If you have decided to start your own business, one of the first decisions you must make is whether to start it full time or part time. If you are thinking starting part time, then keep in mind the relationship with your boss. If your new business is somehow going to compete with your current employer, you have no other option but to quit your job. It would be wrong and unethical to your employer and the company if you continue to work there and at the same time you were competing with his/her business.
The right to do something does not mean that doing it is right. - William Safire
However, if it is possible to start your own business while continuing in your regular job, you have a couple of advantages:
- If you still have a daytime job, you maintain a safety net in place by not jeopardizing your medical and pension benefits, holiday and other fringe benefits. Once your business is up and running and making good 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 is one of the biggest problem for a start-up business and having income from a job will take a lot of pressure off you.
- You dont have to be in a hurry in setting up and developing your business while you are not forced to make rushed decisions due to financial pressures and the need to generate an income.
But, working part time has also some drawbacks:
- Your boss might not like it that you are starting a business because he realizes that he is going to lose you eventually. Maybe he is worried that you are not fully focused on your job any longer with the possible consequence that he will let you go. You then have a another decision to make of working your new business full time or find another job.
- We all have only 24 hours in a day and by having two jobs, you might be taking on more than you can handle. The thrill of building a new business could cause you to take on too much and lead to personal anxiety, family problems, mental and physical exhaustion.
- If you still have a daytime job, there is a inclination to reflect, or work on, your new business while you are at work. Even if your new business does not conflict with your employer, you still need to keep the two completely separate. Your employer pays you for the daytime hours, so you should work for him and be completely committed to your job.
- You might have to rely on your spouse and/or children to help you out, because work might have to be done when you are working at your employers business.
You need to decide if you can handle the potential conflicts and difficulties of working your 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 are better off waiting and put enough money in the bank till you have built enough of a to carry you through the first year.
If you already have the financial resources to start the business full time and are able to survive the first year without having to draw an income from the business, then I recommend you start full time. Going full time you will be more effective and able to deal with problems that arise in your business more efficiently. The bottom line is that it is preferred to start full time if you have the financial resources.
