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The Secret to Running a Business While Working Full Time

The US has 30 million small businesses operating right now. And if more people had their way, there’d be a lot more. Starting a small business is the dream of countless full time workers who are unable to do so because of the financial constraints.

 

A small business is a gamble. There’s always the lingering uncertainty that it could suddenly fail, leaving you destitute and without a dependable salary to go back to. For that reason, it makes a lot of sense that people prefer to think of their dream from behind their salaried desks.

 

A small business is a gamble. There’s always the lingering uncertainty that it could suddenly fail, leaving you destitute and without a dependable salary to go back to.

 

But despite what you might think, when it comes to starting a small business, it is possible to eat your cake and have it too. Running your own business while working might seem hard at first, but it’s been done by countless entrepreneurs. And with the right tips, you too can do the same.

 
 

Make Sure You Aren’t Breaching Any Contracts

 

It’s important to confirm that your small business isn’t seen as a threat to your current employer. Even before launching, make sure to read any agreements you may have signed for the company you work for.

 

Intellectual property, for instance, is murky territory, meaning that if your business idea is seen as too similar to your employers’ you could be sued and forced to shut down. If this is the case, it’s advisable to change too-similar aspects of your business. If you’re unwilling to do so, it may be time to quit your job.

 
 

Time Management Will Save You

 

Managing your time properly is the first thing you probably thought of when deciding to start a business. But time management isn’t simply waking up an hour early to work on a business plan.

 

Thinking of your time as a quantifiable thing, like the paychecks you receive, will encourage you to learn how to use it as much as possible. If necessary, take a free online class on how to properly manage your time. Or speak to other business owners who have done the same.

 

Once your enterprise gets off the ground, you’ll quickly realize that the most valuable things you have are the hours in your day.

 

Once your enterprise gets off the ground, you’ll quickly realize that the most valuable things you have are the hours in your day.

 
 

Know What You Want

 

You might say, “I already know what I want. It’s a small business.” But many business owners start out with only a vague idea of their end goal, and find themselves overwhelmed when it’s time to make important decisions.

 

A vision of your business shouldn’t only be about making lots of money, but should also include what you want, so you don’t forget, years down the line, why you started it in the first place.

 

When planning to start a business, it’s not enough to have a grand goal of your business after a few years. Plan out the details for every stage, including the capital you’ll need for it. A vision of your business shouldn’t only be about making lots of money, but should also include what you want, so you don’t forget, years down the line, why you started it in the first place.

 
 

Keep Calm When The Money Comes In

 

It may be tempting to quit your job when your business starts to make a profit. Don’t. It takes longer than a few months to be able to gauge the profitability of your product or service. Instead, work harder than before.

 

Invest whatever surplus income you might have from regular job and reassure yourself with the knowledge that one day you’ll be able to make your passion project a full-time gig. After a while, maybe after several months, once you’re certain your customer base is solid and you’ve figured out the initial rules of the game, go ahead and take the plunge.

 
 

Streamline Your Processes

 

Running a small business while working full time is nothing to yawn at. Streamline your processes so it’s easier to manage the stress of juggling these responsibilities. Outsource some of the work if possible, or take on a paid intern. And of course, don’t forget to save time when doing your payments.

 

Sending and receiving bank wires are a huge waste of time for busy small business owners. The transfers are slow and expensive and require you to make your way to your bank branch everyday. They are also unreliable, with no way of knowing when your business partner has received the funds, and no way of immediately correcting it if they haven’t.

 

Save yourself some time. Use Veem.

 

Our unique multi-rail payments platform allows you to send, receive and track payments to and from other small businesses from across 96 countries. Even better, these transfers, which cost nothing to process, can be made in the comfort of your home on any mobile or computer device.


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Sign up for a Veem account today and move closer to your vision of owning your dream business.