As a first time entrepreneur, you likely wish you could transition from working at your day job, to working full-time on your venture. However, the reality is that a period of transition is usually required (lasting from months to years) where you must juggle both a day job and starting your own business. Numerous entrepreneurs have started and even sold their ventures while maintaining a traditional 9-5 position.
Some entrepreneurs who are laid off from their day jobs use the time they are collecting unemployment benefits to launch businesses. Melissa Ben-Ishay, for example, founder of the super successful mini-cupcake chain Baked By Melissa, launched Baked when she was let go from her full-time position in advertising. Heeding the trend, The New York State Department of Labor created a program called SEAP- The Self Employment Assistance Program, where aspiring entrepreneurs can collect unemployment benefits while they launch their businesses. Instead of actively searching for a new job, the standard requirement of collecting unemployment benefits, entrepreneurs selected to join SEAP can spend that time on the due diligence needed to launch their ventures.
However, if you are an aspiring entrepreneur who hasn’t been laid off, you obviously won't be eligible to take advantage of the SEAP program. While you likely want to immediately transition from working for others to working for yourself, unless you have investors lined up and ready to fund your enterprise, chances are it probably won't happen that quickly. It takes time to build your: customer following, team, brand awareness, revenue, relationships with investors, and reputation as a CEO. Also, whether you are single or have a family to support, you have to consider your personal expenses, so keeping a day job while you launch may be your only option.
But don’t fret! I recently found myself in this situation when I got the first full-time job I've ever had. Initially I was hired as a temp, and I figured I was on the verge of finding funding for my business and that my temp position would be just that- temporary. But then I was promoted to full-time, and within 2 months I was promoted again from assistant to project manager. It seemed that the universe had other plans for me.
I had an open dialogue with my boss, who was aware that I had achieved substantial success for my venture outside of my day job. He and I agreed I would give my day job a year- and see what happened- all while continuing to work on my business. It wasn't too much of a stretch for me, as my 9-5 was conveniently located in The Garment Center of New York City, near my production facility and fashion sourcing venues.
Today I share what I find to be the benefits of working full-time while launching my business.
Steady Income
Since I landed the first full-time job of my life, I’ve gotten 2 promotions that corresponded with pay increases. The extra income is being funneled into making my business better. I have the resources to meet all my personal bills, as well as extra income to invest in slowly growing my business. In the past when I worked other positions as part-time or freelance, managing my income to cover my personal expenses and have enough to invest in my business was a struggle. Now I am much more supported in making ends meet.
Experience
At my current day job, I am doing something I have zero previous experience in: reviewing construction drawings from architect and engineer firms and submitting them with official government documents in order to green light construction permits from The Department of Buildings. No color, no design, and no texture- all the things that breathe life into my work as a fashion designer. But the funny thing is- I love my day job. I'm learning project management skills which are imperative for any venture, but especially for a fashion business. My position also requires me to be very detail orientated. Over looking the most minute detail on a construction drawing or permit application can cause the site to be rejected and hold up a multi-million dollar project three - six months. My skill set is expanding in a way I never expected.
An Opportunity to Build Your Network
Maintaining a day job allows you to build connections to more people and expand your network. I am always surprised by the caliber of people I meet working across varying industries that have propelled my career forward. You can meet potential investors, team members, social connections, and even romantic interests. 22% relationships that end up in marriage begin in the work place, and relationships that start in the work place are more likely to end in marriage. Keeping a day job also tempers the entrepreneurial inclination to become anti-social which happens when you cut social ties to completely focus on your business.
Learning Time Management
Having only a limited amount of time daily to devote to my business, forced me become extremely diligent about keeping on top of my calendar, daily task execution and managing my time. Having 3 hours after work and 8 hours on the weekends meant I was only able to focus on what was most important to move the venture forward while keeping everything extremely streamlined. All my product output became simplified and to the point, and no energy was spent wasting time on what ifs. Instead my partner and I simplified all aspects of what we were creating.
Gratitude
After juggling both a day job and your start-up, you will feel elated once arriving at the point of being able to work full-time on your business. You have spent a period of time essentially working two jobs, so once your startup has your full attention, it will feel like a walk in the park. You will be able to enjoy down time again and spend your evenings and weekends do things like going to dinner and the movies, perusing the farmers market, and with your friends and family- remember them?
Autumn Adeigbo is an ethical fashion advocate, and the founder and Creative Director of eponymous fashion label AutumnAdeigbo.com.
