How to Be Self Employed While Working 9-to-5 – Part 2

Are you ready to make the jump from your day job to a business of your own? The second part of our guide outlines four steps to help you get your new venture off the ground. 

How to Be Self-Employed in 4 Steps

1. Know what your manager thinks while planning to become self-employed.

Having a self-employment business on the side of a full-time job is a lot of work. It takes a lot to balance all the responsibilities and still produce good work. While you’re still at your full-time job, it’s important to understand what boundaries your employer has regarding outside work.

Some companies require you to sign an agreement that you won’t work on outside work that could be a conflict of interest. Sometimes this agreement may include rules about the equipment they lend you (like a laptop, extra monitor, company cellphone, etc.) and not using it for personal use.

Even if you don’t plan on leaving for a while, it’s smart to check those details now. If you’re not clear on what your employer requires, we recommend checking with a lawyer for legal counsel and advice.

2. Make sure you’re protected while becoming self-employed.

One thing that you may not have thought about when it comes to how to be self-employed is preparing to fund and protect your business. 

Funding your new business.

Every business is different. As a writer, I just needed a computer. But if you own a landscaping company, barber shop, or you work in farming, for example, you’ll need equipment. Consider what is and isn’t necessary for you to run your business. If there’s something that you don’t really need and can cut, consider making the sacrifice. After all, you can always reconsider using that item or service again later on in your business journey

Once you do that, map out how much money you need to get started. This may be a bit different if you’re becoming self-employed by yourself versus if you have a family or any dependents.

If you do have a family, I suggest discussing this with them, because it will impact them, too. Be sure to include any rent, utilities, and other monthly expenses you have (like life insurance or a medical bill payment).

Be detailed about your financing needs and make a plan for obtaining funding if you think you’ll need it. You may think you won’t need funding until later, when your business has grown more. But it’s a good idea to look into funding now. We suggest you consider researching what loan may be best for your business now, because the application process can take some time, depending on the type of loan.

Protecting your new business.

Speaking of risk, it would be risky to get farther down your path without doing what you can to protect your business upfront. If you can’t tell already, you’re about to spend a lot of time, energy, and money. And other than the latter, you likely can’t get a lot of that back.

A great way to protect your business and all the work you put into it is to invest in business insurance. It may seem like too much to bother with for a new business, but getting coverage is easier before you need it.

Since each business is different, we can help you find the right self-employment insurance policy that works for you and your business. You can compare quotes from top carriers in the nation by using our free quote comparison tool. But if you’d rather talk to a human, you can call to speak to a licensed insurance agent at 844-654-7658.

3. Begin your self-employment work now, whether it be a service or building a product.

Your business can’t succeed without something to sell. I’ve seen too many startups trying to sell a product that isn’t yet built. You may have, too—a business may promise what a product or service will look like in the future, before it’s been tested or a prototype is created

It doesn’t usually work. You need something to show potential customers, even if it isn’t your final version. In the business world, this is called the Minimum Viable Product (MVP), meaning that it’s what you have that can be sold right now.

If you want to open a store or will be selling a specific type of product, the process may be longer for you. And that’s OK—because you still have your full-time job supporting you financially.

Even though I had years of experience writing, I still thought through exactly what type of writing I would offer and how much it would cost. I created “packages” of my services that potential clients could sign up to hire me for.

It’s a good time to begin thinking about how to get your product up and running quickly, while you’re still working your 9-to-5 job and have a steady paycheck.

4. Promote your business along the way.

Don’t be afraid of promoting your idea or skill while you still have your 9-to-5 job. One of the first ways to promote your business is to create a website. It doesn’t need to be fancy right now (kind of like your minimum viable product). You simply need a place to tell potential customers what you do and how to get in touch with you.

Having an online presence pays off—72% of consumers¹ search for a business online before visiting their store. You can commit to having a presence on one or two social media platforms; you don’t need to do it all.

There are website platforms out there like WordPress² (note that the .com is different from the .org—you want the former), or Wix³ that make it easy to get started. Each has different templates that you can use to easily build your website, without being a skilled developer or designer. And once you’re up and running, be sure to check out our guide to website Dos and Don’ts to make sure your site is following best practices.

When it comes to social media, there are tools out there like Sprout Social⁴ and Buffer⁵ that help you schedule social media posts ahead of time. I suggest taking time on your off hours from your full time job to schedule social media posts for your side business.

Finally, promote your business in person. Whether it’s at farmers’ markets, conferences, or other community events, meeting people in person can help kick off word-of-mouth marketing, which is one of the strongest ways out there.

Take the Leap by Becoming Self-Employed—There’s Never a Perfect Time.

Owning a business isn’t for the faint of heart, and there is risk involved. Eventually, you’ll just have to take the leap.

As a fellow business owner who struggled thinking of how to be self-employed for far too long, I’ll tell you: I wish I had made the leap earlier. It’s satisfying to develop my own product, choose my customers, and grow my company on my own terms.

I’ve also never worked harder. I’m more motivated, energized, and excited when I go to work. When I wrap a project with a client and am able to deliver work I’m proud of—that feeling is entirely worth it.

References:

1. https://blog.hubspot.com/marketing/local-seo-stats ↩︎
2. https://wordpress.com/ ↩︎
3. https://www.wix.com/ ↩︎
4. https://sproutsocial.com/ ↩︎
5. https://buffer.com/ ↩︎