Starting Your Business While Keeping Your Paid Job - Vital Lessons

Muyiwa Afolabi in one of his article, remarked, "Keeping your paid job while starting a business has its advantages. Aside from the steady income and free coffee,reliable full-time work helps you flesh out your résumé and portfolio and extend your professional network. Even better,working for someone else gives you a front-row view of the best (and worst) ways to run a company,from managing time and money to handling customers and employees.

These are lessons learned from some successful entrepreneurs who founded companies while holding down a 9-to-5 job.

1. PROVE YOUR CONCEPT

Holding down a day job means having only so many waking hours to devote to your side venture.That's why validating that your idea will work and that people will pay for it should be priority No. 1.

“Don't try to build a Porsche when you just need to build the wireframe and test whether the car will ever drive.”

2. LET THE BIG GOALS SHAPE YOUR CALENDAR

Wrangling your schedule won't necessarily be easier after you leave your 9-to-5.Between the shoestring budget,lean staff and avalanche of action items,deciding which tasks to tackle each day at your start-up can get overwhelming. 

To stay the course, rely on a chart on your desk,a carryover from your previous job,showing the day's top goals.To prevent yourself from going down the rabbit hole of fixing little things and building new features.This means that less-pressing tasks take a back seat.That should be on your to-do list because you need to keep your head down and focus on the stuff that's going to move the company forward.

3. DOCUMENT PROCESSES

There has to be a specific method and process.

The best way to delegate is to create processes and systems.Then have a consistent method, whereby,no matter who's handling a task,it's going to be done the same way.

4. CATCH PROBLEMS EARLY

If you need to change what you're doing,change it in the prototype stage,instead of in the final stage,when you're up a creek and can't really backtrack.

5. PLAN FOR FINANCIAL FLUCTUATIONS

Limit the amount of personal credit used to float the company during lean times.

Also rely on business's peaks to sustain the valleys.Learning those patterns of your business is really important.You can expect slimmer times.

6. INVEST IN EMPLOYEES

Making workers feel valued has always been a primary concern.Being treated and compensated well and receiving great benefits is important for staff loyalty and high retention level.

7. TREAT CUSTOMERS LIKE GOLD

Have a major focus on treating everyone like a guest in your home rather than just somebody off the street that you're doing a favour.

This means showing up on time,addressing customers by name,answering questions and checking whether customers need anything else before wrapping up jobs. 

People judge you by what they can relate to.These traits will earn your company referrals and repeat customers.That's how the business can grow.

Having the discipline to go the distance when no one's watching is part of the job.Just like with the pre-flight inspection, the client may never realize that you did a lot of these things but it will make a difference in the long run.That's what distinguishes you from other people who do what you do."