How To Grow A Profitable Business When You Can’t Quit Your Job
Almost everyone has a craving to run a business of their own; where they can set their own time, delegate tasks as they wish, have full control of the income generated from both their efforts and team’s efforts, and more. But quitting their day job to take on their entrepreneurial dreams can be almost impossible, because of the popular fear of the unknown.
When you’re starting a small business but quitting your job is not an option, the way you handle the venture has to be executed in exceptional ways, so your business can grow to a less financially threatening enterprise you can comfortably quit your job to focus on.
If you want to grow a profitable business but can’t afford to quit your job, here are 7 things you must know:
1). Focus On Proven Revenue Streams:
Rather than placing your focus on offering multiple services and trying out different business ideas, identify a lucrative business where your core talents & strengths can be easily used, and focus a lot of your energy on it.
By placing your side business interests on selling products or offering services that are both lucrative and can easily be executed by you and your team, your startup would grow faster than anticipated.
Remember: Know your core strength & focus on it.
2). Hire The Right People:
The people who work with you in growing your business will ultimately determine how far it will go.
Hiring the right set of people is one of the most important things to consider when starting up or running a business. If you intend to have partners and not just employees, make sure you team up with people who are darn good at what they do.
Compromising on great hiring standards just to cut costs can cost your business greatly down the line. This is especially important since you’re growing a side business without trying to quit your job.
Ultimately having the right set of people behind your small business will trigger an accelerated growth.
3). Reduce Your Risks:
Since you’re starting a side business with little to no capital, taking unnecessary risks must be avoided by all means.
While risks may be an integral part of starting and running a business, managing them will keep you off the “bankrupt” radar for a long time.
Mitigating risks involves reviewing every purchase you make for your business, investing your revenues in proven sources, growing your workforce only when it’s absolutely crucial you must, and taking extra caution to scrutinize unbelievable business deals.
By reducing your risks, your side business will experience better and safer growth.
4). Plan Ahead:
Plan all the way to the end in almost everything you do. While your plans may not unfold the way you expect, with every gridlock you face, you’d readjust your strategy and continue moving forward.
By planning every single business move, you anticipate the next step, prepare for unforeseen challenges, and get strongly grounded and secure for growth.
5). Be Willing To Adapt To Change:
Change is inevitable. A new government policy may affect the way your business operates. A new change in routine at work could affect the time you have for your business, and many other unfortunate factors.
By being highly adaptable, your side business can easily adjust to changing circumstances in your work and economic life.
If flexibility is going to be a large problem for you, then you’re better off focusing 100% of your efforts on pursuing a successful career in the corporate world.
6). Attend Industry Events:
Networking events in the industry your business is focused on (and related industries) will expose you to a wide network of industry experts, potential clients, and a vast knowledge of present and future trends.
By constantly attending events majorly hosted on the weekends (since you work during the week days), you’d expose yourself to more opportunities as you meet more people and build your network.
7). Stay In Contact With Your Team Members Via Social Media:
Staying in contact with your team members when you’re at your office job is very important. You could create a Facebook or WhatsApp group everyone is going to be a member of and report their daily activities to. Or you could just use Slack.
By staying in contact with your team members during the day, you’re making them know you’re very much an integral part of the business, care about the business’ growth, and is concerned about the input each member of the team is putting towards the progress of the business.
What are your thoughts on these 7 ways to grow a profitable business when you can’t quit your job? Let me know by leaving a comment below.
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