The main advantage of starting your own business while you are still on a job is, you don’t have to worry about your monthly expenses – You will be on the safer side.
If you are the one with a clear business clue to foresee things that can potentially add value to other lives and can manage time and resource efficiency with consistency, you can endeavour to materialize your business idea while still, you are on a full-time job!
Sounds sweet? What’s next? – Know the legal issues…
Check your Employer’s terms and Conditions ;
Forming your own company is not illegal, but the first thing that you have to go through is your “employment and disclosure agreement” and find the information about the legal terms for an employee to start his/her own business.
Don’t be Your Employer’s competitor
Your business should not be directly related to your current employer’s business. If they consider you as a potential threat to their business, they may claim your intellectual property and you may end up in screwing all your efforts.
So, it’s better to start up with an idea which is unrelated to your current organization. If you are still not sure about this, it’s better to consult a professional lawyer to assist you.
Don’t Flaunt your business ideas at the office
Speaking about your business ideas and progress with your colleagues might backfire any time. It’s difficult to stay silent when you have great ideas to discuss. But discussing it will not bring any good to you.
Your employer’s property is not meant for your business
Using your employer’s properties, infrastructure and client data to promote your business is a punishable offence. Never do that, it’s also against ethics!
Don’t mess up with your office Timings
Spending too much time and effort for your own business and taking intermittent leaves, unplanned breaks, and arriving late frequently can turn the management’s attention towards you. It’s okay if it’s occasional. If it’s going to be repetitive, you are on risk of getting fired.
Don’t do any business with Colleagues
Promoting or doing business with your office colleague may seem a dual advantage. But it will definitely backfire if the company knows about it as the company thinks it’s a wrong practice which may divert the human resource that would potentially harm the company.
Some Start-ups are Flexible
Some Start-ups can understand your business motive and won’t create much fuss until you don’t pose a direct threat to their business. But be careful about the employment terms and conditions, as it varies across employers.
Think twice and decide whether you can talk about this with your employer.
It is half done when you understand the legal issues associated. What’s next?
Be Prepared to Sacrifice
Sacrifice – The word people don’t want to hear.
It’s universal that in order to get something, you have to give out something. Success is a reward, how you are going to pay it is the real question here.
It’s okay to get offset from life for a brief period to enjoy long-term freedom and comfort. To grow your business, you may have to give up your social life, time for your family, your entertainment, relaxation, weekend outings (forget that), and something induced pleasure in you (on the investment of your time and energy).
So, What’s the catch? You should have to remind yourself that you are going to start up a business while working full time. So, you have to pay a price for it. It may take a toll on your health and social activities till your business reaches a stable ground.
Keep telling your brain that this is not going to last forever, and think on the huge benefits you are going to get. This way, you can drive away boredom and focus with confidence.
Some Useful Tips to start your own business when working:
Keep an Entrepreneur Attitude
When you have decided to start your business remember, it starts with you. Be aware that you are going to become an entrepreneur. So, you should work on your personality as an entrepreneur.
Make simple Plans
At the initial stage, come up with a simple one-page business plan. You can use a simple smartphone app or an online tool to create one, which will help you to prioritize things.
Understand that planning is fluid, and do not expect perfection in the first cut!
Keep Strict Schedules
Start prioritizing your tasks, and stick to it as much as possible. Set Make yourself involved in professional networks such as LinkedIn, which could help you to meet new opportunities. As a start-up, you should be absolutely open to every single opportunity.
Find and Follow Likeminded People
It will be wonderful if you can find a co-founder who can assist on your every step. Make sure you choose a compatible partner and frame a proper legal agreement over the shares of the business property.
Be Cool during overheads
During difficult moments, keep proceeding one step at a time. Meanwhile, you can find a solution discussing at professional networks. Don’t try to outsmart anything by acting without thinking much, also don’t think too much.
Say No to an Investor
Finding an investor can help in fundraising and higher business volume, but It’s better not to find an investor during the initial stage, as most investors will expect you to work fulltime towards the business, and expect immediate results.
There are many successful entrepreneurs who began their journeys while still working on a fulltime job. It could be really hard, but not impossible. So, be persistent on what you want, while keeping the ball rolling for basic survival!
If you are looking to register your business as a sole trader, we can help you properly with all the legal requirements just head to Mint Formations website.