SEMINAR RECAP ON THE TREASURED ENTREPRENEURS ASSOCIATION TEA HALL OF WEALTH MEMBERSHIP PREMIUM GROUP PAGE
👉🏻Theme:
❤ STARTING A BUSINESS WHILE YOU ARE WORKING A FULL TIME JOB POST COVID-19….
🎤SPEAKER/FACILITATOR/DISCUSSANT
🗣 Mr Fayomi Macklinola
TEA NATIONAL PRESIDENT
Good evening ladies and gentlemen
How has your day been my people???
Great I guess????
If so!! Glory be to God Almighty…
Tonight seminar is timely for all asundry…..
Nigerian and presently all countries of the world are being ravaged with the CORONAVIRUS COVID-19 PANDEMIC which has cost so many deaths
This CORONAVIRUS COVID-19 Pandemic have also made countries of the world to go on LOCKDOWN since the outbreak of the pandemic…
This CORONAVIRUS COVID-19 have also change the way of life of so many people as well as the larger society….
However a lot of businesses and jobs have also been badly affected hitherto so many economies of the world due to the LOCKDOWN which has greatly damaged the in flow of revenue and income….
It is however a reality that POST COVID-19 a lot of BUSINESSES will go bankrupt just the way a lot of JOBS will be lost…..
BUSINESES that goes or that would go bankrupt post COVID-19 can still rebound with some injection of FUNDS or redirection of purpose
But JOBS that would be lost might find it difficult to rebound because the reality is there are no white collar jobs out there even prior to COVID-19 not to talk of post COVID-19
Hence the reason for us to kickstart or engage in a business either as a side hustle or a full time business that we can fall back on to asleep sustain and survive on…
As the year is winding down, I am sure its in the plan of many of us who are currently under paid employment to start our own businesses….
As you already know, no one can become rich working in other men’s field.
Most businesses in Nigeria are structured to enrich only the owner.
So starting your own business should be a matter of urgency.
Those of us who are currently on a paid employment and already thinking of starting your own business while are still working….
However, here are some important things to consider to guide us: –
The first question to ask is “Why are you looking to start your own business?”
Is it because?No time with family and friends? You loaded with debt? You are underpaid in your current employment? Overworked with no raise? Bad economy?
You need to find the right answer to the above question because the answer is what will eventually inform your actions when the business start.
The second question is
What Sacrifices Are You Willing to Make to Get What You Want?
Starting a business is by no means an easy task. It takes a lot of time, energy and a lot of patience.
When running your own business it’s not like a regular 9 – 5 job when you punch in and punch out and most times get paid no matter what the outcome may be.
At a job, usually all you have to do is “show up,” instead you getting paid based only on performance. With a business, you only make money when you produce results.
If you truly want to build a successful business you will have to make it your number one priority. You have to be willing to give up some things.
The bottom line is, you have to be willing to make sacrifices to achieve your goal of success.
Having consider all the necessary questions with accuracy and precision, then we can proceed.
Below are some important points to note.
- Pay attention to details
We all have hobbies like cooking, bodybuilding, football, music, etc.…
But honestly, we can’t think of anyone we know who actually sets goals with their hobbies to hit targets and deadlines. If you are interested in turning your hobby into a business it is very much possible.
If you want your ideas and hobbies to flourish into a thriving business, you need to set realistic goals and hold yourself accountable to them. You should be planning out your next steps with dates and be specific to the smallest detail.
Tiny details like the name, nature, structure of the business as well as marketing must be considered.
Yes, you have a busy life with a job, family, and kids. But at the same time don’t get caught up with procrastination or putting thing off until the next day. Set concrete goals that will help you get past putting things off.
- You have to create a Schedule and a time plan
If you want to manage your business effectively while still keeping your job it is highly important to create an effective schedule.
The majority, don’t have a “system” in place to manage their life.
You need the job to get the cash that is useful to keep the business running and to take care of the family basic needs before the business becomes the cash cow.
While you keep the job and continue the business, don’t lose your focus of the ultimate goal which is to develop your business. You have to be very strict with schedule..
- Set realistic daily, weekly and monthly goals
After creating a schedule, the next thing is to create daily, weekly and monthly goals.
Daily goals will be your smallest goals or to-do-list. Every evening before going to bed you should get organized by making a list of goals you intend to complete for the next day.
This exercise should take no longer than 5 – 10 minutes of your time. You can use a daily planner like or an online app so you can cross them off after completed.
- Create a working structure and leverage for your business
A structure consists of people involved in the business. Clear cut out instructions to all the team member will help the business to grow.
You can also leverage on partnership of other people while you bring to fore the power of good coordination.
No matter how small the business is, good structure and leveraging will help create time for you to meet up with your tight schedule.
- Make sure you understand and follow your employment contract.
This is particularly important if it refers to inventions and intellectual property (IP) that you develop as part of your job.
Don’t use the company time for personal business.
Using company’s gadgets such as computers, e-mail, websites among others without proper authorization may create conflicts of interest for you. Avoid it.
Almost always, anything developed on company time and using company property belongs to the company.
- Be as open with your employer as possible.
In fact, if your business is not competitive with theirs, see if you can turn them into a collaboration partner, customer or client.
You may even be able to get your employer to invest in your startup or allow you to hold equity in a joint venture.
If you think you might go the route of having an employer as a customer, investor or partner, be sure to consult some authorities to get trusted advice on how to proceed carefully..
- Be careful about telling other employees your business.
If you must tell other employees about your business, be very careful how you go about it.
This could be misconstrued as promoting your business on company time.
Rub one co – worker the wrong way with the fact that you’re running a side business and that could bring up potential issues with your employer if they decide to tell management before you’re able to have that conversation yourself.
The silence rule extends to discussions on company time with your employer’s clients and suppliers as well.
- Be sure you are ready before you quit your job for the business of your dream.
Don’t feel pressured to leave your day job as your business starts to gain traction.
New businesses go through life cycles, and some early wins do not necessarily mean you have a sustainable enterprise.
You should validate your business model with real, paying customers and then go through a period of several months with consistent growth in your customer base.
Your side income needs to get above that which your necessary expenses will require, before considering quitting your day job to focus full-time on your new business.
- Choose a good business model
A business that doesn’t lend itself to part – time involvement won’t suit you very well if you can only do it part – time to start.
For example, opening a retail food store can be an all consuming endeavor. If you are not reachable, hands – on at the beginning stages or don’t have a partner who is there every day, you are setting yourself up for potential failure.
Below are some examples of the businesses that you can run along paid employment: –
Writing or authoring a book, online training, Forex trading, opening a beauty parlour, beauty or barbing salon, make up or make over business, catering, cobbling, interior & exterior decoration among others.
Before you go into any of these businesses, make sure its in line with your passion and your values.
- Don’t be afraid to leap into full-time entrepreneurship when the time is right.
Running a business part – time can be partly successful, but unless you are going to be a passive investor, the business will grow only up to a certain point without your full – time commitment.
Once you’ve identified a clear demand for your solution and you have a sustainable level of income from your growing customer base, it’s safe to start considering leaping to self-employment.
So if you are planning to start a business alongside your paid employment, the time to start is now.
I hope I’ve been able to add some thoughts to help your plan of starting your own business while working.
See you at the top!!!🏃🏼♀🏃🏼♀🏃🏼♀
TREASURED ENTREPRENEUR ASSOCIATION 