5 tips for creating a small business while keeping your job

In the particular economic situation we are in, many people dream of creating a small business while keeping their jobs so as to increase their income and secure a better standard of living.

If you, like thousands of other Italians and employees around the world, have decided to venture into the world of entrepreneurship, below is a list of five tips on how to create a small business while keeping your job.

1. Create a small business based on your interests and skills

Let’s face it: many of us have a job we are not crazy about; we keep it because it allows us to put the proverbial bread on the table.

You certainly don’t want to be in the situation of having to do another job that you don’t like just because someone told you or you read somewhere that that is the most profitable niche at the moment. No!

Now that the opportunity to create a small business has presented itself to you, make sure it reflects your interests, your passions. Not only will this help keep your motivation high, but it will also allow you to establish yourself as a true expert in the field.

Do you love our four-legged friends? Why don’t you open an e-commerce for pet products? Are you familiar with a country or language? Start a blog, social page and self-publish books or promote products from language learning companies.

2. Assess the amount of time you can devote to the project

It must be put against from the beginning that opening a small business while keeping your job means sacrificing some of your free time in order to invest it in the project. This is especially true if you decide to start an online business with little money, with no collaborators.

You will be in charge of everything. If you work from 8 a.m. to 5 p.m., you should budget to devote at least one hour during the evening to your business, or weekends. Do you have children? In that case, you might consider taking time early in the morning when they are still asleep.

Being able to carve out spaces to carry on your business is essential for creating posts, writing articles, managing your site and any orders and inquiries.

3. Develop a good business plan

The best way to put your business idea down on paper is to create a business plan that contains all the necessary information: your business, competitors, your audience or “niche,” time and budget to invest, promotion, etc.

Fortunately, now you don’t need to have specialized knowledge to do this! With Millionairejob you can get a professional business plan tailored to your project that can guide you to success; it only takes a few clicks!

4. Set clear goals for yourself

Do you want to keep your steady job and add income to your bank account, or do you want to launch into a new business with the idea of quitting your current job?

Before setting up a small business, you need to be clear in your mind about the goals you want to achieve because the commitment and time to devote to the business depends on them, of course, but also and especially the monetary investment in terms of promotion and tools to be used.

5. How to set up a small business in good standing

We end with the least pleasant part of small business creation, but no less important: the law.

Regardless of whether you decide to start a business as a freelancer, propose your services, do promotion or sell physical products, in Italy it is mandatory to declare your income and pay taxes.

Some activities require the opening of a VAT number and registration with INPS, others only a VAT number, and others neither.

So this is the last piece of advice in the article: in setting up a small business, even while keeping your job, it is always essential to seek advice from an accountant who can guide you and ensure that you do not run into unpleasant situations.