Joshua Lybolt | Are you looking to be your own boss and pursuing your dream of having your business? Well, the COVID 19 crisis has got organizations facing the reality that the remote work is here to stay for a while and isn’t going anytime soon. As an employee, does this mean a lifetime opportunity you have been waiting for to start your own business?
Starting a business isn’t always easy. Many of us do not have the luxury of pursuing those passions due to a whole lot of reasons. “The financial constraints and meeting financial obligations while sailing the business boat., the fear of failure that starting your business might not work out. That is why most times, launching your business while still in the world of 9-5 makes sense as you can rely on your steady income to kickstart your new venture, navigate your way into your product or service and turn it into a profitable business. “ says Joshua Lybolt, a successful entrepreneur and an inspirational speaker focused on sales, business, and personal growth.
However, while the COVID 19 might be the worst thing ever, it could be the time to successfully launch your side business while juggling your full-time job remotely. Read on as Joshua Lybolt provides and expert tips on how to get started.
Ensure you are not legally binding
Before you even consider taking the leap, ensure you are legally free to start a business as most companies are against conflict of interest. Read the contracts, the employment terms, and any documents showing your agreements and commitment to the organization. This way, you can avoid your boss coming for you or even get fired. If the side business is noncompetitive with your office work, you might as well be open and transparent with your boss to get him or her on board with your side hustles. This might bring an added advantage.
Carry out your research at your leisure time
There are a lot of things that go into side business especially if you don’t want to invest in something that might end up in failure. Analyze your market and the audience in need of what you have to offer. Check out your competitors and see where they are missing out in order to carve out your competitive advantage. Moreover, obtain information to find out what customer thinks about your product or services before making a commitment. This can be done by conducting online surveys or group sessions. Do this when you have some time at your sleeves.
Use your time wisely
Working full time sometimes can be tiring. And most times the reason while many never start a business is lack of time. While working 9-5 jobs, we sometimes have little to no time to work on our side business. However, “it all begins with cutting down on those time wasters. Watching Netflix for hours, being on social media without realizing time is going, and responding to unending emails. How about cutting down on those activities and using those times to work on your business?” says Joshua Lybolt. To go about it, make a plan and set realistic goals whether daily, weekly, or monthly, and be committed to it. While all these are important, don’t forget to rest to avoid burnout.
Outsource as much as you can
You really can’t do it all alone and not just possible even if you are a jack-of-all-trades. Sometimes it is ok to delegate duties or outsource tasks you think you are not so good at. Identify your area of weakness or some areas that eat up a lot of time, and outsource it. This way you take pressures off your shoulder and get the best quality when you dish out tasks to those who are experts at it.