This is great advice Rob - Number 2 especially struck a chord with me, as so many people start up a business without checking their contract which often says they're not allowed, or need permission, or worse, that anything they create might belong to that company! Really good article.
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Ok, I also started my first business while still working in corporate. It was not easy. But, it was worth it. I had to cut down on some other "social" time, but it was all worth it. I ended up quitting my job just under 6 months later, and moved to Latin America to baseline expenses as I got things underway. Well said, Rob. Don't make it a hobby. Treat yourself as your #1 client. Value the crap out of your time (make those nights and weekends count), and get to work!
Loved #6! Great advice on the best places to invest your money before you think about quitting your job. I find the many choices out there overwhelming, but your list makes perfect sense!
Great tips Rob. Never thought I'd read about Mike Tyson and business plans in the same article. And clever use of his quote "Everybody has a plan until they get punched in the mouth." LOL. When can I get a copy of your book?
Thanks Ellen. It's sad when you see people in disputes with their former employer. It's not that hard to separate the startup intellectual property, but you have to make sure it gets done.
Nicki- I think about the possible investments just like I think about my time- what small investments will have the biggest returns.
Helen- Thanks. My book will be out mid-year. In my case, I'm working full time, and working on my book and my side business, so it's taking a little longer. Not complaining! I wouldn't have it any other way.
I like having the Legal Ducks in a Row, it would be disastrous to have your brand brought down for careless mistakes. Good read.
As an entrepreneur with several successful business start ups under my belt, your advice is right on target! Wish I'd read this before I learned things the hard way!
Hi Rob, The Mike Tyson quote made me laugh out loud. So true! And I was pleased to see you recommend the one-page Business Model Canvas. It's a fantastic tool that completely helped me to be laser focused. Much more so than the traditional business plan model. Right on!
Great article Rob. You make really solid points. I have another perspective on business plans. What is valuable about them is not the finished plan, it's the research process you go through to create a finished plan. This process adds invaluable intelligence that helps you build a better startup. Sure through away the finished plan, but don't throw away the process.
As I embark on my new business, finding the time to do the work is a real challenge. With a toddler in the house, the only quiet time I can get any real work done is when everyone's gone to sleep. So, I definitely know what it means to make my nights count. The difficulty has been deciding what to put on the back burner which, for me, leads to analysis paralysis. What finally helped me to get unstuck is a quote which said that "if you procrastinate, you haven't sold yourself on it yet." A lightbulb went off. I was stuck because I wasn't totally convinced of a particular idea or course of action. It's a sign that I needed to do something different. But once I got clarity on my ideas, I became much more productive and energized. And it wasn't such a struggle anymore to stay up every night until 2 a.m. to get the work done.
Susan- Thanks. I agree the process is valuable. I am trying to highlight that there is an easier way to get going on that research that hopefully won't be as daunting to a first time entrepreneur.
Jeanne- Good luck on your new business. Tricks to get "unstuck" are worth their weight in gold.
What useful information Rob. I have a hard time deciding what point is my favourite, so I won't bother. Just know that I'll be looking for more from you!
Thank you for this useful and well-written post Rob. My takeaway: Practice patience and persistence. :)
Very useful information. I am just preparing my business plan and setting up goals for my startup. Parallel, I am developing my product to enter into the market perhaps by collaborating with near and dear friends and organizations. Expecting more articles from you in this line to educate my self. Its a very tough to continue the day job and working on my plans during nights and weekends without getting disturbed from personal life from my children and wife. But I am strong on my determination.
This is an awesome article Rob! I am currently in the middle of building my business while still working a corporate job, so I know all about the late nights. I love the idea of creating a one page document instead of a full blown business plan. I will be checking out Lean Canvas shortly. Keep up the great work !
Srinivas- Thank you. Best of luck to you. Your determination will be a big factor in your success!
Steven- Congrats on starting and building your side business. Best of luck to you. I'm going to do a post soon on a 1 page business plan.
