... The Source for Personal Indpendence ...


Keeping Your Present Job While Creating A New Venture

Strategies for effectively handling both activities

Sometimes to be your own boss you have to keep working for a boss while you launch your new enterprise. The primary reason for entrepreneurial moonlighting is, of course, money.

Starting a business requires an investment of at least six months' or, better yet, a year's worth of living expenses. Most startup owners don't have that kind of cash to fund a business and pay housing, grocery and utility bills.

The advantage of starting a business on the side is that you have a chance to experiment. It's a lot easier to make changes while the venture is a sideline and not a full-fledged, independent project that supports your livelihood.

Staying employed elsewhere lets you keep your options open. If your business idea fails, you can quit and still have your day job to pay the bills and try something new.
The biggest drawback to working somewhere else while launching a company is the time crunch. You'll have to work long hours to fulfill both ventures requirements.

On top of that, you will have to deal with juggling dual loyalties: to your day job and your own business. Another disadvantage is that you won't be able to grow your company as quickly as you would if it were your full-time endeavor. But that's not necessarily a bad thing.

You also will have to deal with whether to tell your boss about your new company. It all comes down to your relationship with your employer and what kind of a leader they are. While each entrepreneurial situation is different, it may be better to tell your employer what you intend to do. They might even have some advice for you.

By doing so, you have an opportunity to work out problems. You'll also increase the odds that you can stay employed rather than being fired because your boss found out after the fact that you started your own business.

Regardless of whether you tell your employer about your new venture, be sure to keep the two enterprises separate. Continue to be professional at your salaried situation; don't make calls on behalf of your new business while at your "old" job. Given the high turnover rate for startups, it's smart to stay on good terms with your employer just in case you have to depend solely on your full-time job again.

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