Entrepreneur Tips: Don’t Quit Your Day Job
Taking some of the financial risk out of starting your own business
Everyone can start a business. The reason everyone doesn’t start their own business usually has to do with the financial risks. You have to put everything into starting a business. On top of blood, sweat and tears you also have to put in your time and your money. This is why a lot of people decide to start their own business, without quitting their day job. But, know that this is a juggling act and your biggest test in time management and planning.
Keeping your dayjob is one way many first time business owners minimize the financial risk by keeping their steady paycheck, while putting all their extra time and money into their own venture. If it sounds like these people have their cake and eat it too, you’re wrong. Keeping your day job while starting a business might keep you earning a monthly paycheck, but it doubles the amount of time and energy you have to spend at work.
For the sake of argument, let’s say that you have the drive and the energy to work both your paying job and building a business.That living like a college student, never sleeping and forgetting everything you remember about a social life doesn’t scare you to death, then it’s time to talk about the proper etiquette for keeping your head in your old job, while your heart is in your new business venture.
Should I tell my current boss about my independent business venture?
Honesty is always the best policy. If your new business is in the same field as your current job, being honest with your boss will allow you to use your colleagues as a network and sounding board. Both are critical when starting a new business.
On the other hand, your boss may be cool and supportive about you wanting to build your own business, but if you were the boss – and if you want to start your own business you have to start thinking like a boss – would you want an employee who is essentially telling you that they have one foot out the door, AND they are building a competing business?
In order to maintain a great working relationship with your current boss while trying to build an independent empire on the side, you have to work extra hard at your day job. Show your boss that they can rely on you to still excel at your day job, even though you are burning the midnight oil building another business.
Your day job is not a place to get free office supplies
One more thing, it may seem tempting to use the copier, printer, grab a handful of notepads, pencils, pens and post-its. Do we really have to tell you that this is not okay? Again, think about it like a boss. As an employee, the cost of post-its and toner never really crosses your mind. You just run to the copy room and grab what you need. But, as a boss and independent business owner you need to know the price of post-its. Time is money, and so are office supplies. Keeping your day job and your independent business venture completely separate is vital. Hours that you are being paid to work your day job should not be used working your other business.
If you’re unsure if something is kosher at your day job just flip the situation and think like a boss. How you would feel if an employee was doing whatever it is you’re unsure about. In short. be your own perfect employee.
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