Ryan Robinson, a mentor for entrepreneurs, recently wrote a great article on the challenges entrepreneurs face. He pointed out that entrepreneurs open 543,000 new businesses every month, but a greater number shut down in that time frame. This illustrates the challenges that business owners face. Robinson said that the entrepreneurs that have the hardest time are those that work full time as well.
Launching a new business can be very time consuming and exhausting. Those challenges are significantly more noticeable when you’re also working a full-time job. Fortunately, there are number of things that you can keep building your business working your day job.
Establish the Need for Your Idea
Far too many people invest a considerable amount of time developing products that people never want. In the first nine months of 2014, nearly a third of a million patents were filed. Of course, most of those products are never popular on the market.
A good idea can be just that, an idea, unless you assemble a team and organize around executing a successful strategy. The team at 888 Ladies was tasked with breaking new ground within their industry with a 3D game. The plan brought together “creative teams, product management, development, QA, marketing and more” to create a unique gaming experience and bring to market successfully.
Communicate With Your Loved Ones
You need to make sure that your spouse, friends and other close people in your life understand your sacrifice. They need to understand that you are dedicating an extra 15 or more hours a week to your business, in addition to your full-time job.
This means you won’t be able to go out for happy hour, Saturday hiking trips and other activities as much. People that really care about you will understand the sacrifice.
Outline Your Priorities
One of the biggest mistakes many entrepreneurs make is wasting time on unnecessary tasks. This can leave you feeling burnt out while leaving your business at a standstill at the same time. It’s a much more common problem among entrepreneurs that are still working a full-time job.
It is imperative that you outline your priorities. You can’t afford to waste time on an important tasks that won’t help you reach your goals. It may be necessary to outsource some of your obligations, because your time is usually more valuable than money at this stage.
Check Your Employment Contract
You should always check your employment contract while running a business on the side. Some employers require people to sign non-compete agreements. You may feel that your business is not violating that, but your employers attorneys may feel otherwise.
You also need to be very cautious about using employer information for your business. You may be able to work with a current client as long as you don’t break the non-complete agreement, but you can rented serious problems if you use list of potential clients or information about your employer’s products.