Should You Get a Job While You Grow Your Business?
The Entrepreneurial Dilemma Most entrepreneurs hate the
thought of having to work at a regular job ever again,
especially if they've already been in business for awhile. But
what do you do when you've run out of start-up money and you're
still not profitable yet? Or what happens when some major change
is forced upon your business and you can't keep up with the
bills anymore? There may come a point when you have to
objectively consider whether continuing to work solely on your
business is viable or not.
After clearing away any feelings on this subject that prevent
you from being objective, the next most difficult part is
getting past the "entrepreneurial dilemma." I'm sure you're
already familiar with the thoughts that go something like this,
"If I get a job, it's going to take time away from my business
and will just set me further back instead of forward." There can
be truth in that statement, but it doesn't have to be an
either/or situation. The work-around to this problem is in
getting the right job.
Here's a model of job-opportunity screening that I've
successfully used with clients that have decided to look for
employment. It's based on the educational- type evaluation
system of grades A-F.
The "A" Job Description This level of employment is the
absolute best job you can imagine: being a salaried employee for
your own company (or one that you really love.) It should be
congruent with who you are, and helps you develop yourself in a
positive way. This is the kind of work where you are truly
living out your dream.
These are qualities of an A-job: *Meets or exceeds your income
requirements *Is something you feel passionate about *Utilizes
your natural strengths, talents, & skills *Is challenging, but
you feel a certain sense of ease *High reward *Average to high
stability *May have high risk (but it's minimized by
reward/stability) *Bottom line: Gives you everything you want--
and more
The "B" Job Description This is the perfect "while you
grow your business" job. It may not be as exciting as your own
business, but it's purpose is to stabilize you while you create
your own A-job. This position may be full or part- time,
depending on how much income your business generates.
These are qualities of a B-job: *If full-time: meets 100% of
your income requirements, so that any money you earn from your
own business is bonus *If part-time: meets 100% of your income
requirements when combined with the lowest month of income
you've ever earned from your business. *Relates to your business
expertise in some way *Teaches you skills that you can also
apply to your own business *Is easy enough that you can grow
your business on the side *Average to high reward *High
stability *Low risk *Bottom line: Gives more than it takes
The "C" Job Description These are the kind of jobs you
want to avoid, and yet many entrepreneurs are oddly attracted to
them. Employment in this category is often commission- only, low
pay, fill-in work, or booked sporadically. One of the red-flags
of a C-job is it's inherent instability. The sad outcome of a
C-job is that you're taking time away from your business, and
are still unable to meet your monthly overhead.
These are qualities of a C-job: *Does not meet your income
requirements *May either be something you're passionate about-
-or not *May have a big learning curve for something that isn't
useful *Is difficult and interferes with you growing your
business *Low reward (often disguised as high-commission) *Low
stability *High risk *Bottom line: Takes more than it gives
The "D" and "F" Job Descriptions Really, these don't need
much description. Let's just say that a "D" would be when a
business is dying. An "F" would be when a business has failed.
Obviously, these aren't even worthy of your consideration.
So when is it time to find a nice B-job? The answer is:
when your own business has deteriorated into something you would
rate as a mid- to-low "C." Instead of letting your business drop
all the way down to the dreaded "D" or worse, consider how the
stabilizing benefits of a great B-job could re- energize you and
your bank account. If you had a little more money, it would buy
you more time to build your business on the side. Take a little
pressure off your back. Rebuild your confidence while your
rebuild your profitability. In fact, if you're lucky enough to
land a B+ or A- job, you might find yourself connected to the
people that can help your business succeed in the long-run, as
well as solve your short-term cash crunch.
Bottom line: You deserve to have your basic needs met, and if
you must temporarily take a J-O-B to take care of yourself, then
that's the right thing to do.