How to cope when you’re on double duty: Starting a business while working full time

When you decide to start a business, you usually aren’t sitting in the lap of luxury with unlimited free time, resources, and countless windows of opportunity. Instead, most new business owners are confronted with their business ideas amidst the stereotypical “9 to 5”.  Further, some start-up ideas do not materialize beyond the conception phase due to the intimidating challenge of juggling a new business while working full time. Despite this disposition, entrepreneurs have been and continue to nurture successful businesses in this way. So, what’s the big secret? The truth is really no secret at all. Managing a start-up while working a full time job does not have to make you a victim of entrepreneurial defeat. Our small guide below is designed to help you thrive and succeed at this balancing act.

Time Management

When you dedicate an average of eight hours per day to a full time job, it is inevitable that time is going to be one of your greatest competitors for success. Once you recognize and accept this fact, you will be well on your way. Part of effective time management is planning. Assess your current schedule and determine how much of your time is “wasted”.  For example, if you watch three hours of television after work, consider at least two out of those three hours disposable. Further, evaluate how you spend your weekends. The weekends consist of two full “non-work” days, how do you use them? 

Once you have mapped out your current weekly schedule, create a new one inserting small-business/start-up time in all your disposable time slots. Creating a schedule and planning how you will use your time will help you track your progress and give you a big picture on how you are allocating your time in favour of growing a lucrative business. You can also incorporate lists to ensure that each day you are completing a specific task. If you are fortunate enough to work at a company that has liberal policies on working other jobs simultaneously, take advantage of that time without jeopardizing your present employment. Alternatively, if your job opposes integration of this kind, capitalize on your lunch breaks. This does not mean that you should skip lunch however, but take time to eat and time to work. If you manage your time correctly you will still be able to do the more relaxing activities you enjoy.

Licensing and Registration

Obtain all the necessary license and registration at the start of your business. It is particularly important to engage in this process at the beginning stages of your start-up because in some jurisdictions it can be time-consuming. Additionally, you may need sufficient time to obtain necessary documents and tackle unforeseeable circumstances that can or may hinder your project. The last thing you need during this process is a setback.  That is not to say they will not happen, but you have a great chance of minimizing them by acting sooner rather than later.

Money Management

Most start-ups and small businesses are individually funded (out-of-pocket). Make a budget and monitor the distribution of funds. Determine what percentage, if any, of your full-time salary can be redirected into your business.  Further, ensure that your business expenses do not compromise your personal expenses. If you are really pressed for funding you may have to make smart but effective lifestyle changes. For example, bring a lunch and limit the amount of coffee purchases you make in a day or week. Go to the movies once a month and substitute your frequent social outings for a night in. Reassign those funds to your business. These changes are not about ridding your life of its social pride, but rather, cutting out what it beyond necessary objectively.

Don’t think too big, too quickly

Starting a business can be exciting, but do not allow that excitement to cloud your judgment.  Take your time and understand your business. Do not waste time worrying about office space and spending frivolously on products and services that are not fundamental to your start-up. Take meetings at coffee shops if you have to. Schedule phone and Skype calls where necessary. If you become too caught up in materializing your ideal business at the beginning of the process, you run the risk of losing money and, worse, losing your business.

Finally, enjoy the process. It is easy to get caught up in what is sometimes a dense world of business. Do not lose sight of yourself and your vision. Take regular breaks just like any other job and laugh a little. You will make mistakes, but do not fret on them for too long. Cry if you have to and get back in position remembering that failure is a natural progression of success.

Conquer the Fear of Saying No

If you ask a person on the street which word is likelier to contribute to personal and professional success—yes or no—that individual will probably choose the former. But as many leaders in the world of business and politics will tell you, learning to say no can be every bit as important as knowing how to say yes. The reasons for this are largely intuitive: by turning down some engagements, you free up time, energy, and mental focus for the endeavours you find most inspiring.

