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17 Steps To Start Your Own Business Even If You’re Working Full Time

17 Steps To Start Your Own Business Even If You’re Working Full Time

Don’t let a 40 hour week working life put your dreams on hold – every spare hour is an opportunity to get your own business up and running. Starting up a company whilst being employed eliminates a lot of pressure, and removes risk.

Follow these steps and begin your journey to being boss of your own successful business.

1. Establish your passion

Has a business idea been brewing inside you for a while now? Buy a new notebook and write it down. Voila! You’ve just made the first step in making this idea become a reality.

2. Set your mission

Establishing your vision is a simple next step, it gives your business focus. Writing a mission statement is about your planned impact on your customers and society; whilst establishing your vision is about where your business is going. Both are integral to starting your own business.

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3. Evaluate your lifestyle

Next, assess when you can work on your own business. Note down your working hours and any other commitments you may have – kids and family time, hobbies you just can’t live without, and it will soon become clear where there are gaps for your new business working hours will fit.

4. Embrace the digital age

Mobile technology makes working on the go a breeze. Utilize that dead time on the bus to work, or that lunch hour normally spent at your desk watching YouTube videos! That said, do not be tempted to disrespect your current employer by working on your new business during paid hours – remember this job is paying your bills.

5. Make cuts

Cutting 3 hours of evening television down to 1 may sound scary at first, but just like anything in life, it will just become habit. Would you rather watch that episode of Breaking Bad for the fifth time, or work on making your business dream a reality?

6. Do what you love

Okay, so we know that’s very cliché, but if you truly are following your passion, your new business adventure won’t feel like work at all, and making the aforementioned cuts will be easy.

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7. Consider a friend

Just like having a gym-buddy to motivate you and keep you on track, inviting a friend along at this start-up stage could not only offer much needed encouragement and ensure you’re committed, but could even bring new ideas and skills to the table. Definitely one to consider.

8. Know how

You’ve set out the ‘What’, the ‘When’, the ‘Why’, and the ‘Who’; now to establish the ‘How’. This should include immediate next steps, mid-term goals and long term plans. Write it all out, and add as much detail as possible. This will make a great guide to come back to.

9. Set realistic goals

When setting targets for your business it pays to remember you are doing this alongside your current role. Your goals should be achievable as long as you are aware they’re going to take longer than if you were working on your business full time.

10. Play on your skills

Start with an advantage – your own experience, your skills and your passion are your advantage. If marketing is second nature to you, be sure to utilize your talents. Reflect on the expertise gained in your current role which could be invaluable too.

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11. Do your research

When playing on your skills, be sure not to be over confident and make assumptions which could later turn out to be costly mistakes. Always research your new business’ field, industry challenges, current trends and best practices.

12. Work on your weaknesses

Even if you consider yourself a Jack-of-all-trades, you will have a weaker area. Consider taking an evening course to learn a new skill, or just brush up on existing skills.

13. Measure & Monitor

You’re working away at your business, you’ve mastered being on top of the accounts, and maybe even achieved some of your initial goals. But don’t carry on blind. Gain insight into your business with statistics, and use the data to assess strategic performance. This will help you define next steps.

14. Use your annual leave

So you’ve set the ball rolling with evenings and weekends spent getting your business off the ground. Now consider dedicating some extra days to give your business venture a push. Use a day or two of annual leave from your current job each month to really work on achieving a goal for your new business. Establishing an achievable target ahead of the day off will ensure you don’t just treat it as a day of holiday!

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15. Stay inspired by others

You are not the first to start up a business while working full time and juggling other commitments, and you won’t be the last. Read up on what others are doing, and learn from their mistakes.

16. Take the plunge

They say when you know, you know. There will come a time when you take that daunting first step and cut the ties of employment. Be savvy and risk-adverse – be sure you have a fall back plan and savings in place. Make sure you have a plan in place for not only the first few weeks of taking your business full time, but also the months that follow.

17. Keep the momentum going

You’ve done so well to get to a point where you can quit your day job. Starting a business whilst working full-time is no mean feat and you’re on the way to becoming the entrepreneur you’ve always dreamed of! Be sure not to drop the ball, keep the momentum going and work hard. You are a success!

Featured photo credit: David Mulder via flickr.com

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Last Updated on December 5, 2018

How to Lead a Team More Effectively and Be a True Leader at Work

How to Lead a Team More Effectively and Be a True Leader at Work

Being an efficient manager and a charismatic boss at the same time can seem like an impossible task. Is there a way to deliver the desired results for your business while remaining liked and respected by your staff?

We all know bad examples of team leaders who seem to fail at one aspect or the other, or even at both. But we’ve also heard of awesome managers who seem to juggle both things well enough.

