"Dear Rebecca,

I am caught in a very typical new business situation. I am working part time, while I try to get my new business going and I am exhausted trying to do both, but need to pay the bills and don’t want to give up on my dream.

I also want to expand my business to make more money but this will take capital I don’t have right now because of the investment I made to start things. I love my business but often I feel like giving up and going back into the workplace, it’s like I am going backwards some days. What do you suggest?" - Emma, Byron Bay.

Rebecca says…

When working hard to establish a new business the volume of tasks to juggle can certainly be overwhelming. As a result it is common for start up business owners to consider going back to a ‘normal job’ to obtain greater financial security and stability in their lives. It is a conundrum that can be mastered; Rebecca Wells – a business owner, founder of ‘Ask Rebecca How…’ and a Career Coach – offers five tips to help you skillfully manage this challenge.

Tip 1 – Bounce back

Staying motivated and maintaining momentum, whilst juggling a part-time job with your business, takes some special skills. Those who succeed have resilience, persistence, clarity as to how their life will improve as a result of pursuing their small business goal and an infinite belief in the brilliance of their product or service.

It is inevitable that you will encounter setbacks; how you choose to respond to these challenges will define whether or not your business flies.

In my mind there is no such thing as ‘failure’ – there are only ‘successes’ and ‘learnings’. Keep a log of your successes and every month celebrate all that you have achieved. Take anything that didn’t work as well as you’d planned in good spirits. Learn from these experiences and ask yourself what you could do differently next time to be more successful.

Building a business is one of the most creative activities on the planet and you will learn organically, which is half the fun!

Tip 2 – Become clear on where you’re going

Juggling a part-time job with your business takes some planning and a simple concurrent strategy, written all on one page, could be really useful.

Create a 12-column spreadsheet to reflect a 12 month plan. Mark the first row as ‘business’ and the second row as ‘job’.

Think about what your milestones, goal completion and launch dates are for both your business and job. For ‘business’ these milestones might include: completing your marketing plan; executing elements on your marketing plan; networking goals; completing tax returns; investment goals; expansion goals (if relevant to the next 12 months). Plot these key dates into your plan.

For ‘job’ your milestones might include: going down to a 2 day week; going to a 1 day week; saving a particular monthly income.

Now for both ‘business’ and ‘job’, work backwards on your plan and decide on the actions you need to take to achieve each individual goal and milestone. Write those actions into your plan too against the relevant month.

You will end up with two rows full of inspiring deadlines, goals and milestones and clarity of all the steps you need to take to achieve them.

Print your plan and attach it to a pin-board in your office to keep you focused and on track. Review your progress regularly.

Tip 3- Focus on first things first

Entrepreneurs are by their nature visionary. To drive your business forwards this is vital but there is a downside: if you are constantly brainstorming and exploring new ideas it may also mean you never knuckle down to execute any of them!

One of the most useful bits of equipment you can own is a notebook. Take it everywhere, jotting all your ideas down as they come to you. Keeping a log of all your ideas clears your mind and will not only help you sleep more deeply, it will give you the ability to focus all your energies on just one or two things at once.

If you have a lot of make sure you prioritise them. Work on the first task until it’s completed – then, and only then, action the second item on your list.

Tip 4 – Know your finances

When juggling part-time work with a business it is easy to be tripped up by your finances. Cash flow is one of the most debilitating factors in a business and it’s vital you stay on top of yours.

If you haven’t already it’s essential to know what your current financial outgoings and incomings are. Know your monthly incomings from your job and business. Balance this against your overheads: your rents, mortgages, loans, bills, memberships, marketing budget, expenses, travel and if you’ve any cash left over, your social budget too!

Tip 5 – Look after yourself

Small business owners are known to put incredible pressures on themselves to make things happen. Although this is part of the reason many succeed, without their health it is near impossible for them to deliver their best work.

Set yourself some boundaries and stick to them. Here are some examples:

a) At 6.30pm I stop working to make dinner and relax
b) I do yoga 3 times a week no matter what
c) I never work on Sundays

Taking that precious time out is not only important to nurture yourself, it will also ensure your working time is far more productive!

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Rebecca Wells has a private Career Coaching practice in Sydney and is also the founder of ‘Ask Rebecca How…’, which enables professional women to connect over breakfast; explore and set meaningful personal and professional goals; and hold one another accountable. You can call Rebecca on (02) 9130 1498 or visit her excellent website www.AskRebeccaHow.com

By Rebecca Wells on Thursday, May 6, 2010 and filed under 'Money and Work' | (0)