Work full time on your job and part time on your business

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A lot of people trying to start a business under estimate how difficult it can be to sell a product or a service. They can also under estimate how long it can take until a business can start generating revenue and make enough of a profit to take a wage.

If you are going to start your first business pick something you enjoy doing, something which requires little financial investment and something you can do part-time. 

It’s important you pick something you enjoy doing and have a passion for. In order to get good at anything it requires a lot of time and effort. In order to put in that time and effort you have to really enjoy what you do (Steve Jobs). You have to find something which rewards you beyond the money. If you don’t, in the long term, you will be unhappy and be unable to put in the effort. Others who enjoy what they do will be much better than you and you will never be able to compete on the same level as them.

Rarely do entrepreneurs succeed on the first try. The foundation of many successful businesses is made of unsuccessful ones. Each unsuccessful venture providing vital lessons and skills to be invested into the next business.  Given that it takes a number of failures until you reach success make sure you do not invest too heavily into your early ventures. Try to minimise your investment to you can try many times if needed.

Try to work on something part-time rather than quitting your job in the hope of future profits. It takes a long time to build a website, longer than most people think. It takes time to establish a reputation so people are willing to buy. It takes time for word of mouth to spread about your new venture so you can make enough money to take a salary. When you plant your seeds it takes time for the crop to grow. It doesn’t happen overnight. It takes a significant amount of time during which you will need an income. So try to start a business you can do part time while keeping your full time job.