Entrepreneurs often felt burnout especially why holding a part-time or full time job. That feeling of total fatique, both mental and physical which comes from working ourselves too hard. But that doesn’t have to be you, you can have a balanced life why building your small business.
One reason people has given up there dream of starting there own business has been perceived fear of uncertainty that hangs ahead if they quite there day job to start a business and the business failed, or things doesn’t go as plan. People quieting there job to start a business only realize that, if they lacks behind it can be complete frustrating. So every entrepreneur that is planning to launch a start-up, have to consider going part-time, while still holding there part-time or full time job.
Don’t quit your job before you start a business.
Why the first thought that come to mind when thinking about starting a business is quitting your job, it can be your first unfavourable move. Much especially if you are not arm with sufficient financial resources. People that start their business with full-time job have an unfair advantage over those that have quit their job even if you have a nice cushion of savings set aside and plan on outsourcing most of your work or using sophisticated online tools.
You nay be tempted to take this for granted and underestimate your business timeline, but a regular income means that you can allow yourself to practice longterm thinking and create headspace, instead of making a business decision because you have to.
Your family provide a key lifeline.
You will need a lot of support to succeed whether emotional, operational and financial, and the major sources of those support will come from family and friends. It’s impossible to reach your dream alone, when your loved ones believe in you, they energize you. They give the courage you need to push through the challenges you will faces.
According to a semi-annual survey of 1,000 small business owners across the country, by bank of America’s Small business owner report. Found that more than half (53%) of the respondents rely on family to serve important business roles, like advisors, employees, investors and partners. Additionally, 32% of the entrepreneurs surveyed have received a financial gift or loan from family and/or friend at some point to fund their business, and 35% said that Friends and family help the most with running their business.
But apart from financial support, emotional support. The stresses that come along with building and growing a business can’t always be solved with money. From volunteering making referral to help buying coffee or clothes. Just the warn atmosphere of feeling loved can propel you to a right mental attitude.
If your spouse is dead set against your idea of becoming an entrepreneur your chance for success is slim to none.
When running your business while working a full-time job, remember to keep it ethical.
The most important rule of running a side business is to make sure that it doesn’t interfere with your job. In an ethical sense, you owe your employer your full attention and you should do a great job for them, in a practical sense, your employer need your full attention and you should do a great job for them. In a practical sense your employer is providing your paycheck and livelihood, don’t jeopardize that.
1. Review your employment contract.
In nearly every job is the signing of an employment contract that stipulates what you can and can’t do as employee.
Some employer’s contract, allow your employee to claim ownership of any inventions or innovations you create during company time. Other’s may have noncompete clause that only covers the prospect of you leaving to join a competitor.
But always be careful to review the contract, as preexisting agreement with your employer could cause legal problems for your business. Especially employment contract for intellectual rights and noncompete clause’s and find out if you’ve sign an NDA.
2. Don’t let your business interfere with your job.
Strive to keep separate hours between your work and business. If you used to work a regular 9-5 job, you’ll need to make so!e. Adjustments, either to wake up early so that you could get business done before leaving for the office or choosing to work late hours often. But I’ll suggest that you give the most productive part of your day to your new start-up which is working as early as possible.
3. Keep it private.
There’s some back-and-forth between experts about what approach you should take, whether to tell your boss or to keep it private.
I don’t see it as a bit unethical if your start-up doesn’t interfere with your job. But if in your employment contract. You find out that you are contractually obligated to let management know of any side business activity. In that instance you must tell them what you are doing.
But in most case, some boss may assume that the stress of running your own business would likely compromise the quality of your productivity because if they perceives [your new business] as something that might compromise your productivity, they might consider cooking for a replacement.
So since you are informed. It’s best to keep it for yourself.
Nobody will rate you five star for boasting to your coworkers about your new start-up. Telling your coworkers brings no tangible benefits and it increase the chance of your boss to found out if it were private.
4. Don’t compete with your employer.
It’s criminal to compete on same dollar with your employer. Its just like using employers equipment and supplies to run your business. Competing with your employer while working for them is unethical and will taint your reputation.