Launching a startup and abandoning your current day job is a very huge risk to make. But this strategy has been taken on by many business risk-takers from everywhere. So if more people have done it and have proven quite successful, like Richard Branson and Elon Musk, is it a promising path for you too? Let’s find out.
Your current day job, no matter what, is your source of financial stability. And risking it all for a new business may do you more harm than good. A research done some time back showed that there has been a huge rise for new business for the last decade. The rise, however, has downturned by a collapse of more than 30% among businesses due to the recession and had bounced back slowly after which. If we base the chances of the business hitting up on this data, it may not be too promising. But this should not stop you from brewing your own ideas for your business and plan its launching. You can actually do that without letting go of your regular-paying job and having to risk losing stability in the long run.
Keep your day job while you still can. There are many reasons to come up with why you will need the stability of your work at a company while launching a new business. One most important is that you will need money and more money to support its launch and growth. You will need to get out of the notion that saving money means not spending it. Because in business, you will need to spend money to make more money. You just need to be wise enough in your spending to keep your business afloat and successful. To help you save for your startup while still keeping your day job, here are five helpful tips.
Spend time looking around
Getting the best deal does not come just by chance. You will have to shop around, do your research online, or personally speak with dealers to find the best and most sound deal for your business.
Look into used items
If your business will need a physical office or a retail space, you don’t need to spend so much on brand new items to place into your business. Shop around for used furniture and decoration items that still have good quality on them and be creative.
Take advantage of social media
The social media has taken the world of business marketing to a whole new level these days. Anyone can post anything about their business, without having to spend a single cent on their advertising. Even big-time companies have taken advantage of the free advertising on Twitter and Facebook, so why not for your business? You can use photos of your product and don’t forget to add in some enhancements on the photo to make it more appealing. Type in a few hashtags to start off a trend or use an already known and popular hashtag, just remember not to flood your post with it.
Hire help wisely
While it is true that a marketing team is a huge help for you to better know the things you need for the business, which you may have missed out on, but this may not be a practical move on your part. If you hire people to go over things that you do not need just yet is a complete waste of your resources. What more practical approach in hiring people for your business, is getting the help from interns who generally willing to work from very little pay to no pay at all (but you will need to pay them for what they are due to still). And they are willing to do the extra work needed.
Keep financial records
When starting a new business, it is normal to feel tight on your finances and this is not an easy task. So you will be grabbing on every opportunity to get the best out the money you spend on and every discounts and freebies you can avail of. One way to save up is through your tax-deductible purchases. Keep all the receipts of your purchases and let a certified tax professional mentor you through the tax process and gain tips on how to save on your taxes.
Be careful that when you do all these things for your upcoming business, you do not take out the time you need to spend on your current work. Put into mind that even when you have plans on starting up a business on your own, you still owe your boss your boss the attention and time you need to spend on your work.
Author’s business: FindMyWorkspace
Last modified: September 21, 2018