What are the reasons that you are not able to start your own business? What is the reason that resists you to become an entrepreneur? Because you might be working full-time from 9 am to 5 pm and do not have enough time. Because your business/ start-up might be demanding a lot of money that you can not afford right now. What if I say that both the reasons are invalid. Yes, you can start your business while working full-time and with very small money.
Let me share with you a story of my friend Abdul Alim who is still working full time and running a job consultancy start-up called Employment Hours. In brief, he has actually tied up with few companies which need suitable candidates. He approaches suitable candidates through various marketing strategies and sends them to respective companies. Alim gets a commission on the candidates who get selected in the companies he has tied up.
It has been a year now and he has managed to earn more than Rs. 10k-15k per month from his consultancy. While I was talking to him about his business he told me, “I can earn more than Rs. 30k from my consultancy if I leave my job and focus on my business.” However, he has not talked about if he is planning to leave his job anytime sooner.
He did not spend single money on the business at the initial stage except registration charges for his business and legal papers. Which was not more than Rs. 7k. Now he spends some amount from what he earns through his consultancy to increase his earning. How did he do this? Let me explain you.
Time and money are not resistant
Your office timing is generally from 9 am to 5 pm or 10 am to 6 pm. Which means you are free to do anything from 6 pm to 9 am. If you hate your job and want to start something your own then you can use this duration. Those who complain about lack of time generally spend their time after office watching TV, Youtube videos, surfing social media, wasting time with friends and excessive sleep.
In the book ‘Entrepreneur 5 P.M. to 9 A.M.: Launching a Profitable Start-Up without Quitting Your Job’ by Kanth Miriyala and Reethika Sunder, the writer Kanth says that when he started venturing out and exploring entrepreneurship he analysed his schedule and came to know that he can have 15 hours on weekdays and 20 hours on weekends that he could use for his start-up.
Similarly, you also have at least three hours on weekdays and weekends are all yours. If you are travelling for an hour for office you can work on your start-up such as research on marketing, social media marketing and much more, things that you can do while travelling. When you reach home instead of watching TV you can have dinner a little early and spend an hour on your start-up. Moreover, you can also find at least an hour in the early morning before leaving home for office and a couple of minutes during lunch break in your office.
To use your time effectively for your start-up you have to list down all the activities that you need to do. Accordingly, you can fit your activities in your free time after office hours.
As far as money is concerned, you can spend some money that you are earning from your job. You do not have to invest lakhs of money in your business. Instead, spend a small amount month by month. My friend Alim spends a small amount on social media marketing and some other purpose. He did not spend lakhs on it. He just does a few thousand rupees month by month and succeeding.
Do not bother to spend more than what you have to earn what you can not instantly. Everything happens gradually. Once you strengthen your start-up foundation and have more money you can give a boost by spending huge money.
When my friend can run a business without quitting job why can’t you?
Find your passion/motive and build a business around it
It is obvious that you can work after your office hours on something that you are passionate about or have a strong motive for. You should have the desire to achieve something. For my friend Alim, it was money. He wanted to earn more money because he was not happy with the salary he was receiving from his company. Money is driving him to work after office hours. I would highly suggest you find your passion and build a business around it.
Kanth in his book ‘Entrepreneur 5 P.M. to 9 A.M.’ explained a story of Khan Academy. It was not planned. The founder of Khan Academy Salman Khan was initially working full time after he received degrees from MIT and Harvard.
One of his cousin Naida asked him to teach her some subjects. Salman was happy to teach him for free on the phone, tab and video calls because both were staying in different cities.
Salman started to receive requests from other teenagers to teach them. That is when Salman started making videos and posted on YouTube channel through which students can learn various subjects and topics. That is how Khan Academy came into existence.
Teaching was Salman’s passion. You can also find your passion. It is very easy. The below points can help you to find your passion.
* The things that you love to do even after you are tired and having bad days.
* Things that you love talking about. Things that you are fascinated by.
* Things that you think you should also do when you see someone is doing
For instance, for me, it is writing on self-improvement and issues around the world. I feel good when I research and write on the topics.
I will talk about how to find passion deeply in my next article.
Once you find your passion try to figure out how you can build a business around it. On the other hand, if your motive is to earn money then find out things that you can start to earn money. If your motive is strong enough you can become a successful entrepreneur while working full-time.
Test your start-up/ product idea
Once you find your passion and your business plans now it is time to test your product that your customers will use or experience. For example, your passion is to make some software and you want to make software for mail backup. Make a prototype of your mail backup software and approach to at least 100 target customers who use mailing software such as outlook users. Send them the product detail and see if they are willing to use your product. You can find your target audience once you research on it.
You can reach out to your target audience face to face and through mail marketing. Keep testing and making improvements in your product until it becomes the one that people will love to use. While approaching the audience for testing your product you will receive many suggestions and user experiences that you can use to make your product the final and better one.
Kanth has explained this topic very deeply in his ‘Entrepreneur 5 P.M. to 9 A.M.’ You can grab the book HERE for more detail.
Find a co-partner
There is a big difference between employee and co-partner. Which is why it is obvious that an entrepreneur needs to be very careful while choosing co-partner. A co-partner is the person who completes the skills for your start-up that you do not have. For example, you are good at technical stuff but you are not good at management and all. To find out the person who is good at management. List down all the qualities that your start-up needs. Bifurcate which ones you possess and which ones you are looking for. Find your co-partner accordingly.
Co-partners need to be as enthusiastic as you are for your start-up. Your start-up can crumble if your co-partner is not as energise, dedicated and passionate as you are.
You do not have to pay money to your co-partner at the initial stage. However, he or she will share the profit once your start-up will start making money.
If you can manage your start-up single handedly then you do need to find co-partner. It is up to you.
Follow the above tips that I extracted from the book ‘Entrepreneur 5 P.M. to 9 A.M.: Launching a Profitable Start-Up without Quitting Your Job’ and make your start-up a success and then leave your job happily. This way you will not have to face much frustration and stress that occur because of a lack of money for survival and investment in the start-up at the initial stage.
If you are planning to leave your job and want to be an entrepreneur you should grab the book below and give it a read and then reconsider your timing for job resignation.