Starting your own company while you are working full time is a daunting task. In this series of 3 articles, we will explore tips to help you manage your time, the tax implications and the legal considerations for starting your own business while working full time. We have searched far and wide for some top tips for those budding entrepreneurs who are looking to start their own business but are not yet ready to leave the safety of their regular, full time job. There are many factors to take into consideration: time management, the resources you have at your disposal and the amount of risk you are willing to take.
Without any further ado, here are some tips that people can use to start their own business while still being employed full time.
Keep things small.
It’s not easy to curb your enthusiasm when it comes to your own company. However, despite this, it’s important to keep the business small and manageable while you are still working full time. This means managing your workload and your clients or customers’ expectations. Take the time while you have the chance to seriously consider your business, your model, how you wish to operate, and set manageable goals with realistic timelines.
Be aware of any conflicts with employment.
Before starting any business, it is important to check if there would be any conflicts with your current employment. There may be something in the employment contract that would not allow a person to have their own business while they are still employed, especially if the business can be a cause of conflict of interest with the employer. This is not surprising though as many employers want to get the best out of their employees since they are paying them to do their jobs. We will explore the legal side to starting your own business while you are working full time in this third part of this series.
Reinvest earnings from the business.
Everybody likes having extra money to save, spend or invest. It is generally a good rule of thumb to reinvest at least some of your earning back into your business to help it grow. The ability to reinvest in your own business is a sign of business doing well. Make sure that you still have work-life balance. Having an idea for a business is one thing. Preparing to launch it and running it after working hours is a different story. It is important that a to ask yourself if this is something that you can handle. Some people may say yes but it is also important that they make sure that they still have a work-life balance. It’s important to look after your health and mental well-being during this time as you spend increasing hours working.
Hopefully you found these tips useful - join us next week when we will explore the tax implications for when your small business starts earning money and you are still employed in your full time job!
published under Business Address Guides
