If you are toying with the idea of starting a business, it is probably best to start it on a part-time basis while continuing with your regular job. Many small businesses fail within the first year, so take advantage of having a steady income and use your spare time to start your new business. In addition, before you start your business, consider a few items that may be helpful in getting started.
Figure out what your business will be
What do you like to do? Maybe your business idea is also your hobby. I know a person who collects action figures. He decided to start an online business selling these actions figures because he was familiar with the subject and enjoyed the hobby as well.
Check with your employer
Sometimes there could be a conflict of interest, especially if your full-time job and small business are similar. Make sure your employer is okay with your new business and seek legal advice if you are still unsure.
Make sure you have considered everything about your intended business so there are few if no surprises as you begin your venture. Research all you can about the particular business you are planning. Check out your competition and see how they are doing things.
How much money will you need?
One nice thing about starting a business while working is you still have your steady stream of income to tap. Start saving and make sure you have saved enough in case your financial estimates are below what you expected.
Make sure it is something you really want to do
Running your own business is a great way to get some extra income, but it can be extremely time consuming and is definitely hard work. Make sure you are committed to putting forth the effort it will take to start and run your business.
Use your full-time job as a resource
Your paycheck is not the only way your job can benefit your business. If your job and business are similar in nature, your job can be a learning tool. Check out training possibilities at your job that relate to your business. Your coworkers are another source of help. You may find they are a great contact, supplier, or source of information for your business.
Look to your family for help
Will your business require more than just your hard work? You may not have the capital to hire people right off the bat. Consider your family members as possible employees. Just make sure you research your local, state, and federal laws concerning family as employees. This will help you avoid any tax or legal problems.
Easing into your own business while still receiving a paycheck relieves some of the pressure you would otherwise face if you had jumped into your new business full time. Yes, this can seem like a juggling act, but if you work hard enough with your side business — what you like doing — could eventually become your full-time business.
Image courtesy of Maxinne Marie