One of the best times to start a business is when you’re young when you have plenty of free time. Even with that extra free time, starting a business is difficult. When you’re stuck in a full time job it can be almost impossible to start a business. You have to be very selective in what type of business you try to start given your limited time. The main things to do are to select something: you enjoy, the financial cost of failure is so low you can fail 20 times and you’ll be ok and it is something scalable.
1. Outside working hours
You need to select something which does not require you to take calls or have meetings during your working hours. With smart phones answering emails will be fine. But if the business you’re planning on setting up requires face to face meetings or speak with potential clients over the phone you should consider something else.
2. Low cost
Generally most entrepreneurs fail multiple times before they create a successful business. For your first business start small and ensure you can do 90% of what is required to get this start-up off the ground and generating revenue. Don’t make the mistake of thinking things are too difficult to do therefore I need to pay someone to do it. For example, setting up a website is easy with wordpress and youtube. Instead of spending money on marketing go to free networking events and tell people about your business.
You want to start with something so small you can do the work on a part-time basis and working on a part-time basis will generate the same or more money than your currently earning. When you are ready then to leave your job you can then grow the business by taking on additional staff. eg Providing online fitness coaching in the evenings. As the business grows you can then hire and train new staff to handle clients
It takes a lot of work to start a business. If you’re not doing something you enjoy you will not succeed. If your working full time while starting your own business it will leave little time to do the things you enjoy doing. If you try to start a business just for the money while working full time there’s a high probability you will burn out.
5. Part-time first
Generally most people do not like their full-time jobs. As a result by the time they finish they are exhausted. If you work 9-5 it’s much better to get up early and work on your part-time job first and then go to work. It’s very difficult to be energised after working for 7 hours doing something you dislike. Also, if you are forced to work in the evenings make sure you exercise straight after you finish your full-time job. A short 30 min jog can really help to boost your concentration and energy levels.