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.

Minding Your Business with a Business Plan

“By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be." Mark Victor Hansen could not have spoken truer words. The idea of writing down thoughts, goals, and dreams, is a transcendental one. In fact this very practice has materialized to a standard requirement in the world of business, formally known as a business plan. It is the vital blueprint for any startup and entrepreneurs are recognizing just how drastic business can change positively, with written foundations. So why are business plans so important?

Vision

If you were traveling somewhere you’ve never been before, would you go without a map? Probably not, so why would you embark on a business venture, where the risk is far greater, without having a blueprint? Your business plan functions as a map—your big picture. Before you start any business your only tool is your idea. As you begin to think about it more and more, ideas develop and a plan emerges. You start to consider factors like your target audience, market research, funding, staff/ employees, business registration, and the list goes on, but they still just classify as ideas in your head.

Documenting this information is what keeps your vision alive. It is your way of stepping outside of yourself to allow your vision to materialize. Further, organizing your ideas by formulating them in a business plan helps you build effectively and remove information that may be detrimental to your business as a whole. This inherent editing and buffering allows you to keep your vision in mind; the more you work on the plan, the realer your entrepreneurship becomes. Simply put, creating your business plan takes you from a dreamer to a doer.

Accountability

Your ability to transition from the phase of a dreamer to a doer often determines how serious you are about your startup. Creating a business plan requires work and research and this investigative nature of the process keeps you accountable in more ways than one. Firstly, your business plan makes you accountable for your own actions. When you make a plan and write it down you are more likely to follow through on that plan than if you had simply stored it away in your mind. Your business plan is your personal correctional officer, ensuring that you are working towards the fulfillment of your startup. 

Secondly, a business plan keeps you accountable to your potential investors, sponsors, and banks (when you apply for a business loan).  At some point you will realize that your startup is less about you and more about what service you are capable of bringing to the table. Investors and those alike, want to ensure that you are worth the investment: a) is there a market for your idea b) is it lucrative, and c) how big is the return on investment. Additionally, they want to be able to trust you and your abilities. In most cases, the primary source of endorsement is a well-orchestrated and thought-out business plan.

To Answer the Question: Should you really be starting a business?

A common mistake entrepreneurs make is underestimating how much work actually goes into starting and running a business. A business plan is one of the primary tools to weed out the weak from the strong, the able from the disabled, and the determined from the desolate. As mentioned above, your business plan is where the evolution of your idea takes place. As you comb through each category of the plan and consider your place in the entrepreneurial world, things can become overwhelming. It is at this point that you must reason with yourself. Consider whether this is a journey you should embark on now or, alternatively, if you would benefit by waiting a while. 

You might also reflect on whether you should partner with someone or work individually. How much time would you have to invest daily, especially if you’re pursuing a startup while working a full time job? At the very least, your business plan is your platform for evaluation; don’t take it lightly.

We’ve shared some of the most fundamental reasons for using a business plan for your startup and we encourage you to consider them before your next venture.  If you’ve been working on a business plan tell us why it’s an important starting point for you!

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.

Balancing Work and School

If you aim to expand your knowledge of an area that interests you, learn a new language, or enhance your repertoire of professional skills, you’ll need to dedicate time and effort to that endeavour in order to make significant progress. But if you work full hours, and particularly if you’re an entrepreneur looking to grow your startup, your spare time is probably scarce. Thus, you’ll need to focus on managing whatever time you do have, while always devoting your full attention to the task at hand.

Take the following considerations into account.

Don’t underestimate the time commitment.

Even part-time schooling often involves homework or extra-curricular assignments. When you’re considering night school or part-time skills training, be honest with yourself: depending on the frequency of the sessions, you may need to set aside 10 hours per week or more. Unless you’re confident that your schedule can accommodate that, you may want to hold off on your academic or vocational ambitions for now, or contemplate auditing a course rather than registering as a full-fledged student. Aim for one course at a time, especially if the experience of trying to balance work and school is new to you.

Online courses may be more opportune from a time perspective, although you’ll perhaps have to forgo the considerable benefit of discussion with instructors and fellow students.

Let your boss and/or team members know what you’re up to.

