Today, there are many individuals who are optimistic about starting a business, while continuing on job. This article gives you a wider perspective on the topic.
Are you thinking of starting a business while working side by side as a full time employee? Many of us think of doing the same for fast success and 360 degree growth. While there are tremendous challenges, there is also a sense of fulfilment when you start succeeding bit by bit. A new business demands a lot of time and patience too. We will tell you about the pros and cons of becoming an entrepreneur while continuing with your job.
The most vital factor here is security. It involves a lot of risk, leaving your job and suddenly working on starting a new venture. Instead, continuing with the job and side by side doing homework for the business can be done. Franchise model gives plenty of benefits to such entrepreneurs who wish to start off even with little investment and have their full time jobs across different sectors.
Another major factor to be kept in mind is time. When you start off with a new venture and a job, you have less time. All your assignments as an employee might get shifted to weekends and you might be able to perform less as compared to your colleagues. But, you can always make time and try and delegate work or divide it amongst your colleagues to finish it off faster. Here, an expert on the subject matter can also be of great help. A lot of youngsters have now started managing a job and a franchise business at the same time. Speaking on the same, Anil Bhamre, General Manager – Marketing, Racold Thermo Pvt. Ltd says: ‘Yes, today many new entrepreneurs are trying their best to do business/distribution/retail along with jobs by having helping hands. But in today’s world wherein personal attention (relationship building) as well as technology, both go hand in hand, it’s critical for any business man/entrepreneur to ensure enough time is spend by him/her @business place as well. For the businesses where there are strong processes and systems in place and most of distribution is of box pushing plus system operations, two way of handling business is easy and successful. But, in places wherein you need hard core travelling, hand picking and appointing retailers and building relations, it will be very difficult.’
Business options for people who work full time
Web developer/web designer
Online coaching business
Social media manager
Wedding or special photography
Managing on your terms
It is sure that both things together will consume a lot of time. So, every employee must decide upon time devotion for each work very cautiously. Incase you have a 9-5 job, you can always do a little work for your business, after 6 or a quick research for the business during lunch hours can be a brilliant idea. You can go to the market to study or make a call or two to the experts for right guidance on the franchise business that you are starting. You should always refrain from running your own company during office timings. Kaustabh Chakraborty, Sr. VP - Customer Operations & Retail, Urban Ladder comments: ‘It's a very exciting thing to do for youngsters. The only thing to keep in mind is that the individual has to think of the franchise business as their own business and not compromise on what job he/she is doing. They have to look at growing the business and strike a balance for themselves in order for it to be a practical initiative.’
Which franchise model suits you?
A franchise business has a lot of models. You have to decide which one is best suited for you when you will always have lack of time. Incase you have less investment for a start; a kiosk model or a food truck/ van will be best for you. You can hire a person to manage it for you and you can this way perform well at the job too. When you have bigger investment and more time, you can go in for a proper store launch. A bigger franchise store will demand more time, energy and attention from your side.
So, if you have entrepreneurial skill and knack, you will always know how to make the best of the available time and resources. Plan each day well in advance, work very hard and enjoy the benefits of both your job and sprouting business.