Being an entrepreneur is a brilliant idea. However, since you start from the very beginning, you may want to keep your current job as well. Then, being an entrepreneur will be part time job. This can be difficult but possible.
Here are some pragmatic recommendations on how to make the most progress in your startup, while simultaneously juggling your other critical family and employer roles. In fact, these suggestions have tremendous value, even if you are dedicated and committed full-time.
Here are the 12 tips you can adapt and use to make sure that you can be successful part time entrepreneur,
1. Find a co-founder who can keep you balanced
Two co-founders, both working part-time, are actually better than one full-time founder. You both need the complementary skills, ability to debate alternatives and the tendency to keep each other motivated, that neither could match working alone. One still needs to be the agreed final decision-maker.
2. Schedule fixed times and days for the startup, working with the team
Building a startup is hard work, and requires discipline to get it done. Working part-time doesn’t mean working randomly alone. Commit to a regular weekend time and a couple of specific nights per week where you meet with the team and focus only on the startup.
3. Get better at saying “no” to your friends
Learning to manage your own time is critical. Everyone around you enjoys adding things to your schedule, and reducing their to-do list. The key is learning to say no without offering a long list of excuses, or whining about how busy you are. It’s never possible to satisfy everyone, so be true first to your own priorities.
4. Set realistic milestones and take them seriously
It’s easy for part-timers to make excuses that other priorities caused you to miss milestones, but predictable results and metrics in this mode are even more critical than for full-time members. Use the 80/20 rule to maximize productivity — get 80 percent outcome from 20 percent of focused efforts.
5. Select a business idea that has a longer runway
Some startup ideas are dependent on a rapidly emerging fad, or have many competitors fighting for a limited market. You can’t move fast enough on a part-time basis to win in these areas. On the other hand, if you have a new technology, with a patent applied for, you may have more time to get it right.
6. Research the competition
Make sure you are thoroughly researching competitive products or services in the marketplace, and keep on top of new developments and enhancements from your competitors. One way to do this is to set up a Google alert to notify you when any new information about your competitors shows up online.
7. Be patient
You need to be patient if your business does not grow as you expect it. Since you are doing it during your off time, the result will be different to one done full time. Wait and see while you keep on trying.
8. Save your profit
Whenever you earn a profit from your business, you should save them in the banks. Beside you will need it later to empower your business, you may want to see the numbers to motivate you. It can be a little help as well for urgent needs.
9. Set flexible targets and goals
You will interface several huge obstacles and difficulties and you do not have full time allowance to fix it. Therefore, make sure that your goals and targets are flexible to your condition. Don’t be too hard to yourself as well when you cannot make it.
10. Prepare yourself for a longer journey to success
Seth Godin is famous for saying that the average time for overnight success in a startup is six years, even working full-time. Like any startup solution, the first version will likely be wrong, and require one or more pivots. Learn to look for small indications of success to keep you motivated.
11. Never stop networking
Networking can land you a new investor, a great employee, a new customer, or a great mentor. Attend industry and startup events. LinkedIn can be a powerful tool to help you network, so make sure both you and your company have profiles on LinkedIn and that you are constantly adding new connections. When someone does a Google search on you, your LinkedIn profile will usually show up at the top of the search results, so be sure you’re making a good first impression.
12. Ask for advice from other entrepreneurs
Advice from other entrepreneurs and business professionals (such as lawyers and accountants) can prove to be invaluable. Consider putting together an advisory board, and don’t be afraid to motivate members by giving them stock options in your company. Read industry newsletters and startup publications like AllBusiness.com, Entrepreneur.com and KnowStartup.com. Find mentors who can give you advice on hiring, product development, marketing and fundraising.
If your conclusion after all these pros and cons is that the risk is too high for you, you probably need to keep your day job for the long term, and give your startup idea to someone else. There certainly isn’t anything wrong with a regular well-paid job and career, with health-care benefits and a competitive retirement plan. But the entrepreneur lifestyle is still more fun, even part-time.