Are you a 9-6 working professional, enthusiastic to start your own business while you are still employed? Is the monotony of your job and keen interest to be an entrepreneur driving your ambitions? If yes, then this article would provide you inputs on how to successfully start a company and manage till it takes off, before you finally decide on quitting your job.
Financial Security Of A Full-time Job
First of all, it is important to realise that the risk involved is less when you start a business while working on a full-time job. The main reason is the financial security. It goes without saying that an investment is required for starting as well as sustaining a start-up, at least during the initial stages.
If you do not have a job and therefore, have zero income, you would be obligated to invest the capital from your own savings. If a situation arises that the company doesn't do well, or fails to generate profits as planned, then you will end up being low on money and without an income.
Balancing Work And Your Business
While you are employed full-time, you may experience time constraints. In order to ensure that the quality of your work at your workplace doesn't get affected, you may have to manage your time for your own company during weeknights or weekends.
The time that you end up devoting to your business would need to be preplanned with clear understanding of your goals and commitment. It would be a good idea to be realistic and to set up smaller goals initially to successfully accomplish them.
Apprehensions related to the eventual success or failure of your business are bound to happen. It may all depend on what you plan and implement on a regular basis to achieve your goals. Being self-motivated and disciplined would help!
Another common challenge may be a conflict with the current job. In case the line of your business is the same as your current job, then you may have to clarify with the HR department regarding any non-disclosure agreement that you may have signed while joining them from working against them or for their competitors. However, if your line of business is different to your job, then you can be rest assured and continue with your plans of setting up your business.
Clarity About Your Start-up
It is critical to know the significance of your offering or product. How the client or end customer would benefit, and what may be the steps to be taken by you to ensure that the output is as per the market standards. Research, knowledge-sharing, developing relationships, setting up the systems or software,