How to build a side business while holding on to your day job.

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kim
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How to build a side business while holding on to your day job.

Post by kim » Sat Jan 26, 2019 12:33 pm

How to build a side business while holding on to your day job.

Personal experience. I ran at least 3 businesses on the side while working for the man. I rented an office, hired employees, and worked with them remotely while doing a good job for my employers.Let me first debunk an insidious lie that has killed many careers:

“Your salary is the bribe they give you to forget your dreams.”

It is just NOT true.

“Your salary is what you earn while giving value to your employers and learning to run a business at their expense”

We can’t all start business straight out of university. Many of us have to work for food, clothing, and shelter after graduating. Others need to support struggling family members. Whatever your reason, please don’t see paid employment as a betrayal of your goals.

I’ll share the five steps that helped me build my own businesses on the side while delivering value to my employers.

Step 1. DON’T STEP TOO FAR FROM YOUR CORE COMPETENCE. If you work in banking, you probably understand finance better than most people. If you work for a FMCG, retail may be your forte. If you work in tech… Find something that is in your natural sphere of influence.

My father was the CFO for a major corporation in the 80’s when he had the genius idea of building an agro-chemical business on the side. Bad idea.Accounting and agro-chemicals are so far apart that the business never succeeded.Stay in your lane, bro.

My first side business was a tech development firm. We built business strategy implementations tools. I was a business leader implementing a new strategy for my paid employment. The tech we built was based on my experience delivering value to my day job’s board of directors.

Step 2: ALWAYS START SMALL.
There are no guarantees in business. Your business can fail despite the best laid plan and even topnotch implementation. Start small, then scale slowly until you can do it full-time.I have a friend who started a restaurant in Lagos with about $250,000. He had the money and thought it would be a good idea to blow out the competition on day 1. Bad idea, he lost everything.

Step 3- WORK WITH A PARTNER.

It is impt for one of the business owners to work full-time in the business. If that’s not feasible, give a small equity holding to your most senior employee. That way someone in the business has ownership stake that binds him/her to the firm.

Thanks for REading



john
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Re: How to build a side business while holding on to your day job.

Post by john » Mon Jan 28, 2019 7:40 am

this everybody should read.i have seen people dive into side busineses without even think of the future.its best to dive into a side business thats already thriving.

kamau
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Re: How to build a side business while holding on to your day job.

Post by kamau » Mon Jan 28, 2019 7:56 am

this is the kin of knowledge people need of business school.so many people feel so bold into doing into side businesses but they end up burning themselves.

theone
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Re: How to build a side business while holding on to your day job.

Post by theone » Mon Jan 28, 2019 8:00 am

a good side business requires that you strategise before hand.itsnot a quick road to riches.once you realize this then you will save yourself from heartache should your side business not takeoff.

faith
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Re: How to build a side business while holding on to your day job.

Post by faith » Mon Jan 28, 2019 8:36 am

its all about strategy. i think people go with so much a relaxed mood about side business they let their guard down and make bad mistakes and loose money.side business is like any other business.be serious about it.

chege
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Re: How to build a side business while holding on to your day job.

Post by chege » Mon Jan 28, 2019 9:00 am

this is a gold mine of knowledge.if only people would start slow and small.and move fulltime to side business when its stable.

vaibhavkapoor
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Re: How to build a side business while holding on to your day job.

Post by vaibhavkapoor » Sat Apr 13, 2019 4:58 am

Great information :)

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