I am sure you’ve heard that the fastest way to build wealth is to start a part time business.
The obstacle most people who desire to own a business face is: how to start a part time business while simultaneously keeping a day job.
I had the same problem until ten years ago…when I decided to start my part time business.
I worked full time as a hospital doctor in training. I worked various shifts during the week and on weekends. I was away from my family most of the time. In addition to my job, I also had to prepare for regular medical exams.
When I decided to start my own part-time business, I must admit it was a scary experience because of my busy schedule. At the same time, I had bills and other financial obligations to fulfill at the end of each month.
Nevertheless, I committed to doing whatever it took to start a part time business from the get-go.
There are several steps I took that I believe contributed to the success of my part time business at the same time that I held a 9-5 job.
Becoming a part time business owner
I decided not to quit my job at the start-up phase of my business. Instead, I chose to be a chicken entrepreneur.
I decided to become a chicken entrepreneur because of my previous experience with starting my first business.
You see when I was younger and had ideas about starting a business…
I used to think that an entrepreneur was someone who quit his day job… put all his savings into a business …then, after many trials and errors, became wealthy.
I quickly realized that my Hollywood-inspired myth about starting a business was more fantasy than the truth.
I can tell you both from experience and observation that you don’t have to take uncalled-for risks to start a successful business.
Become a chicken entrepreneur
What you need to do is become a chicken entrepreneur.
Bestselling author and business expert Michael Masterson define
a chicken entrepreneur is somebody who keeps his day job while he gets his ideal job going in the evenings or on weekends.
I wish I had heard of the Idea of being a chicken entrepreneur because I would have saved money instead of losing over $30,000 from starting failed business ventures.
Ouch!
When I reflect on my past journey as an entrepreneur, I think starting as a chicken entrepreneur is a bettpath for anyone starting a business.
Why? Because starting a part time business allows you to take risks and at the same time enjoy the safety of having a steady paycheck.
You should view your day job as your business loan to fund your dream job. That was how I saw my full-time job when I started my entrepreneurial journey.
My day job was the business loan that supported my part time business. My day job wrote off the business loan when my business ventures failed.
If you are thinking about starting a business when you have a day job and are scared about quitting, why not consider starting as a chicken entrepreneur?
Why? Because starting as a chicken entrepreneur is less risky than quitting your job to start a business full-time.
I want you to think about this. Would it not be better to have a job you can fall back on just in case your business fails? I think it makes sense that you start a part time business.