Tue 7 Jul 2009
Starting a Business While Employed: Tips to Easing the Transitions
Posted by Megan Dorn under Entrepreneurship, Starting Up, Tips for Startups
You may have an innovative, well-researched idea, great business sense, and a supportive group of family and friends behind you. You may even have some money saved up. If you’re like most people, however, you still can’t afford to just quit your job to pursue your dream of starting a business. That’s why many people choose to continue working while they start their businesses on the side.
While this can be an easier route from a financial perspective, many entrepreneurs struggle with the two distinct transition points—actually starting the business and then finally terminating employment. Here are some tips to help get you through.
Starting the Business:
- Realize that you won’t be able to grow your business as quickly as you would were you able to devote your full attention to it, and then make realistic plans and set realistic goals accordingly.
- Be very diligent with your calendar. Your regular work schedule is likely already fixed, giving you leeway in your free time. Nonetheless, try to set a fairly consistent schedule for your time spent working on your new business. This will ease the burden on your family and keep you on task.
- Maintain good work ethic by keeping your personal business completely separate from your work. While it’s tempting to work on the new venture throughout the day, it’s not fair to your employer.
Terminating Employment:
- Don’t get too excited by early success that you quit too soon and later find yourself in financial turmoil. Make sure your business can sustain itself as well as you and your family before you cut ties.
- Come up with a fairly reasonable number for how much revenue you’ll have to generate before you can quit your 9-to-5. Then be prepared to hold out until you get there.
July 9th, 2009 at 1:18 pm
When I started my own company I found it to be difficult to focus on my current job. I quickly became unfocused and I only lasted another 3 months before I left because I could not keep my personal business separate. The extra income would have been nice, but I would rather give myself a real shot a being successful on my own.
July 9th, 2009 at 9:33 pm
Your tips make sense. Research into start-ups tells us that the majority of those that make it to the phase of becoming a real firm required intense effort from the beginning. Validating a business opportunity IS a full-time job.
July 9th, 2009 at 10:35 pm
It’s difficult to serve two masters. I’m in the midst of starting my own marketing company– I work in the advertising business now and work as a consultant– I’m limited however to just one product. I have to agree… choosing your loyalties can often become a tripping up point especially when you’re in the same related industry. Ethics and morals MUST be kept at the forefront! I can relate to the statement– “you just can’t build it as quickly as you could not working full time” Patience is NOT one of my virtues!
Good luck to all of you out there who are working on the same endeavor…
TJ
www.smartmarketing360.com
July 10th, 2009 at 1:42 pm
Interesting article. I started by owned company while gainfully employed. Because of the security blanket, aka pay check, I was not consistent with the development of my company. Once I begin losing interest in the full-time job, I found myself researching and working on my business seven days a week (in the evening during the week and full-time on weekends). In 2007, I absolutely had no further interest in the full-time job, but needed the paycheck and commission checks. Once I came to terms with WHY the full-time job was still needed, I dug in deep and “tried” to give it my all. I traveled with two computers (one for the full-time job and the other for my business). I decided on a “last day” in corporate America (September 4, 2007), took 3 weeks vacation in June 2007 and conducted a mini-launch of the business. This allowed me to see the areas that still required additional development. Once I returned to work, I immediately begin hearing rumors of company-wide layoffs. At this point, I escalated my plans and begin preparing for the pending layoff. I was officially laid-off on August 7, 2007 and received a severance (which was perfect). The day that I was laid off, I walked out of the meeting not unemployed, but self-employed. I drove to my new office in DC and officially launched my business full-time.
July 10th, 2009 at 1:46 pm
Great story Xavier! How are things with your business going now?
July 11th, 2009 at 12:49 am
Hey, did you read my mind? This is exactly what I am currently going through right now; one can not afford to be carried away about the prospect of starting his/ her own business then quiting his/her current job. It’s not a wise ideal and your article clearly spells out these rule and I hope people will adhere to it;for me I will definitely follow these rules. I can’t afford to quit my job right now. Starting a new business is not easy, but with determination, dedications, and hard work, I believe everything will be okay because nothing or we were never told that life itself is easy. People learn if they are willing to and they prosper if they want to. If we set our mind in the right direction, I believe all will be okay. It will be difficult at first but where there is a will there is always a way. I have leaned this through my new business that mistakes will be made and money maybe spent or seen as an expenses intead of as an investment. You gave a good busniness advise.
July 12th, 2009 at 3:48 pm
Great idea for aspiring entrepreneurs who are interested in something different or identical to employment. Research is practical for business startup, prospecting, marketing and expansion. The routines and the conclusions of the employment and the enrepreneurial activities are two extremely different worlds especially Job Security. The time period of the employment allowed the perfection and the polishing of the business practices. Your blog is good information for best and the worst economy.
July 13th, 2009 at 11:44 pm
Great article. We had a successful startup run my wife and I started. It grew from a wekeend hobby into full time roles for us both.
My wife had to leave her job to run the business full time. I left mine six months later.
By the time we both were full time in our business, we had easily replaced our previous income.
But it’s real challenge doing both. Even my boss told me he expected me to leave - he could see my focus shifting.
The nice thing is the “safer” opportunities sch as homeshoring which let’s people try working at home - with less risk and investment.
It’s Business Startup - on Training Wheels
July 16th, 2009 at 9:13 am
There are some great stories here. It gives a great insight into what it’s like to start a business and what is required to do so. From whats been said it looks like a real challenge balancing both jobs.
Are any of your businesses incorporated?
July 17th, 2009 at 10:00 am
Good tips. If your business is ever going to be successful though, you need to commit fully. Running a business is a huge commitment and if you are only half there, you will struggle and never put in the effort needed to get a good start. Once you find an office, find some potential employees, then you can be ready to take the next step to leave your job and commit to your business.