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Start Your Business Full Time or Part Time

If you have decided to start a business, one of the first decisions you have to make is whether to start the business full time or part time. If you are thinking starting part time, then carefully consider the relationship with your boss. If your new venture is in anyway going to compete with your current employer, you have no other option but to quit your job. It would be unfair and dishonorable to your employer and the company if you continue to work there and at the same time compete with his/her business.

The right to do something does not mean that doing it is right. - William Safire

But, if it is possible to start your own business while continuing in your regular job, you have several advantages:

If you still have a daytime job, you maintain a safety net in place because you are not jeopardizing your medical and pension benefits, vacation and other fringe benefits. When your business is up and running and making enough money, then you can set up your own safety net the way you want it.
You are financially not relying on the new business. Cash flow the biggest problem for a start-up business and having income from a job will take a lot of pressure off you.
You can take your time in setting up and developing your business and are not forced to make rushed decisions due to financial pressures and the need to generate an income.

However, starting part time has also some drawbacks:

Your employer might not appreciate that you are starting a business because he knows that he is going to lose you eventually. He might be worried that you are not fully committed to your job any longer with the possible consequence that he will let you go. You then have a choice to make of working your new business full time or find another job.
We all have only 24 hours in a day and by holding down two jobs, you may be taking on more than you can handle. The excitement of starting a new business could cause you to take on too much, which can lead to personal stress, family stress, mental and burn out.
If you keep your daytime job, there is a tendency to think about, or work on, your new business while you are at work. Even if your new business does not compete or is in conflict with your employer, you need to keep the two completely disconnected. Your employer pays you for the daytime hours, so you should work for him and be fully committed to the job.
You might have to involve your partner and/or children to help you out, because things might have to be done when you are at your employer’s business.

Only you can decide whether you can deal with the potential conflicts and difficulties of starting the new business part time. If not, then you need to start full time. If you do not have enough cash to survive for at least one year, then you should probably wait and put enough cash in the bank till you have built enough of a to carry you through the first year.

If you already have enough cash to start the business full time and can survive the first year without having to draw a salary from the business, then I recommend you go full time. Going full time you will be more focused and you will be able to deal with problems that arise in your business right away. The bottom line is that it is better to go full time if you have the financial resources.

Article Source: http://www.articledestination.com

Harry Beugelink is a Small Business Coach and Consultant with over 30 years of consulting and management experience in small to medium sized businesses in a variety of industries. He manages The Entrepreneurs Network, a resource for entrepreneurs by entrepreneurs and small business owners. The Entrepreneurs Network Author: Start Your Own Business

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