Balancing work and more work: how to juggle your job and a startup
Time management, re-investing in your startup, and a little perseverance, go a long way in having a successful company. (Shutterstock)
Every ambitious professional with an entrepreneur’s mindset dreams about the day they can create their own successful startup. As a matter of fact, 64% of MENA professionals would prefer to have their own business, according to the Bayt.com Entrepreneurship in the Middle East Survey, November 2015. But having a million dollar idea is not the only factor you need to consider, and it certainly isn’t enough of a reason to quit your full-time job and pursue the entrepreneurship road. At least, not yet. Many entrepreneurs work in parallel mode; juggling their day jobs with working evenings and weekends to build their own success story. The question is, how can you do both successfully? This varies from one person to another, but we’ve listed five of the best ways to juggle a full-time job and startup.
Check Your Legal Documents
Consult with a lawyer and get a clear picture of how you can start your own business without breaching your contract. By doing so, you will avoid any legal problems after you decide to quit and pursue your startup full time. Working on an idea that is unrelated to your current company’s work is the best way to avoid any trouble in the future.
Find a Co-Founder
Launching your startup is tough to do alone. Finding a partner whose goals and ambitions are aligned with yours is the best way to share the workload, improve productivity, and boost innovation and creativity, two ideas are always better than one. Be very selective though when picking a co-founder, you need to be compatible, and have the same values, so you don’t face problems later on. Take your time in finding someone, don’t rush it, and don’t settle with someone you don’t feel 100% comfortable with. Keep working on your startup, while you find the perfect match, this will give you some momentum once you do finally find your other half.
Manage Your Time Properly
Work hard at your job, keep giving it your full potential, and don’t let your startup get in your way. Separate the two completely; when your regular workday is over, your startup day begins. Make sure you are not multitasking and trying to both at the same time, nothing gets done this way, and it will hinder both processes. You can wake up earlier in the day to answer emails and make phone calls for your startup. In fact, some of the most successful entrepreneurs in history, such as Bill Gates, Steve Jobs and Richard Branson, wake up earlier to get a head start on their day. Take full advantage of your holidays and weekends, because in the end all the hard work and long nights will pay off. Also, get rid of all distractions, such as television and social media to make sure you focus and complete your goals for the day.
Invest Your Profit
Double income? You’ve hit the jackpot right? Well, yes and no! Two incomes are great but don’t go on a spending rampage just because your startup turned in a profit. Take the money you’ve made and reinvest it within your business. Spend it on research, equipment and new tools that will help your company’s growth. You still have your full-time job to rely on for your own day-to-day expenses, so the extra money is best spent elsewhere.
Don’t Quit Right Away
Taking that plunge may seem easy, but a lot of businesses don’t see profit in the early stages. So, don’t make any decisions until you are sure that your startup will be able to fully support you and your team. Think about it carefully, assess the risks and then make up your mind.
By Jawanna Sawalha
This article originally appeared in Bayt.com.
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