HOW TO RUN A BUSINESS ALONGSIDE YOUR DAY JOB
Follow our guide to setting up a business in your spare time
Trudi Savin and Sophie Morton started Yateley Papers alongside their existing work commitments. Emma Jones, Founder of Enterprise Nation, a small business community of over 75,000 people, advises: ‘Starting a business in your spare time is the very best way to start out. I call this working 5 to 9, and it means that you are able to build a business around your day job, studies, or caring responsibilities.’ Here are her top tips on how to be a successful 5-to-9 worker…
Have a plan. ‘Any good business starts with a plan and spare-time businesses are just the same,’ says Emma. ‘Include in the plan your business idea, the market you’re looking to serve and operations required to get started, as well as a cash-flow forecast that can be written up as a basic summary of sales less costs. This will act as your route map and give you and the business a sense of direction.’
Create a dedicated space. ‘You’re most likely to be running the business from home. Corner off space so you can ensure a sense of separation between what’s work and what’s not. When you’re in that defined space, friends and family will know you’re at work, too.’
Make the most of technology. ‘One of the reasons why there has been such a high rise in the number of 5-to-9ers is that advances in technology and social media mean it is perfectly possible to schedule posts and tweets so the business can be working while you’re at work. Use tools such as Hootsuite (hootsuite.com) and Buffer (buffer.com) to schedule your social media posts, and consider having a home on the web through template site providers, such as Squarespace (squarespace. com), Wix (wix.com) and Weebly (weebly.com), where you upload your products and services, and the site providers take care of the technology.’
Focus on what you do best and
outsource the rest. ‘When you work 5 to 9, time is your most precious commodity. Make the most of it by outsourcing elements of the business on which you shouldn’t be spending time. This could be accounts, fulfilment or social media management. Access free calls with accountants through the ICAEW Business Advice Service (icaew. com), look at solutions such as Amazon Fulfilment (amazon.com), and consider joining Enterprise Nation to connect with experts in areas ranging from sales and marketing to IT and web design.’ Tell your boss! ‘If your new business doesn’t conflict with the day job, you might consider telling your boss that you’re working on a new venture in your spare time. In my book Working
5 to 9, I interviewed 60 part-time entrepreneurs, most of whom were starting a business in a different sector to their profession. Their employers saw no conflict and, quite the opposite, benefitted from the new skills their employees picked up, without having to pay for training.’
Go full time (only if and when it’s
right). ‘A question I get asked a lot by 5 to 9ers is: “When is the right time to go full time?” The answer should be influenced by when the company is generating sufficient income for you to feel confident that it can replace your employment earnings and/or when your gut instinct tells you that if you don’t go full time, your business won’t realise its potential. Only you will know when that time comes.’
For more information about Enterprise Nation, visit enterprisenation.com. As well as her book Working 5 to 9, Emma Jones is the author of Spare Room Startup and Go Global (all Harriman House and available from Amazon).
The one lesson we have learned... ‘PATIENCE IS NEEDED! OUR PASSION FOR HANDMADE TAKES TIME, QUALITY TAKES TIME AND PRODUCING A BEAUTIFUL PRODUCT TAKES TIME’