How do I know when is the right time to start up a business?
Tuesday, August 24, 2010/
Many budding entrepreneurs begin their small businesses while working full- or part-time in other roles. Their own businesses may have grown from hobby projects that they developed in their spare time.
A big advantage of this method of venturing into owning your own business is that you have the opportunity to test the potential of your business idea and your own managerial capabilities while still having the safety net of earning a regular wage.
Also you can use the skills and market knowledge that you develop in your wage-earning role to further your fledgling business. It’s likely that in your nine-to-five job you will have heard complaints from customers are frequently repeated. If your boss isn’t able to meet the demands of these complaints, perhaps this could be an opening towards your own business, and business solutions you can offer.
The safety net of a regular and reliable income will also provide stability and security in the fledgling stages of your start up.
However there are dangers of beginning your own entrepreneurial business while still employed in another wage-earning role. Care must be taken to ensure that your business isn’t directly competing with the businesses of your employer, as they will likely have rights over any ideas and products that you develop. Be sure to verify your legal standing before offering any business that could be considered the property of your employer.
If you are planning to begin your own business while continuing to work full-time, be sure to set up a workspace that is devoted to the running of that business. Customers will only take your business seriously if you present yourself as a genuine and committed business operator. Your business may operate in your spare time, but your customers will expect a full-time level of service.
The option of starting your business while continuing full-time work will not be suitable for all start up businesses. If you do not have the luxury of maintaining a regular income while starting your business, it will be necessary to secure significant investment capital. This will involve a greater risk on your part, but it also offers greater rewards as you can be completely focussed on your business.