For many people the risk of starting their own business may stall their attempts – But there is another approach that sees many people start small and grow. For such people working full-time while spending the rest of their time developing their business does work. Really it’s a logical next step from developing an initial business idea which probably developed over days at work and working out the details in the evenings and weekends. By taking this start small approach it allows the business to be almost self-funding and takes away many of the risks associated with launching a brand new business. This model does make economic sense as well – big companies like Apple may introduce brand new products to the market, but they don’t stop doing what they are doing while doing this.
This approach will not suit all business types and there are downsides. One being that unless you are very focused and organised over a period of time it can be just all too exhausting to run a job and work for yourself part time. But then getting a small business started is going to be hard work. The main problem is not to lose focus or under commit on your business during this fledgling period. Having a game plan of “triggers” that build your business can help. An example would be that you set a trigger target of XX sales, which could be revenue or number of products. At this “trigger” point you will do something specific – maybe move from working five days a week to four, or employ someone part-time to do some of the work you are currently doing. These “thresholds” can ensure you recognise the progress you are making as well as ensure your business is progressing and not going to remain just a profitable hobby or part-time micro business.
And there are benefits to this start small approach – it allows a business market entry while the business is still small and flexible enough to change and adapt. Also if you work in the same industry full-time it is providing much wider business exposure and experience then you would otherwise be able to gain. Many creative businesses can benefit from this route. So for people looking to start out on their own maybe this slow start model is the way to go.