I am considering starting an online company, but I am currently in a well-paying job. Is it possible to do both, or would I lack the commitment to make my business work?
Lucky you for being in a well-paying job. Hopefully you’ve been saving money as you’ve been working.
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More than bad ideas or bad markets, most start-ups die because of poor cashflow. If you can get past this hurdle, you’ve taken a big step to sustainability.
So, can you do both?
Initially, yes, doing both can sometimes be ideal. You have a 9-5 to pay the bills and a 5-9 to inspire the passion and fire.
While you’re sorting out ideas and team and product-market fit, having a steady income from elsewhere can be a great reliever of cashflow stress.
Ultimately though, if this is going to be a big business (and not just a lifestyle one on the side), you’re going to need to quit your job and give it your all.
Singular focus is often the difference between success and failure and if you really believe in something, keeping one foot in the water elsewhere doesn’t really make sense.
It’s probably worth pointing out that you won’t raise investment with a full-time job, so if that’s a concern, be sure to keep it in mind.