If your boss and/or colleagues in the office are aware of your situation, they may be sympathetic and enable you to adjust your work schedule around your studies. If the skill you hope to cultivate is relevant to your current position, your boss may even be willing to help you with tuition. (You shouldn’t count on this, though.)

Even if you are the boss, be sure to communicate proactively with your team so that they know when you’ll be away from the office and why. Your studies may require you to leave early or arrive late on certain days; identify a team member to whom you can delegate the responsibility of holding down the fort while you’re away.

Get the most out of your time by planning and organizing in advance.

Set aside dedicated blocks for homework assignments, and isolate yourself from distractions like social media and your smartphone during those periods. Make lists of the assignments you need to accomplish, and populate your homework-area in advance with all the tools and materials you need. This will save you the trouble of hunting around for the requisite items while you’re trying to get work done.

You may experience some late nights/early mornings, especially if you have an exam or deadline coming up. Even if your studies occasionally keep you up until the wee hours of the morning, make sure you still get enough sleep during the week to maintain your performance at work. Avoid procrastination (the midwife of all-nighters) by budgeting your time, and get cracking on major tasks right away.

Reach out to classmates and instructors.

One of the most effective ways to fully grasp and retain information is by discussing it with others; you have to have some awareness of a topic before you can have a serious conversation about it. Group discussions also afford you the opportunity to explore areas where you feel your knowledge is inadequate.

Make use of the resources at your disposal within the educational institution, including your instructor’s office hours and contact information. These tools can save you time and energy, and help to make the learning process more fruitful and enjoyable.

Begin your work day on a productive note

Every entrepreneur, business owner, and manager aspires to enhanced productivity. The reasons for this are obvious: greater productivity is conducive to not only increased profits, but diminished stress and more free time too—highly esteemed desiderata for most people. But, like community engagement, leadership or employee morale, productivity is not necessarily an easy concept to pin down. In the abstract, we all want it. But if we are serious about realizing it (and enjoying its many benefits), we need a clear process and concrete steps by which to make it happen.

One of the simplest and most effective ways to bolster productivity is by setting yourself up for it with good habits—including proper nutrition, regular physical exercise, and plenty of sleep. If you undertake your work feeling groggy, or having eaten poorly, your performance will invariably suffer. Formulate a daily routine and follow it—this will save time and help you develop automaticity, a prerequisite for completing quality work, day after day, while expending minimal effort. Another exercise you may find useful is to create a concise and easy-to-follow action plan, with achievable objectives, first thing in the morning.

Most of us start the day with correspondence—which sets us back

Commonly, people who work in an office environment begin their day by checking e-mails, replying to voicemails, responding to memos, or otherwise answering requests and inquiries. While it is important to stay abreast of the needs of others and maintain correspondence, beginning the day by engaging with external priorities can cause you to become sidetracked. Various psychological studies indicate that, despite the widespread appeal of “multi-tasking,” in reality, human beings can only fully concentrate on one assignment at a time—and our attempts to multi-task tend to compromise the quality, efficiency, and timeliness of our work. Furthermore, it can be challenging and time-consuming to mentally re-engage if you allow yourself to be temporarily derailed.

The chef’s method

Where confronting your daily workload is concerned, you can derive a useful lesson from the way a chef initiates the process of creating a meal. At the outset of each session, a culinary professional typically determines what ingredients will be required and in what quantity (in other words, her actions follow the format of a cooking recipe), and then measures them out. She then contemplates the procedure that lies ahead: does it involve whipping, or beating, or mixing? What utensils are required? Finally, she assembles and organizes all of the necessary components, so that she can command them at precisely the right moment.

Officially, the term for this ritual is mise en place—which roughly translates from French as “everything in its place.” The principal advantage of deploying this approach for any project (not only gastronomic ones!) is that, once all the necessities are in their place, you can proceed with minimal hang-ups or delays. You won’t need to rifle through shelves or drawers searching for the items you need, nor will you spend nearly as much time thinking about the particulars of the project as you carry it out. As a consequence, you’ll be able to devote your energy and focus exclusively to the task at hand.

