things you can probably also implement in the workplace. Don’t be afraid to take the risk. Just do it! Invest your time and money in what you believe in, as long as it remains fun! I did it. So can you.