Starting a new business is easy, but starting a successful business is hard. In order to create a lucrative business venture, you need to have plenty of working capital. Keeping your full-time job is one way to ensure you will maintain a steady paycheck while working to make your dreams a reality. This can be tough. You will need to work long, hard hours and make many sacrifices.
Plan your work week and take advantage of every spare minute you have. Use your lunch break or coffee break to make phone calls and schedule meetings. It's important to not let your new business interfere with your workplace, so you should do all of your personal business on your own time and not company time. With the same respect, you should not use anything from your current job to start your new business.
Cut all personal spending that is not absolutely necessary. Pass on the expensive coffeehouse coffee and grab a cup at home. Take sandwiches to lunch and find ways to save on utilities. Cut all family expenses down to the bone while you are trying to save. No matter how much you have in savings and are making at your current job, it will probably not be enough. Learn to live lean.
Focus on Your Current Job
Commit yourself to your current job while on the clock. Become the employee that you would want to have with your own business. Go above and beyond the call of duty, eat at your desk and work hard to get everything accomplished during normal work hours. You need your job in order to maintain an income, work hard to keep it because losing it could mean losing everything.
Avoid Social Media
No matter how tempting it may be to announce your new business venture on social media sites, you should refrain. Your employer may be watching. Avoid talking about how long you will have left at your current job, or how successful your new business is becoming. It's okay to announce your company when you have put in notice at your current job, but wait until you are sure you are going to leave before severing ties. According to CNN Living, promoting your side business may raise red flags with your current employer.
Invest in Your Company
When you begin making money, it may be tempting to start spending again. Instead, invest money into your new company. Put aside a certain amount for savings so you will have money to fall back on. Hold off as long as possible before quitting your job. Don't leave at the first sign of profit. All businesses go through highs and lows, so focus on the amount of money you are bringing in on a consistent basis. Wait until you see steady growth.