However, many of us feel distinctly uncomfortable with saying no, often because we worry that doing so may cause offence or otherwise lead to negative social consequences. Insofar as it compels us to take on more commitments than we can handle at any one time, this anxiety can hamper our pursuit of the professional and life goals that are most important to us.

Establish and respect your own boundaries.

Your work is surely a high priority for you—but so are your health, quality time with friends and family, leisure time, and other hobbies or avocations. Think of your lifestyle as analogous to a meal: nearly everyone would prefer a flavourful medley of high-quality, healthy ingredients to a monochromatic, humdrum dish of little nutritional value. Likewise, if you devote all of your time to a single work-related project, you probably won’t enjoy a wholesome existence.

Once you set parameters like the number of hours you’re willing to devote to a new project, and commitment versus expected benefit, you’ll find it easier to distinguish the undertakings that really interest you from the also-rans.

Be honest with yourself.

Before you dive headfirst into any significant assignment, ask yourself the following questions:

1)  Am I genuinely passionate about this project?

2)  Five years from now, will I look back on my efforts with pride?

3)  Is it consistent with my values?

4)  Why is it important to me to take this on?

5)  Will I be able to dedicate sufficient time to this?

6)  Do I have the necessary technical expertise, and/or can I partner with someone who does?

Unless you can answer all or most of those questions, you’re better off saving your talents for something that’s more up your alley. Otherwise, you’ll likely either feel stretched too thin, or a sense of regret about the opportunity cost.

Know your strengths.

We all have strengths and weaknesses. The first step on the path to success in any field is to identify your own. Once you know where your own aptitudes and deficiencies lie, you can work to refine the former and improve the latter. You’ll also know which of your personal attributes you can rely on in high-pressure situations.

The willingness to venture outside one’s comfort zone is often an admirable quality. But if a project either isn’t your cup of tea from a technical standpoint, or you sense that your time would be better spent elsewhere, you should consider either turning it down or delegating it.

Strategies for politely declining:

“I’d like to know more. Can you send me more information?” This serves two purposes. First, it provides a test of the other individual’s commitment; if you never hear from h/er, you will know. Second, it gives you the opportunity to learn more about the endeavour itself before deciding whether to take it on.

“Let me check my calendar and get back to you.” This is not an explicit demurral, but it does enable you to buy time. It is possible that the person who pitched the idea to you will forget after a while. Alternatively, on further reflection you may decide that the project is right up your alley.

“This seems like an excellent, worthwhile idea, but unfortunately...” Shortage of time is an excuse that most people will accept, particularly if they’re not close friends of yours who happen to be conversant with your schedule.

Managing Your Business’ Workload During The Holidays

The winter holidays offer a chance for employees and managers at your business to spend quality time with their families, decompress, and recharge their batteries. But for many businesses, December is the busiest time of year, and few can afford to shut down entirely for longer than a week. If you want to allow everyone at your company to enjoy a little time off, you’ll need a strategy to manage issues that may arise while you’re short-staffed.

Plan ahead.

If you can firm up details about the availability of your staff and co-workers well ahead of the

holiday season, you’ll be able to design your schedule with greater precision. This will help you avoid the stress of trying to fill in gaps at critical times, and allow you and your staff to set your holiday itineraries. This is especially important if you, or any of your employees or co-workers, hopes to travel.

Rotate on-call responsibility.

Work out a plan to share phone- and e-mail-answering duties, and allow for some flexibility. Draw straws or flip a coin for those occasions that are unlikely to entice many enthusiastic volunteers (like the morning of December 25, or the morning of January 1). Set up shifts, and make sure everyone is aware of when h/er shift begins and ends. To save time and energy on tasks that run across multiple shifts, the person who initiated the work should send an e-mail to the other staff describing the assignment, and what remains to be done. If you shut down your business for a few days, create answering machine messages and automated e-mails to let clients and customers know when they can expect you to return to work.

Share the load.

If there are assignments that need to get finished during the holiday season, try to divide the tasks so that no one feels overburdened. You can do this for both work-related and domestic chores—like decorating the house, cooking, and organizing for holiday parties and social events. Share and delegate!