Budget ten minutes for a planning session at the start of the day

Your own, individually tailored equivalent of the mise en place needn’t be time-consuming; set aside about ten minutes at the start of each day. In your mind’s eye, envision the errands you hope to accomplish over the next eight hours, think about the instruments and steps involved, then outline them (in writing) as specifically as possible. Assemble the tools and information you anticipate that you’ll need in advance, and arrange them in an orderly manner. Your goal should be to minimize friction, and ensure that you’re able to complete your work smoothly, without stoppages or interruption.

If you prepare yourself in advance, using the mise en place approach, you’ll find that relatively laborious tasks will become simpler—and comparatively easy ones will become a cinch.

Got Tax and Financial Stress? Here's How to Avoid It

There is one time of year we all dread. No, it's not going over to the in-laws for Thanksgiving. It's tax day. Whether you pay your business taxes on the due date or in advance this can be a stressful time of the year.

Depending on the circumstances, you could find yourself writing out a huge check to the government that wipes out your cash reserves. It's no wonder your blood pressure spikes and the headaches come on.

The good news is that it doesn't have to be that way.

Yes, you'll still have to pay taxes but there is no reason why you should stress out about this part of your business. First thing to understand - everyone is in the same boat. Beyond that there are some tactics you can adopt to help manage your small business finances and avoid getting on the government's bad side.

Make a Plan

A business's success is built on the back of meeting deadlines. That comes with shipping products to customers and paying the bills. It's important to have a well thought out plan for your entire business. This is not something that should be "kept in your head."

You should be using a written calendar that covers all your responsibilities both to customers and to the government. If you know a payment is approaching you won't feel burdened or surprised when it comes time to write the check.

It comes down to a matter of making priorities. And yes, there is an app for that!

Don't Do it Alone

Feelings of stress go hand in hand with feelings of being overwhelmed. When was the last time you asked for help? As a small business owner there are a lot of new aspects of your business you thought you wouldn't have to contend with. Sure, you knew you'd be paying the bills but keeping up with your company's Facebook page and generating original content for your website? Did you budget time for that? More importantly, do you know what you're doing when it comes to optimizing search engines and social media?

You don't have to become an expert because there are plenty of experts out there in cyber land willing to lend a hand. Even your kids could probably be a big help posting notices or even cleaning up around the office. Start asking for help and watch the stress melt away.

Take Time for Yourself

All work and no play? We've heard it before and it has meaning for the small business owner. The first few weeks or months of your start up will be grueling. No doubt about that. However, that doesn't mean running yourself into the ground. You certainly can't pay your tax bills that way. Leave some relaxation time for yourself and/or with your family every week. Schedule it like a business meeting and hold it with the same level of importance. You'll find that approaching your business after taking a "time out" won't be a struggle. 

How to Manage Complex Projects Easily

Not every business project for your company is going to be a "walk in the park."

There is going to come a time when you need to tackle a complex project. Whether that involves shipping and selling in multiple countries or starting up an assembly line to build a product in volume, you'll be dealing with many issues involving several departments.

However, don’t despair as there is a way to manage complex projects easily. Here's how:

Step 1: Set Your Goals

What is the goal of this complex project? The answer to that question could be something as simple as "build a new website" or "increase traffic to existing website." Within that goal should be some tangible items like due dates, sale expectations and/or specific benchmark numbers. Once you've established clear objectives then you know what you're heading towards. The challenge is not to deviate from that path no matter how "big" things may become.

Step 2: Keep the Lines of Communication Open

Once you've shared your goals with the team you should open the floor for discussion. Here is where you'll learn if and when your goals are actually obtainable. There is nothing wrong with pushing your staff to do their best but that doesn't mean becoming unrealistic. Although it's a great goal to earn a million dollars by Friday, it might not be practical. This is the time to brainstorm out idea to help move things along. If your staff knows they can share concerns and ideas then your project will only be strengthened.

Step 3: Set a Budget

What is this project going to cost? That's an extremely important factor to consider. You should have a budget set for the project that everyone can fall in line with. Don't hesitate to pad that budget with a contingency fund "just in case."

