Can I Start A Small Business While Working Full Time?
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Are you tired of your current nine-to-five job and would love to start your own business on the side?
But what if it doesn’t work?
One of the safest ways to start a business is to do it part-time while keeping your full-time employment so you can assess whether there’s potential. If it gains traction and you see potential, you can then reassess whether you should stay in your full-time work.
To help you in this almighty task, here are some do’s and don’t you should consider before starting your small business on the side.
Read And Follow Your Employment Contract
This is particularly important if you want to work in the same industry as your current employment. For instance, if you work in IT sales and want to open your own IT services company, there might be a clause in your contract that prevents you from working in the field for six to twelve months. It's called a non-compete clause. It can also be used by the company to deter you from poaching their clients or hiring their staff.
If you breach this clause, be advised that your employer will have legally enforceable rights to seek compensation from you.
Prioritise Your Time
If you decide to start a small business while still working your full-time job you’ll have to make sacrifices.
This could mean that until you make a decent income from your small business and can resign, you might have to limit time spent with your loved ones or doing the things you love.
At the very minimum, you should optimise your time by avoiding distractions such as online games or social media apps so that you can allocate your time efficiently.
Insure Your Business
As a small business owner you could be held liable in the event your business activities cause third party injury or property damage. That’s why protecting your business with business insurance is so important. And to help you find the best insurance policy, we’ve created a free instant quote generator. It will allow you to get an estimate on market-leading insurance in seconds.
Simply enter your occupation and expected revenue to get started.
Never Use Your Work Emails Or Devices For Your Side Business
Whether you use your work emails to respond to one of your small business’s customers or log onto your account from your work laptop or phone, your company could challenge you legally.
Besides, Using your company’s property to further your own financial and professional goals doesn’t look good for you and could forever break the trust your company invested in you.
So, keep things professional and never work on your side business using your company’s tools or time.
Don’t Mention Your Side Business To Your Colleagues
Yes, you’re excited and you want to tell the world about your new business. Especially, if it’s starting to take off. Yet, this could backfire.
What if someone lets this information slip to your manager during a conversation?
Unless your side business violates your employment contract or company policy, you don’t need to share this information with your employer. They might be worried it will distract you from your full-time job or anticipate you want to leave.
This can create tension and deter them from giving you a good recommendation when you leave.