How do they do it?

By sticking to few proven ways that let them maintain a positive karma score while remaining efficient. In this article, we’ll guide you through 11 smart management tips on how to lead a team and become something more than a boss – a leader.

1. Find a Management Strategy and Stick to It

There’s nothing worse than a boss that keeps changing his or her opinions and assignments depending on their mood or a book they read this week. Chaotic decisions increase the insecurity and frustration of your team, so you better find your strategy and stick to it.

If you do find some new methods you want your staff to follow, make sure they don’t contradict the general direction you are taking. Otherwise, you risk making your team take one step forward and two steps back.

2. Set Goals​ and Track Progress in Reaching Them

Set individual and collective goals​ for your team and track the progress in reaching them. This might sound obvious at first, but too often we find ourselves stuck between daily customer requests and monthly reports, and the bigger goal or vision seems to fade away.

According to Elon Musk (and many other successful CEOs around the Globe), it’s crucial to have a clear and motivating aim to where the company is heading. His aim for the space transportation company SpaceX is “to make humankind a multi-planetary species”.[1] That’s a huge goal but the company is slowly moving closer to it by reaching smaller steps and milestones, like launching self-landing rockets. This is also a very inspiring and meaningful goal that helps employees endure the company’s extremely high expectations and 60 to 70-hour work weeks.[2]

Even if your goals are not as grand, setting and reaching milestones will give you a clear insight into the team’s overall efficiency and daily progress. With time, you will be able to see the weak spots and improve your results.​

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3. Demand Learning from Your Team

CEO of print on demand startup Printful, Davis Siksnans, believes that:[3]

“The key for a company going through rapid growth is to empower your employees’ self-development.”

His company with 500 employees spanning two continents demands a culture of learning and provides all the tools necessary to do it.

Their idea is –  as the company scales, people have to grow in their positions too, which means that they have to be constantly learning. Siksnans says:

“We try to hire people for what they might become, but they need to have that drive.“

Alternatively, you can provide educational courses for your employees or invite informal lecturers to educate and inspire your team. You can also encourage peer-to-peer learning by asking employees to teach their particular experience or skill to co-workers.

4. Invest in a Pleasant Work Environment

Studies show that a well-designed office environment can increase your team’s overall performance by as much as 20%. You’ll be surprised to see that even very small interior tweaks that don’t require major investments can improve your workers’ performance.

Some ideas for a more productive and pleasing work environment:

  • Invest in modern furniture – offer ergonomic chairs, standing desks, and individually arranged workplaces​.
  • Start an in-house library – reading for pleasure just 30 minutes a day is proven to be enough to become more effective at work,[4] improve focus, and deal with problems like depression and anxiety.​
  • Play jazzy office music – rhythmic background music will help workers feel more energetic and enthusiastic while doing everyday tasks.​
  • Set up entertainment or break rooms – being able to relax and have fun at work creates a strong commitment, helps employees relax and clear their minds, and boosts productivity.​
  • Bring in uplifting office decor – it’s been found that art in the workplace can boost productivity,[5] lower stress, and even encourage employees to innovate.​
  • Decorate the office with live plants for freshness and a welcoming feel. Furthermore, plants are found to ensure better air quality and increase workers’ productivity by 15%.[6]

5. Be Kind and Sincere to Your Team

Did you know that 50% of employees quit because they dislike working with their manager?[7] In fact, most times when people leave their jobs they actually leave their managers. Being friendly and sincere may not be enough to be a successful manager, but it’s a big part of it.

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Some ways to show you appreciate and care for your staff:

  • Celebrate the progress and achievements of your employees. And don’t be shy to simply say thanks.​
  • Talk to your employees regularly and really listen to what they have to say. Address their concerns, help them reach their goals and do your best to improve their work and daily life.
  • If you’re having a bad day, don’t pour out your stress and anger on the staff. Instead, try to recharge yourself by appreciating the achievements of your team and setting the next goals.
  • Try not to overload your team with work. Every company has rush periods when it’s okay to have more work than usual. But remember that people cannot work under prolonged pressure and stress.
  • Don’t be selfish – it can be very demotivating to see that the manager only focuses on what you can do for him and doesn’t care about your goals and well-being.​ As the CEO of Xerox Anne M. Mulcahy put it,[8]

    “Employees who believe that management is concerned about them as a whole person — not just an employee — are more productive, more satisfied, more fulfilled.”

Whenever you are having doubts about your kind attitude, remember – satisfied employees are productive employees which lead to satisfied customers and eventually – success for your company.

