Do you have ambitions of running your own business but are still employed? We are going to show you how you can do it without getting into trouble!
While being employed, It can be tough to start a business but not impossible. Setting your business while being employed actually has some benefits! It allows you to:
- Test your business idea to see if it’s viable
- Have an income stream while you’re setting everything up
- Allows you to develop the skills you need to be a business owner
You will probably have an idea of what business you want to start and run. Here’s everything you need to consider:
Where to start?
Too many people dive in headfirst and then quickly fall out of love with their idea because it’s a lot more work than they anticipated. Starting small will also help you stay within your budget and not risk your current income and stability.
Talk to your boss
If you’re thinking of starting a business, the first thing you should do is talk to your boss. You need to be upfront about your intentions and let them know that you’re still committed to your job. They may have some concerns but if you can reassure them that you’re taking this step seriously and still plan on putting in 100% at work, most bosses will be supportive.
Create a plan
One of the biggest challenges for anyone starting a business is creating a realistic plan. How much money can you realistically spare each month to invest in your business? What are your goals and what milestones do you want to achieve within the first year? How many hours can you realistically devote to your business each week? Working with EMS Business Advisor can help you to develop your business plan alongside your current job.
Be prepared for a lot of hard work
Starting your own business is not easy. It’s going to take a lot of hard work, dedication and time. But if you’re passionate about your idea and you’re willing to put in the effort, you can make it a success. Don’t be afraid to ask for help from family and friends – they’ll be more than happy to support you.
YOUR FIRST 30 DAYS AS A BUSINESS OWNER
Working for your current employer
Depending on your current job, starting a business may cause some conflicts of interest. If you’re an employee of a publicly-traded company, for example, you are not allowed to trade in that company’s stock during the 60 days prior to the release of earnings information. If you’re caught doing so, you could be looking at a firing, or at the very least, a suspension from your job.
But what if you’re thinking of starting your own business on the side? Can you keep your day job while you’re starting your own venture? The answer is yes, but there are a few things you need to be aware of.
First and foremost, it’s important to avoid any conflict with your employer. You don’t want them to feel like you’re not putting your all into your job, or worse, that you’re trying to sabotage them. So be upfront with your boss about what you’re up to. Let them know that you’re still 100% committed to your job, but that you’re also starting a business on the side
There are a few ways to go about starting a business while you’re still employed. You can start a business that’s related to your job, like a consulting business, or start a side hustle. A side hustle is a business you start on the side, usually in your spare time. It can be anything from selling products online to freelance writing.
Starting a business while you’re still employed can be tough, but it’s definitely doable. Just be sure to set some ground rules with your boss and stay organized so you don’t fall behind at work.
What to do with you extra income
The idea of bringing in some extra money that may support yourself as a freelance designer would be a solid idea, advice might alleviate your finances and help you save money that could help further develop your business.
This is especially true in the early days when your business is still in its growth phase. It’s also important to have some money set aside for rainy days, or when your business hits a snag and you need to fund extra marketing or inventory.
So how much should you save? Well, that depends on your specific situation. But a good rule of thumb is to try and save at least 50% of your side income. That way you’ll have the funds you need to grow your business without putting too much stress on your regular income.
Of course, there are always exceptions to this rule. If you’re making a lot of money with your side business, it might make sense to save less and reinvest more. But in most cases, saving as much as you can will give you the best chance of success.
Finding a good work/life balance
Working full-time and starting a business can be time-consuming. You need to think about how this can affect you and your personal life!
It is important to sit down and have a chat with family members about what’s really important and consider what should come first. Making time to share family moments could be important in the long run. Be prepared to be flexible with your schedule.
Starting a business while you’re still employed can be a tricky proposition. You’ll need to be careful to avoid conflict with your employer, save your side income to re-invest, and make sure you have a good work/life balance. If all goes well, you should be prepared to start your business full-time.