Steven Gagnon on Starting a Business When You Already Have a Job
An additional source of income is usually a dream for many employees. Many of those in employment, therefore, try to venture into businesses. One gets the benefits of a stable income and still the ability to test the waters of the dangerous sea of business opportunities. While it is a good idea, there are methodologies and things to do or not do for this vision to come to fruition.
Run the Business as a Part-Time Activity
It is wise not to spend too much time on the new project and forget about your primary job when starting. The probability of a new business failing or succeeding is unpredictable, and therefore it is good to start by allowing it to be a part-time activity. It is also not wise to deposit all income in the new business. On the contrary, one should grow to stability before letting go of a stable income.
One Should Be Honest With Their Employer
It is vital to come clean to those that one works for to get guidelines on managing both the work and the business. Also, it helps to know the employer’s regulations that may affect the continuing of the company. Managers should address intellectual property matters early enough to prevent future struggles between the employer and employee.
Turning The Second Income Into Savings
One must save up any money collected when the investment pays off. An increase in savings builds the capacity to expand and, at the same time, is a safety net in case of eventualities.
Choosing The Time To Shift Wisely
Many people make a mistake deciding when to quit employment and do it too soon once the investments start to pay off. The best way to go about this is to allow the business returns to be consistent and above the expenses. When this happens, one has the assurance of a new constant source of income. However, it is not mandatory to leave the full-time job if they can co-exist. One can still keep reaping the fruits from both sides.
Other tips for making it into the business world while still at work are not discussing the business with fellow employees and not using company resources to do private endeavors. It becomes easy to shift permanently to your established empire when the time is ripe.
Article originally published on StevenGagnonElementMediaGroup.com