You don’t have to burn all your bridges to successfully start your business. Keeping your current job will help kill two birds with one stone. Not only will you have a stable source of income, but you will also feel much more confident on your path to entrepreneurship.
However, it is important to maintain a balance and understand how you can and should behave, and what actions are strictly prohibited.
What to do
Determine if the business can become a side hustle
This is the ideal model. Especially during a difficult period when you take your first steps as an entrepreneur. The last thing you need in such a situation is to think about unpaid bills and accumulating debts. The main job will give you financial independence, which will help you get your business back on its feet.
Be honest with your employer
If you have a good relationship and your business will not become a competitor to the company you work for, you can invite management to invest, become a client or partner. True, before this it would not hurt to consult with a lawyer who will help you and your boss discuss the terms and details of such cooperation.
But be careful. Business failure or your bosses’ refusal to support you may affect your current work relationships. Think carefully about whether you would like to work with your boss on your own project and how the boss might react to your attempts to create a business outside of your day job.
Follow the employment contract
This is especially important if it contains a clause on inventions and intellectual property created in connection with the performance of work duties. If there is such a clause, then everything that the employee came up with while working for the company will belong to it. But even if you work without a contract, this does not mean that the issue is resolved. Please clarify this point in your job description. You can ask it, for example, from the HR manager.
Save money
Set aside a certain amount from the first profit of your business, which will be useful in the future if you decide to quit. Also, be sure to create a clear budget and regularly track your company’s income and expenses. This will help you avoid overspending.
The money you set aside can be invested so that it generates profit and provides a reliable safety net after dismissal.
Set priorities correctly
Main work and parallel development of your business leave little time for other things. Determine what is truly important to you. Consult with business partners, family and loved ones.
Then make a list of all the hobbies and activities for which you can reduce your time or completely remove them from your daily routine. This will free up the days, hours and minutes needed to build your business.
What is better not to do
Choosing the wrong area
Any business that requires 24/7 monitoring is a bad idea if you want to keep your job. For example, opening your own store will leave little time for parallel professional activities. A business project like this can only work if you dedicate yourself entirely to the business from the very beginning or if you have a reliable partner. Otherwise, the company risks failing in the market, and you risk suffering serious losses.
Use a corporate computer and email
Even if you only need to send one short message, this may be considered as using company resources to develop your own business, that is, for personal purposes. And such accusations have serious legal consequences.
In addition, your employer may have access to your work PC data. In this case, it will not be difficult for him to read the correspondence in your personal mail, if you logged into it from a corporate laptop. It’s better to play it safe and use not only personal accounts, but also a personal computer.
Discuss matters with colleagues
This type of discussion can also be categorized as “growing a business while on the job.”
In addition, there is a possibility that not everyone will like the fact that you are doing your own business in parallel with your main job. One of your colleagues may tell management about this even before you decide to discuss this issue yourself.
This rule should also be applied in the case of clients and suppliers of the company where you work. You should not pitch your business ideas to them in the workplace.
Quit immediately after starting a business
A new business goes through a variety of cycles, including incredible successes and serious failures. Therefore, the first victories are not a reason to immediately leave work, especially if you can still combine business with it.
For the stability of the company, it is important to find real, willing to pay customers, and then spend several months gradually increasing the customer base. Your income should not just cover all necessary expenses, but significantly exceed them. Only then can you think about quitting and completely immersing yourself in the affairs of your company.
Afraid of becoming an entrepreneur
Owning your own business as a part-time job can be quite successful. But if you do not plan to be a passive investor, but want to become an active leader of the company, you will need all your time and full participation.
Don’t be afraid to leave your old job and become a full-time entrepreneur. The main thing is to correctly assess the risks and think carefully about everything before such an important step.
Prepare properly 🧐