Step 4: Set an Action Plan

You already have an overall business plan for your company. Now drill down and apply those same principles to this new project. The project plan should be worked out enough that you could hand it off to anyone in your company and they would be able to follow it without asking questions.

Step 5: Encourage Out of the Box Thinking

Sometimes a project becomes complex because we don't know any other way to do things. When you get stuck on implementing a specific item it might be time to step out of the proverbial box for some original thinking. This type of creative problem solving has been a huge asset to many businesses.

Step 6: Set Up Tests

No matter what you're working on, you can't go from "start" to "finish" without testing the end result. For instance, if you're building a new website with an ecommerce component then you should definitely build in a testing phase to work out all the kinks in the system. Only then can you call a project truly ready to launch.

How to Begin Succession Planning

What are you really working for? Is it to build a legacy brand or to secure a restful retirement? In actuality there is no reason why you can’t accomplish both of those goals. From the moment we start working we look forward to the day when we can stop working.

Perhaps you have a bucket list that includes traveling, taking up a hobby or just reading every day. Whatever your retirement plans might be you want to make sure you the kind of financial security which will allow you to maintain a decent quality of life.

As for your business, you don’t necessarily want it to come to an end just because you’re ready to scale back. When it comes to your succession planning here are some of the steps you can take to be ready.

1.      Plan Ahead

Just as you plan on retiring some day from the moment you start working, you should also be thinking about how your business will carry on when you move on. This doesn’t mean finding a successor in the first year of your operation but it should be something that is always in the back of your mind. You might identify a particular executive who has the right stuff to take over some day. If so, you could start to groom them so that they can be ready to be a CEO.  Just don’t keep your intentions a secret. If you’re going to invest your energy into an employee let them know what you’re thinking. That will have them on the same page and working towards a common goal.

2.      Build the Right Team

As you already know, starting a business is not something you can do on your own. The same holds true for your succession. You need the same accountants, lawyer and advisors you used on the way up for your exit.

3.      Last Will and Testament

The worst case scenario would be for your business to carry on without your input because of an untimely death or debilitating illness. This is why it is essential for you to prepare a will. There might actually be a requirement in your corporation bylaws which states you have to have this type of document in place. Estate planning will allow you to designate the representatives you want to have in charge of your business. Keep in mind that there will always be opportunity to amend the document as conditions warrant but it’s best to have that foundation in place. This is also the reason why you should have a comprehensive insurance policy in place as well. Benefit payments could help with the continuation of a business.

4.      Think About Your Family

Many businesses become a family legacy with the ownership being passed down from generation to generation. Although noble, that isn’t always practical. If you do have children who you would like to take over the business make sure that is something that want to pursue. That last thing you would want is to force them into a career they have no passion for. 

Customer Red Flags to Watch Out for

If you are in business, you know that you have to constantly be on alert on all fronts. You try as hard as you can to plan and operate your business with clear guidelines. Sometimes, though, all the planning cannot prevent the unexpected. Many business leaders will tell you that the problems from outside are the biggest challenge.

In order for you to operate, you count on suppliers for goods and services. Your cash flow is dependant on timely payment by your customers. Any disruption from your suppliers or customers can be harmful to your operations. Continued disruption can become fatal. However, by being vigilant and spotting the early warning signs of potential problems, you can avoid trouble before it happens.

Keep abreast of a customer's payments. If the payments start becoming delinquent on a regular basis, they may be in trouble. Don't wait, though, until they stop paying. Open up a dialogue early to help you collect payments while their doors are still open.

Another warning sign is commonly known as nit-picking. You owe a customer a small credit and they refuse to pay their large bill until the credit is received. This stalling tactic should indicate to you that all is not well, as they could obviously just deduct the credit and send the balance. Perhaps, the customer suddenly begins sending you the balance in several payments, without consulting with you. Your early warning signal should be blaring loudly.

Have you noticed that there has been a large turnover of employees at your customer or supplier? Is this a sign that the passengers are jumping ship before it sinks? When you called to speak to someone over there, the usual perky, friendly reception was replaced by a rather laconic, curt reply or a disinterested, half-hearted response. Be on the alert and assess the situation carefully. You need to protect your interests.

Keeping one step ahead of the storm can be your best insurance plan.

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