There are a lot of people who hope to start their own business someday but many are hesitant to quit their day job and go off on a entrepreneurial adventure given the grim statistics that most small businesses fail. The issue with this pattern of thinking is the misconception that starting a business is an ‘all or nothing’ endeavor.

The trick to maintaining your financial footing while launching a business is to start slowly and to keep your day job until you’re able to replace its salary as a comparable level. Here are some ways to do so:

Be realistic

Working full-time and starting a business is no easy feat. While it can be done, you must do so with an open mind, a willingness to be flexible, and through expectations that take into consideration your current time constraints, etc.

Identify your passion/talents

One of the easiest ways to start a business on the side is by turning a passion or a hobby into an income stream. Identify skills/talents that you possess that could be beneficial to others and base a business off of them. This works well as a side business because you’re probably already spending your time doing these things!

Prioritize

It’s extremely necessary to identify your priorities before beginning your new venture. Success is measured in many ways, so be sure to define what it means to you. Do you plan to quit your day job eventually? Do you want to keep your business on the side? Knowing the answers to these questions will help to keep you focused and will also help you to identify what’s really important in terms of how you spend your time and money.

Establish a flexible plan

Inevitably, there will be bumps along the road. Giving yourself a flexible strategic plan from the start will help you navigate the ebb & flow. As part of this plan, you should establish goals and/or benchmarks for your business.  Where do you want to be a year from launch? Two? Five? Write it down now but know that it can change along the way.

Just say ‘No’

Keeping your day job and building a successful business (in addition to any personal life commitments as well as simply maintaining your sanity) will be plenty to keep you extremely busy. Learn the fine art of a polite ‘No’ so that you’re better able to keep pace with your plans and goals.

Take it slow

Rome wasn’t built in a day and neither will your business. No matter how large or small you intend to make it, it will take time, dedication, and plenty of effort. If this is something you’re truly passionate about, there’s absolutely no need to rush it.

Network, network, network

The key to building a business slowly on the side is amassing a large network of supporters, advocates, and clients/customers. Just as your strategic plan will take time to implement, networking will take as much or more. Make this a priority from the on-set and you will be humming along in no time.

Be positive

As mentioned before, there will inevitably be rocky moments. There will be days where work will consume you and the business tasks will have to wait. There will also be days when you doubt the decision to do both, where you wonder if you’ll ever get to where you want to be, and where you’ll feel like giving up. Don’t do it! Smile and remember why you’re doing this in the first place. Remember that dream or creative spark that led you to where you are now. Whatever you do, don’t give up until after you’ve exhausted all available avenues.