Hey everyone, Oz Konar here. Today, I wanted to do a video on a question that we receive all the time, which is, can I really start a business when I have a full time job? If I can do that, well, how do I just do that? So I wanted to simplify this and I’m going to give you six questions to ask yourself, so at the end you have a clear idea, one, whether you can actually start a business when you have a full time job, two, if that say yes, how do you go about doing that and what kind of business can you start? All right, so let’s get started. All right. The question number one you need to ask yourself is, if you want to start a business when you have a full time job, one question that’s kind of underrated, that no one really wants to face, is why do you want to start a business?
Why? Why? Why? Why? Why?
What’s Your motivation? Do you have the right motive to start a business? Because a lot of times people, more than 70% of the people, at some point in their lifetimes want to own a business. Either they just don’t own it, or they start a business and they fail. One of the reasons why they fail is they’re not really clear on why they’re starting a business. You got to be 100% clear. So of course, the most common answer to that question is, I want to make more money. Yes, that that could be true. But then we got to dig deeper. What is stopping you from making the money that you think you’ll be making through starting a business? Is it your boss? Maybe you have a dead end job? Maybe the comp plan is not really supporting your goals?
Maybe you’re working too many hours, getting too little? Maybe you’re just not happy by holding a job? But you need to have a clear answer that goes deeper than just saying, hey, I want to make more money. I think making more money, that’s what everyone wants, but that’s not necessarily a good reason to start a business. You got a reason that’s more definitive and more defined than that. So you’ve got to answer that question first. Why do you really want to start a business? Is it because you have a childhood hobby that you always wanted to work on it and it could be a good business opportunity or you really have specific goals? You finally want to be able to move out of the city that you’re in and move to a better place for your kid’s school or better neighborhood, or you have a car that you always wanted to buy.
That requires you to make a lot more money than what you’re making right now. If you just hold a job, that just will not be possible to buy what you want to buy. So whatever that is, make a list of those things. That’s going to be really, really important as we go through these questions. So that’s question number one. As we’re going through this, it’s important that you have a legal pad or some kind of notebook that you write down your answers. Put your answers below this video in comments. Because one thing that’s really important is the accountability. You got to hold yourself accountable. One way to do is share your goals with other people, so you don’t just give up on them. When you make something public, you share your goals and what you want to accomplish, it kind of holds you accountable. So that’s really important.
Why do you want to start a business?
All right. So the first one is, why? Why do you want to start a business? The second question is, are you willing to sacrifice something to get what you want to get? Meaning that are you willing to work really, really hard for a relatively short amount of time to reap massive benefits long term? That requires sacrifice. What I mean is whenever you’re planning to start a new business, a lot of times we tend to forget because emotions are running high or you’re really excited and you keep thinking about the outcome, what life would be like when you start your own business. But you forget that this is going to require some work, and you already have a lot of work in your hands if you’re putting in 30, 40, 50 hours a week. You have a full time job.
So how are you going to be adding more time? Are you going to sleep less? Are you going to take some time away from family? Or maybe you already have some time to build a business because if the answer to this, are you willing to sacrifice short term to gain longterm benefits, is no, then yeah, building your business when you have a job, it’s really not for you because you were not serious to start with. You wanted to build a business, which is okay, but now answering number two, you are not willing to do what it takes to build that business. So you have to be 100% okay and be able to tell yourself, yes, I am okay with doing whatever it takes to do to build my empire, build my business, to get the outcome, which is the why that I answered in number one.
Are you willing to work really hard?
So the second question is, are you willing to work really hard and grind for a short time to get what you want in longterm? If the question is yes, and we’re going to move on to number three, how much time do you really have to invest into your new business? Because now you’re starting a business. Now you know why you’re starting it. You’re willing to work hard, but how hard can you really work? When you think of your average day, how much time can you carve out in order to invest into a business? This is where we need to get really specific. Usually I get answers like, “I got no time, man. I work really, really hard.” Or “Yeah, I have a lot of time.” Those are not answers. Those are statements. It doesn’t tell me whether you have the time or not.