Design an effective online contact/order form.

An online contact form, with fields that allow clients and customers to describe what they need in detail, can be a great asset during the holidays; it allows you to automate orders so that no one must respond in real time. While designing your form, keep economy of customer/client effort in mind. In other words, the form fields should provide space for essential information, with an optional field for notes. Overly wordy or complicated contact/order forms tend to dissuade prospective form-fillers, who may just prefer to wait—or take their business elsewhere.

Complete generic or non-time-sensitive tasks in advance.

Your holiday consists of precious moments, not surplus time. If your work involves weekly blog or social media posts, for example, prepare a few in advance so you can simply click “Publish” when you need to. Dedicate your spare time to completing assignments before you take a holiday, and you’ll free up additional time for family, friends, and valuable relaxation during that holiday.

Live in the moment and enjoy yourself.

If you’ve set aside a few hours for family and fun activities, don’t taint them by worrying about work. Leave your job behind and enjoy the holiday experience.

Business Travel Tips

Travel is a fact of life for many business owners and professionals, and brings its own distinctive set of pleasures and challenges. Even after all the technical aspects of your itinerary are in place (plane ticket, hotel booking, rental car, appropriate clothing, etc.), you still need to collect your luggage, settle into your room, firm up your work and meeting schedule, find time for nutritious meals, and (if applicable) acclimate to a different culture and time zone.

If possible, arrive a day or two early.

 

By showing up early, you’ll have an opportunity to do some advanced scouting and familiarize yourself with your surroundings. You can check out restaurants and public venues in the neighbourhood, pick up a map and city guide, get some exercise to restore your muscle strength, flexibility, and blood flow after a long flight, and learn your way around. You’ll also have more margin to wean yourself off jet-lag, and come to terms with any culture-shock you may experience.

Overcome jet-lag by making adjustments to your routine right away.

Ideally, your early arrival will help you adjust to the local time zone. Shift your meal times on day one, and mitigate the disturbance to your system by eating foods that are similar to whatever you would consume at home. Resist the urge to either get up or fall asleep at odd hours of the day, and aim for the bedtime and waking time to which you’re accustomed. By sticking with your usual habits, you’ll enable your body to modify its circadian rhythms more readily.

If you’ve had jet-lag issues in the past, try taking small doses of melatonin—a hormone that helps to regulate your sleep-wake cycle—about half an hour before bed time. (Melatonin is available in many pharmacies and health food stores.)

Stay hydrated, eat well, and don’t over-caffeinate.

When you feel sluggish because of jet-lag or a long day of travel, you’ll inevitably feel tempted to indulge in copious quantities of coffee, tea, or energy drinks, hoping to artificially perk yourself up. However, you should aim to keep your caffeine consumption to a moderate level, since the caffeine-overload “solution” to listlessness introduces a new set of problems—including dehydration, the need to visit the bathroom frequently, and a tendency for you to crash once the caffeine high wears off.

Instead of saturating your system with caffeine, keep yourself hydrated, start the day with a breakfast that includes protein and complex carbohydrates, and take a power nap if necessary. A multivitamin supplement can also give you a boost by helping your body metabolize energy more efficiently, and defend against travel bugs.

Keep everything in its place.

Travel is inherently stressful, and becomes even more so if you find yourself hunting around at an inopportune moment for something you’ve misplaced. You can avoid this with a bit of discipline. When you feel tired at the end of a long day, resist the urge to just toss things wherever; dedicate each of the items you need to a particular spot, and maintain that arrangement for the full duration of your trip.

Plan your schedule in advance.

Set two to three primary goals for your journey in advance, and keep those objectives in mind throughout.

If you’re unfamiliar with the destination community, do some research to ascertain how long it will take you to transit from one location to another, whether on foot, by taxi, or using public transportation.

Devote a specific amount of time to work-related duties, and try to stick with the program. Although a measure of flexibility is necessary, you’ll also need to be wary of the distractions you’re certain to encounter on your first visit to a new place. If you can, reserve some spare time for sightseeing and exploration.