| Many people think the only way they can launch their | | | | stress and contribute to the high failure rate of new |
| own business is to immediately ditch their day job and | | | | businesses. I launched my business without a business |
| go off on their own. But there is another way to | | | | plan, so that's why I emphasize the importance of |
| pursue your entrepreneurial dream - and keep bringing | | | | having such a plan. My business became successful |
| in money, too! | | | | even though I started without a plan, but the lack of a |
| If you are considering launching a small business but | | | | business plan cost me in unnecessary expenses and |
| are not sure how to do so because you do not have | | | | time. The business plan I have now helps me structure |
| a lot of money, going into business while still working | | | | my business in such a way that I know if expenditures |
| for someone else can be a viable choice. | | | | are in line with my needs or if they are unnecessary. |
| When I launched my company, I did it from the | | | | That saves money. And having a business plan also |
| comfortable vantage point of working for someone | | | | means you spend time on things that support your |
| else. That allowed me the flexibility of having | | | | business, instead of on things that do not. |
| predictable income generation while in start-up phase. | | | | 4. Use "found" time. When you are operating your own |
| Launching a business while working full-time for | | | | business while working for someone else, it's important |
| someone else requires organization and the ability to | | | | that you maximize your time. That means using |
| focus. That's because you will most likely be doing two | | | | "found" time. Found time is those small increments of |
| full-time jobs - the work at the "day job" and work for | | | | time that usually are filled with nothing or unimportant |
| your new baby, your company. | | | | tasks. For instance, instead of using your break at |
| When I began preparing for and then running my | | | | work to smoke outside with your co-workers, you |
| company, work days often stretched well into the | | | | may now use this found time to make phone calls to |
| night. I would work a full nine or ten-hour day as a | | | | potential suppliers or distributors, or others you must |
| journalist, then go home to work another six or seven | | | | connect with for your business. Found time can be the |
| hours on my business. Make no mistake, operating a | | | | time you use to find out about licenses you need for |
| business while working full-time for someone else can | | | | your business, conferences, events, etc. |
| be a challenge. But that challenge can be successfully | | | | 5. Organize your finances. The biggest reason you |
| faced. | | | | have remained with your employer likely is financial. |
| Here are five tips for operating your own small | | | | You need the money. So that means evaluating your |
| business while working for someone else: | | | | current expenses and needs, and seeing how you can |
| 1. Realize you will sacrifice leisure time. When you are | | | | cut back and what your bottom line amount is to live |
| working two full-time jobs, you will not have a lot of | | | | and support your business. Put everything on the table. |
| time for "extra" activities such as outings with friends | | | | See what can be cut to help you reach the financial |
| or watching television. Realizing upfront the extra | | | | target you set when you established a time frame for |
| commitment of time will help you set realistic | | | | leaving your day job. When I was organizing my |
| expectations for your time. This can also help you | | | | finances and preparing to leave my employer to work |
| communicate with those in your life that you will | | | | for my company full-time, I eliminated cable, reduced |
| sometimes be unavailable during this critical time, as | | | | dining out, and even shopped at thrift stores. Sacrifices |
| you work hard to get your business off the ground. | | | | you make can help you find the resources to dedicate |
| 2. Set a time frame. When you launch your business | | | | to your business and nurture it to success. Once things |
| while working for someone else, set a time frame for | | | | pick up or your cash flow from your business is on the |
| when you will leave the "day job" to work full-time for | | | | grow, you may resume some of the things you |
| your company. This is important because it will give | | | | sacrificed earlier - or you may find your life is quite fine |
| you a target to shoot for and will help you set | | | | without them! |
| benchmarks - amount of money you will save by a | | | | This is also the time to consider future expenses and |
| certain date, for example. This also will help keep your | | | | how you will address them - what will you do about |
| business a priority, and not relegate it to permanent | | | | health insurance, for instance? Will you work from |
| "side business" status. I left my "day job" two years | | | | home or have an outside office? How will you fund all |
| after forming my company. | | | | this? |
| 3. Create a business plan. Many entrepreneurs launch | | | | These five practical - real-life - tips can help you |
| businesses without investing the time into developing a | | | | properly prepare for successfully running your own |
| business plan. They want to "wing it," because they | | | | business one day, even if you start it while working for |
| have the plan in their heads. That can add undue | | | | someone else today. |