How to Start a Business Without Quitting Your Job
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Summary
- If you're aiming to start a business while keeping your day job, ensure you live below your means to have extra cash flow to invest in your new venture.
- Leverage your current job's income to support your business in its early stages when it's not yet profitable.
- Enter an industry where you already possess experience to give yourself a head start and minimize the learning curve.
- For example, mechanics can capitalize on their years of experience to open their own shop, leveraging skillsets that are directly transferrable to their new business.
- In my case, choosing to start a business in the fitness industry made sense because I was already passionate about fitness and understood the product aspect, which was getting people in shape.
- Prioritize the reduction of unknowns in your business endeavor by focusing on what you can control and using your background knowledge to minimize the potential for unexpected challenges.
Video
How To Take Action
I would suggest starting your side business while you keep your regular job. Make sure you're saving money from your day job to fund your new business. It's smart to have this extra cash because your new business might not make money at first.
A good way of doing this is to use what you already know. Pick a business where you have experience. This could mean, if you're great at fixing cars after years of being a mechanic, you might open your own repair shop. You'd have a big advantage because you already know a lot about cars.
If you're passionate about something, like I was about fitness, starting a business in that area makes a lot of sense. You'll know about the product – for me it was getting people fit. So, you can focus more on learning the business side.
Lastly, try to figure out what you don't know. By focusing on what you can control and using what you already understand, you can avoid many surprises. Cut down on the unknowns as much as you can. This will help you make your business work and not fail. So, break it down:
- Save more than you spend from your job to fund your side business.
- Choose a business that fits your background to make a smooth start.
- Use your passion to guide your business choice – know your product well.
- Plan for what you can control and learn about the business to lower risks.
This way, you turn your knowledge and passion into a business with less chance of things going wrong.
Quotes
"if you want to start a business there's lots of ways to start without quitting a job"
– Alex Hormozi
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"if I have a steady stream of income and I live below my means I'll have cash flow from my 40-hour week job so I can put that cash flow towards my other 40-hour week job that doesn't pay me yet which is my new business"
– Alex Hormozi
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"the likel that you'd be okay or at least at a head start of starting your own mechanic shop or an independent contractor it's probably pretty high"
– Alex Hormozi
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"if I can at least control for as many of the ones that I know about then I increase the likely that I don't suck"
– Alex Hormozi
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"I picked Fitness cuz I was already into fitness and so I felt of the controllables I at least knew the product side"
– Alex Hormozi
