| If you have made the decision to start your own business, one of the first decisions you must make is whether to start the business full time or part time. If you are considering starting part time, then carefully consider your relationship with your employer. If your new business is in anyway going to conflict with your current employer, you have no choice but to quit your job. It would be wrong and dishonorable to your employer and the company if you were to continue working there and at the same time compete with his/her business. |
|
The right to do something does not mean that doing it is right. - William Safire But, if you can start your own business while continuing in your regular job, you have several advantages: If you still have a daytime job, you maintain a safety net in place by not jeopardizing your medical and retirement benefits, vacation and other fringe benefits. Once your business is running smoothly and making good money, then you can set up your own safety net as you see fit. You are financially not dependent on the new business. Cash flow the biggest issue for a start-up business and having income from a job will take a lot of pressure off you. You don’t have to be in a hurry in setting up and developing your business while you are not forced to make rushed decisions due to financial pressures and the need to generate an income. But, starting part time has also some drawbacks: Your employer might not like it that you are starting a business because he realizes that he is going to lose you eventually. He might be worried that you will not be fully committed to your job anymore with the possible consequence that he will let you go. You then have a choice to make of starting your new business full time or find another job. Every one of us has only 24 hours in a day and by holding down two jobs, you may be taking on more than you can handle. The excitement of building a new business could cause you to take on too much, which can lead to personal pressure, family problems, mental and physical exhaustion. If you keep your daytime job, there is a tendency to reflect, or work on, your new venture when you are at work. Even if your new business does not conflict with your employer, you still need to keep the two completely separate. Your employer pays you for the daytime hours, so you should work for him and be completely committed to your job. You might have to involve your spouse and/or children to help you out, because work might have to be done when you are at your employer’s business. Only you can decide if you can deal with the potential conflicts and difficulties of starting the new business part time. If not, then you have no choice but to start full time. If you do not have enough cash to survive for at least one year, then you should probably wait and put enough money aside till you have built enough of a to carry you through the first year. If you already have the financial resources to start the business full time and are able to survive the first year without having to draw an income from the business, then I recommend you start full time. Going full time you will be more effective and you will be able to deal with problems that arise in your business more efficiently. The bottom line is that it is preferred to start full time if you have the resources. : http://www.articledashboard.com Harry Beugelink is a Small Business Coach and Consultant with over 30 years of consulting and management experience in small to medium sized businesses. He manages The Entrepreneurs Network, a resource for entrepreneurs by entrepreneurs. The Entrepreneurs Network Author: "Want to Start a Business?" and "Starting Your Own Business" |
Wednesday, Sep 08th
YOU ARE HERE
Business Center 
Entrepreneurship Start Your Business Full Time Or Part Time
Entrepreneurship Start Your Business Full Time Or Part Time
