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Starting a side business while you’re still employed can be very demanding. It requires going out of your comfort zone to your strength zone, which is never an easy task. The human body is programmed to resist difficulty and the brain helps to facilitate this resistance. This article, how to start a business while you’re still employed is here to show you how to overcome that resistance.
One thing that differentiate successful people from the unsuccessful ones is: successful people get out of their comfort zone in other to grow, while the unsuccessful ones don’t.
You can never grow or develop your potentials in your comfort zone. Growth always takes place where you are uncomfortable, and this is why success is not an easy thing to attain.
To start a business while you’re still employed is even more demanding when you have a job that requires a lot of working hours from you. If you’ve never been there, you won’t comprehend the stress that is involved.
How to start a business while you’re still employed will show you how you can reduce that stress to maximize your potentials.
A good hedge against the risks of starting your own business is to begin working on building your company while you’re still employed with a full-time job that pays a regular salary and benefits.
Here’s why: If you’re in a position to start your business while you’re still employed, you’ll have the best of both worlds. A stable, dependable source of income will give you much more confidence in testing the waters with a new business that has a high likelihood of failure in the first year.
Keep reading how to start a business while you’re still employed to know how to navigate your way through
Here are some simple Do’s and Don’ts to guide you as you walk a sometimes fine line between keeping up a good standing at your full-time job and pursuing your interests in your own business.
The Dos and Don’ts of Starting a Business While You’re Still Employed
- Do consider running your business as a part-time operation alongside your current job. This is a great model because you’ll continue to have dependable income and benefits while you test your way into finding a way to drive consistent, reliable income with your side business. The last thing you need while trying to grow your own business is the added stress of unpaid bills stacking up or draining your savings account without a clear path to earning it back.
How to start a business while you’re still employed is here to guide you. Read further to know the rest of the gist
- Do 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. Almost always, anything developed on company time and using company property belongs to the company. If you do not have an employment contract, you’re still not in the clear. Check the company’s Employee Manual for references to ownership of inventions and IP. No manual? Ask your Human Resources manager or someone functioning in that role to explain the policy.
How to start a business while you’re still employed is meant to reduce your stress and maximize your potentials
- Do save your side income. Set aside cash reserves from the income your startup creates that can sustain you when and if you decide to leave your full-time job. On top of that, be sure to put into place clear spending and budgetary guidelines for your side business to make sure you’re not spending beyond your means. Saving or investing all of the profits from your side business will help you build a safety net for potential lean times in the future once you no longer have your day job.
If you can’t save your side income, then how to start a business while you’re still employed won’t do you any good
- Do 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 an attorney to get trusted advice on how to proceed carefully.
Not all employers are to be trusted, so be careful. How to start a side business while you’re still employed is here to advice you on who to trust
- Do thoughtfully prioritize your time If you’re going to keep your day job and work on growing your part-time business at the same time, that doesn’t leave much time for non-essential activities. Decide what’s important, consult with the other stakeholders and family in your life, then create a target list of all the responsibilities and activities you’ll be reducing or eliminating to make time for your business.
- Don’t use corporate computers or email systems to send any emails related to your side business. Even if you log into your webmail account to send an email, you still have problems: you are using their property to further the goals of your own business, which could present a legal challenge later. They may have the right to read whatever keystrokes you’ve entered, even if your emails were not entered into the company’s email system.
Don’t try to cut corners and cost by using cooperate or company’s computer in sending your business emails because if you do, then you don’t have any business reading how to start a business while you’re still employed. A legal suit might follow.
- 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.
Always evaluate and weigh your options. Don’t rush to take decisions and that’s one of the essence of reading this article, how to start a business while you’re still employed
- Don’t choose the wrong business. 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. If you’re looking for the right business to start while keeping your day job, check out this list featuring over one hundred realistic, attainable side business ideas.
If you don’t choose the right business, then there’s no need for you to read how to start a business while you’re still employed
- Don’t talk about your business to other employees around the proverbial water cooler. This could be construed 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.
- 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.
Make sure you have a clear plan before deciding to start a business while still keeping your day job.
There is saying that goes: if you fail to plan, then you are definitely planning to fail.
Have it at the back of your mind that starting a business while you’re still employed is never easy. Maybe this might prepare you for the turbulent times ahead.
Your business might fail in the startup process, but shouldn’t deter you from striving hard to succeed. A lot of studies have shown that 4 in every 5 businesses fail within their first three years.
Am not saying that you should expect to fail. Am instead saying that no matter what happens, know that it’s always gonna be alright.
See you soon for more updates on our blog. Good bye for now.