6. Offer Flexible Work Hours

The traditional Monday to Friday, 9 to 5 job is beginning to slip away. Increasingly more people are working remotely or having flexible work hours, and we can expect this trend to continue. To adapt to these changing habits and remain competitive in the labor market, more employers are offering the chance to choose your own work hours, work from home or even from another city or country.

Offering flexible hours is a powerful way to inspire your existing staff and give them intrinsic motivation. Why not let your employees choose their preferred working hours while keeping the 8-hour day? For example, night owls are unhappy and unproductive if they have to come to work before 10 AM, while others might prefer to start at 7 and finish earlier.

You can go even farther and hire remote workers – this way you’ll be able to recruit from a global talent pool and even save money on office expenses like desks, stationery, electricity, etc.[9]

7. Track Your Team’s Productive Time

Not monitoring your employees’ progress and efficiency can result in poor performance and slacking. Instead of letting things go with the flow, you should consider installing time-tracking software on your employees’ computers and see who’s doing great and who might need a productivity boost.

But don’t get it wrong – there’s no need to become big brother and watch every step your employees take. If you use the time-tracker as a spying tool, you will only see increasing suspicion and insecurity around you, and your employees’ happiness levels will drop.

On the contrary, choose software that allows employees to mark private time that won’t be tracked. In addition, consider these time-management tactics:

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  • Allow flexible work hours. (see Tip No 6)
  • Encourage breaks – studies show that employees who take regular breaks are more productive than those who don’t.[10]
  • Enable remote work to show your employees that you trust them and that they can work from home or even from another country (if they can maintain sufficient productivity).
  • Consider offering bonuses to your most productive employees (those who show productivity levels above 90 or 95%).

8. Use Only Constructive Criticism

Constructive criticism means offering valid and rational opinions about the work of others, involving both positive comments and remarks about what should be improved. Constructive criticism is usually expressed in a friendly manner rather than an oppositional one.

When you evaluate your team’s work, give them feedback that’s helpful, specific, and sincere. Don’t be shy to praise, but also be direct and even strict when necessary.

9. Don’t Give Special Treatment to Yourself

The boss’s actions are – directly or indirectly – observed by your team. This means that your employees look up to you and often mimic your attitude towards your work and the company – especially if your actions don’t show commitment. Nobody wants to work for a leader who doesn’t go all in or inspire motivation.

What you should do is lead by example. If you expect your employees to arrive at work on time and work 8 hours, do the same yourself. If you want them to show initiative, show it yourself and encourage others to do the same.

Jeff Weiner is the CEO of LinkedIn – a company of 3,000 employees that consistently ranks as one of the best workplaces with a 92 percent employee-approval rating.[11] Weiner’s workdays are reported to be equally long or even longer than those of his employees, allowing him to stay “extremely credible as a leader.”

10. Empower Your Employees

Here’s a common mistake many managers make:

They don’t motivate their staff and assume they simply love to work for their company.​ Such belief can result in painful losses for the company – especially these days when many companies are in desperate need of a reliable workforce.

Instead of directly thinking about bonuses and perks, consider intrinsic motivation. For example, enable flat organization in your team and listen to your employees’ ideas when they come up with opinions and suggestions. Your company might actually benefit a great deal from the feedback, and the unique ideas employees come up with.

You can also start an initiative where employees can freely share or pitch their business ideas to you or the founders of the company. If the idea is accepted by the management, the project can be developed, and the employee can have equity options.

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If people feel they have an impact in the company, they become more motivated, engaged and interested in the company’s growth.

11. Nurture Your Company Culture

Company culture is the personality of a company that defines the overall work environment and relationships between teammates. It also includes company mission, values, ethics, and goals.

Some examples of company cultures are the Horizontal corporate culture (collaborative and equal; popular among startups and free-spirited businesses) and Conventional corporate culture (a more risk-averse and hierarchy-based approach common in traditional companies).

However, you don’t have to stick to pre-existing boxes when creating your corporate culture. You might think of your team as a family, a sports team, or even a hippie camp if it fits your business and purpose. But keep in mind that by the time a company’s size reaches 20 employees, the company culture is set,[12] and any changes will need to be implemented in smaller teams.

Whichever personality you choose for your company, make sure to live by it and nurture it. Some things that might help:

Team building events, relevant books in your office library and proper on-boarding for the new employees to get everyone on the same page from the very beginning.

Be a Leader, Not a Boss

Using the words of Printful’s CEO Davis Siksnans, the ultimate goal is to “Hire great people who don’t have to be managed.”

However, when you do need to demonstrate some initiative and control, act as a leader rather than as a boss.

In other words, don’t be afraid to show the personality behind your role. And keep these 11 tips close to your heart.

Featured photo credit: rawpixel via unsplash.com

Reference

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