Thank you so much for the great article! I thought you might enjoy this post we recently wrote about how to find time for your business when you are working full time!
The first point made me smile. So true. Sometimes a business plan, no matter how well-written it is, will have to be thrown out the window the moment something changes. And change is the only constant in this world.
Rebecca- Thanks for your comment. Yes change is certain and that's why I think "business plans" should really be about documenting and testing your assumptions. In my opinion, everything else (market size, detailed projections) is just noise until you validate some of those assumptions.
Steven- here is the link to my free 1 page business plan guide http://www.startlaunchgrow.com/1-page-business-plan
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Eisenhower said, "In war, plans are meaningless. But planning is indespensible."
Awesome and close to practicalities every startup faces
How to run multiple business along with a full time job.
Thank you Mr Rob,am a Kenyan guy recently working in Mombasa town.I prepared my business plan while undertaking my diploma course,much honour for reminding me where my actual business life could begin.
Hi Rob, I have couple of questions regarding the process of starting up a company while working as a full time employee. 1. How can I register the company, .com domain, etc... when I am working with a employer which has strict rules about not doing when I am in this firm? 2. How can I really develop a MVP and take it to customers to analyse the idea, if it is working, can I continue to accept the revenues even when I am working? Again, where to accept the payments? 3. What if all co-founders are working employees and want to startup a company/business? Basically, we want to start a company, when working with another employee, try our idea in the market, if it is working well, accept some revenue, quit our jobs when we have good business with our idea. Could you please suggest the best ways/options that we can follow in this situation.
Hello sir thanks for the guide us I am new here and started a blog for home base income this article give me new energy such a great and educational post
I am a Registered Nurse of 11 years with a Lean Six Sigma Black Belt. Most of my process improvement experience is within the Emergency Department and I would like to start a consulting business on the side. How would you recommend I begin this journey?
Hey Jeanne, you have some awesome experience! You can totally make that a full time consulting business. You need to make a list of all the hospitals and emergency centers within 1 hour of where you live. And then one by one talk to the hospital administrators or director and tell them how they can save more money, more lives, and increase capacity...etc with your help. Hospitals are always looking to cut costs and if you are able to save them money then your contract would pay itself. It will be a slow roll to get started but if you talk to enough hospitals eventually they will start saying yes.
This is such a good article. We also have some ideas on how to start a business
Very useful tips, these points are always helpful in order to starting a startup. Thanks for sharing.
Thanks for checking out the article!
This is the best thing I've ever read on the internet yet about starting whilst in full time employment. Down to earth and to the point. Saved in my favourites! This has given me the kick up the backside I needed. Much appreciated (:
Hey Rosie that's awesome! I love it and thanks for reading. If you ever need anything make sure to reach out :)
i think you could always register your domain in a different name (with a potential partner of your who need not necessarily from your line of business) till you gain a momentum on the ground.
Thanks for the tip Samy!
Should I focus towards registering my company and other stuff or just start with my business and register later. And if later then when?
Depends on where in the world you're located because laws are different in every country. But remember one thing, if you don't have customers you don't have a business. So I would suggest getting customers first and then once you have a business that make money, register your company.
Hi Rob, I a Citizen of Kenya living in Nairobi and I have been Struggling with the Idea of setting a Company to Manufacture TV Aerials. Despite my efforts to reach out both at Home and beyond to seek Funding, I haven't succeeded due to factors such as Not having Registered my Business , Lack of Assets for Security and my Country Kenya not being Covered in the Network of the Global Funding Platforms. The Few Aerials that I have so far made Manually and brought into the Market have served exceptionally well. Please advice me on how I can Turn my Idea into Reality because I don't have a Penny in Savings. Simon Ojiambo.
Great tips, thanks! I especially liked the part about testing your idea. I know about this firsthand, as I do business on Amazon. I have 3 years of experience, so I know that this business has its own nuances. For example, one of my tips for getting started is to join the Amazon community to get relevant and current news. That tip can be helpful for all types of businesses, I guess!