How To Balance Entrepreneurship With A Full-Time Job
Balancing a full-time job while starting a business on the side can be challenging, but it's possible with careful planning and time management. Here are some tips to help you navigate this juggling act:
Define Your Business Idea
It's essential to clearly define your business idea, target audience, and objectives to stay focused and make the most of your limited time.
Everything that I need to accomplish daily is written on a scratch pad of notes because I hate the feeling of forgetting things–and as I take more on, the probability of that grows substantially. If it's not written on paper, it's just an idea, not a plan.
Similarly, you need to have a plan when you're building a business. A living document that you can go back to that helps you identify your end goal and vision and keeps you on track.
Set Realistic Goals
When working full-time, be realistic about what you can achieve with your side business. It's critical to set achievable milestones and expectations to avoid burnout.
Building a successful business is a process that takes time and effort. It is not something that can be achieved overnight, in a week, or even in a month. In fact, it might not happen at all, and that's okay. This gives you the opportunity to grow and develop into the person you need to be to help the business thrive. Personally, I have come a long way since I started my first business, and the journey has taught me many valuable lessons that have made me a better person.
Time Management
Create a detailed schedule that includes your full-time job hours, commuting time, and other commitments. Identify pockets of time when you can work on your side business, such as evenings, weekends, or lunch breaks.
While I was working full-time, I made sure to allocate a few hours every night to work on my business goals. If I needed to create a website, I would prioritize it by focusing on acquiring the URL rights one night, and then setting up the website layout on the next. Consistency is key, and small chunks of work ultimately pay off.
Prioritize Tasks & Delegate the Rest
Prioritize tasks based on importance and urgency. Focus on high-impact activities and outsource other tasks. Consider hiring freelancers or delegating tasks to trusted partners or team members.
Although many photographers may disagree with me, I stand by my opinion. I don't do a lot of my own retouching anymore, not because I'm unable to, but because it's not an activity that adds significant value to my goals. Consequently, I prefer to outsource my retouching work to three different retouchers, depending on the complexity of the assignment.
Build a Support System
Seek support from friends and family who can help with household chores or provide emotional support. Having a strong support system is crucial when managing multiple responsibilities.
A few years ago, while speaking at a conference, a woman in the crowd asked me how I would approach running a business if I had children. She was a working mother of 2–3 children, and they were her priority (as they should be). My answer was crude but still holds true. It was something like, "Beyonce has the same 24 hours a day that you do and finds a way to make it work because she can delegate some of that responsibility."
Let me build on that thought. Outside of the financial resources Beyonce has that most of us don't have, the sentiment is still true. She has people around her willing to roll up their sleeves and help. You may not have the means to hire a full-time nanny, but you likely have friends, family, or a significant other who can help you hold the weight of your responsibility as you pursue building your own business. If you have people in your life who you can ask for help, don't be afraid to ask for it.
A close friend of mine encourages her husband to dedicate an hour every day to working on his car because she knows he is passionate about it. During that time, he is left to his own devices to focus on something that brings him genuine joy. He returns to the "real world" feeling fulfilled and ready to reciprocate. For many of us, it may not be a car, but rather working on our business that brings us joy. It's essential to set aside time, set a timer, and commit to it.
Eliminate Time Wasters
Identify and eliminate time-wasting activities from your daily routine. This can include reducing TV or social media time, minimizing non-essential commitments, and streamlining your workflow.
As someone who can easily lose track of time, I realize how quickly I'll find myself lost in the abyss of something unproductive. A friend of mine shared a piece of advice with me that forever changed the way I approached any task. He said, "In order for you to be productive, you have to produce. If you're not producing something, you're not being productive."
Simple concept to grasp, right? The truth is that many of us recongnize that we waste time on social media or in unproductive meetings instead of doing meaningful work, but don't change the behavior. Additionally, we get caught doing busy work, or rather work with little value. Do you really need to be color-grading that photo a fourth time? Are you really going to buy that new lens or is that three-hour hyper fixation pointless because you have the previous generation in your camera bag? Be honest with yourself and trim the fat.
Financial Planning
Create a budget for your personal and side business expenses. Make sure to have a financial safety net for unexpected costs or periods of low profitability.
As a small business owner, unexpected expenses such as equipment breakdowns, licensing and permit fees, taxes, and payment delays can be a concern. It's essential to always have reserve capital available in case things don't go as planned. And believe me, they won't always go as planned.
Take Care of Yourself
It's important to prioritize your physical and mental well-being. Getting enough sleep, exercising regularly, and maintaining a healthy diet are all crucial for maintaining energy and focus.
I no longer take my health for granted. For years, while working on my business, I regularly slept only 2-3 hours a night. After three months of experiencing hives all over my body, I realized my health was not a priority as I focused solely on my business–a valuable lesson that I didn't take lightly.
Do not take your health for granted–physically, mentally, emotionally, and spiritually. Find ways of maintaining those four pillars as you're pursuing your dreams. For me, that looked like not checking emails after a particular hour; after all, there wasn't anything so pressing that couldn't be addressed in the morning. It also looked like prioritizing sleep and delegating low-value items to other people.
Be Patient
Building a business takes time. Be patient with yourself and understand that progress may be slow initially. Celebrate small wins and keep your long-term goals in mind.