So you have to be super specific. Do you have an hour? Do you have two hours? Do you have three hours? Do you have 15 minutes? Because that’ll determine whether you can do this or not. So we all have 24 hours. If you’re telling me that I have no time at all to build a business, well, that means you’re not really willing to carve out, make the time, or maybe you’re going through a phase in your life that you really do not have much time, or you’re not willing to sacrifice certain things. Maybe you had a brand new child and you have a second one on the way. Life is super complicated. It might not be the best time to build a business because they might be the priority or you’re going through some tough times. I don’t know. But what I know is entrepreneurs know that life never gets comfortable.
There’s going to be always something that’s going to happen to you or to people around you. So the best time to start business was yesterday. The second time to start business is today. So for that reason, this is really important for you to pin down, how much time can you put in day in and day out, seven days a week, every single day? If it is two hours, two hours, write it down. The fourth question is, so starting a new business requires a certain amount of investment. That investment can be a couple of hundred dollars or it can be a couple of hundred thousand dollars or millions. So you got to know your finances to be able to determine how much can you really invest into your business. Even if you want it to set up your business email, it’s going to cost you something. A couple of dollars, but yeah, something.
So if you’re totally at the bottom, zero, it might not be the best idea for you to start a business. But if you know this amount that’s going to help you determine what business to start, it’s going to be really important. These four questions, if you answer them properly, will help you narrow down what businesses are a good fit for what you have going on. So you have to be really honest with yourself. How much can I invest in that? There could be some cash you have on the side, or maybe you have credit cards that you have available to use to start this business and get it going. This is time for you to sit down and crunch the numbers and plan out your maximum amount, investible amount. Usually it is some, it’s usually a couple of thousand dollars, even for somebody who has an average job and making 30, 50, $60,000.
But if you’re telling yourself I’m looking for a free business that can run itself, I don’t have to put a lot of time, to be perfectly honest, you’re not being serious with yourself. So every business requires some type of a time investment and also money investment. Nothing is free. If that was the case, you can just stay on YouTube and learn every business out there and run it. But it’s just not going to work. This is a lot of trial and error, which we’re going to talk about.
Number five. Since we now know a lot about what you have going on, we are finally ready to determine what business am I going to start? Usually what happens is people go to Google and YouTube and type in, the best business to start in 2020, but best for whom? Maybe for some person, manufacturing cars could be the best business, Elon Musk, but is it really the best business for you? So once you know the answer to the first four questions, that’s going to be really important.
Let’s say your answer for the why is I want to make 20K per month. I am willing to work really hard, yes. I can invest three hours. How much can I invest? I can invest 5K into my business. So when you’re looking for about business to start, you have a lot to work with. Then you can determine, okay, what business would give me 20,000 within the next 60 to 90 days, when I am willing to put into time in the form of three hours a day, and I can invest up to $5,000 into growing that business? Now this is super dialed in, and your research will spit out a bunch of businesses.
Now you narrow your options down to three, four businesses, which you can further do additional due diligence to find out if that’s a good fit for you. People usually start at this step. As you can see, they’re missing out all of these steps, which gives you the wrong outcome, which costs you money, which costs you time, and at the end, you fail. We don’t want that. So you want to take care of these four to determine the type of business you want to start. Number six, to me, this is the most important one once you determine these five. How will you take a shortcut? What does that mean?
You have limited time.
Well, let’s be honest. You have limited time. You possibly have limited amount of resources and you want to reach a certain number. You don’t really have time for trial and error. We’re not in 60’s or 70’s, that you’re a pioneer of this specific business. There are a lot of people probably who successful in the type of business that you want to get in. You can try to figure it out yourself through trial and error and lose all the time that you have, probably lose all the money that you have, without any outcome. See how that doesn’t add up? That’s why you need to be able to take a shortcut. How are you going to take that shortcut?
Well, you can find somebody who’s at the level that you want to be and follow that person as your mentor if they allow you to do that, or you can find somebody who’s an expert and pay them to get what they put together for you, which is a step by step system that you can take and apply, which saves you amazing amount of time, saves you a ton of money, and also gets you the results because they have proven results.
So these are the six questions I want you to look really deeply into when you’re planning to start your own business. Below the channel, comment with your answers, and if you really liked this video, like, and subscribe to my channel. I do also have a free training for you to check out that matches all these boxes here. If you’re looking to start your own business, check that out through the link, it’s 100% free to watch the entire training, and for you to find out if that’s a good fit. All right, I’ll leave you with this. Any questions, let me know through the comments. Take care now.