How To Grow Your Business Full Time
In the majority of cases, home businesses start small. It is rare to read of entrepreneurs who had the confidence to quit their job and start a brand new business from scratch. Where people have taken that approach and succeeded, they have mostly been very lucky fools!
The truth is that starting a business will always be a tentative, gradual process, and thatâ€™s why so many of us start on a part-time basis. If you can get your business off the ground while holding down a full-time or part-time day job, you can confidently explore the options available to you while maintaining a regular income.
But most of us aim to turn our home businesses into full-time careers. So when is the right time to make the leap and grow your business full time? What should you do before you put everything into your business? Read on to find out!
Use Natural Business Growth As Your Cue
The first and most important thing to remember as you work from part-time to full-time business is that you donâ€™t get to decide when it happens! Until your business tells you that it needs you full time, you should continue to remain in the sphere of employment if you want any kind of financial security.
But, gradually, your business will make its requirements known.
Usually, this comes in the form of impossible working demands. Do you find that the hours it takes to run your business are increasingly eating into your sleep? If you are running out of time to balance your day job or parenting duties with your business, something will have to give.
Donâ€™t start searching for signs that you can go full time. Wait for your business to come to you.
The Importance Of Financial Planning
If your business has started to tell you that it might be time to stop your day job, it is time to look at the financial implications.
Ask yourself the following questions:
- How much money do I need each month? (Rent, travel, food, bills)
- How much money has my business brought in over the past six months? Is this enough?
- What do I have to gain by investing more time? Are there opportunities I could take advantage of, and how much revenue would they bring in?
Many of the issues surrounding the transition from part-time to full-time business will be covered in your business plan. If you havenâ€™t already taken the time to put a solid business plan together, now is the perfect opportunity! For some help getting started, be sure to read our guide, How Do I WriteÂ A Business Plan?
Can You Support Your Family In The Transition Period?
Ideally, you will already be in a position to support yourself and your family financially through your business. Making the leap from part time to full time would not have an impact on revenue immediately, but it will improve your lifestyle by giving you more time to manage your company.
Of course, things change unexpectedly. What if all your customers disappeared tomorrow? What if you get sick and canâ€™t work for a month?
The boring answer is the most accurate â€“ you need to save some money before you make your home business your sole source of income. According to a great blog post by Naomi Jane Johnson, six months of expenses is a good place to start.
I would agree wholeheartedly.
How Do You Know When To Make The Leap?
A lot of people have asked me how they will really know when it is time to move from part-time business to full time. Many people also reach out to business mentoring services to get independent advice from experienced entrepreneurs.
A great place to find local mentors in your sector is MentorsMe.co.uk, which provides an extensive searchable database of people that are waiting to help you. You could also ask for advice on a forum, such as the active UK Business Forums. However, the honest answer is that you will never know when the time is right.
In todayâ€™s economic climate, itâ€™s interesting to read of so many entrepreneurs who started their businesses after they were made redundant. Crucially, they didnâ€™t have a choice â€“ they didnâ€™t make the leap, they were pushed.
There will never be a good day to risk giving up your employment for your business. There will never be absolute certainty.
But by putting some money aside and taking an honest look at your business as it stands, you can make the most informed decision possible.