SOME DO’S AND DON’TS ABOUT STARTING A BUSINESS!
Already reporting to an employer and starting your own business alongside is difficult but is one of the sure ways of making some additional income. In this article, we discuss some do’s and don’ts about starting your own business.
The Do’s:
Consider your new business as a part-time one in the beginning whilst you work for your employer. In doing this, you will be earning some additional income and the impact of the part-time business becoming unsuccessful is minimized.
Check the requirements in your employment letter. Sometimes, the employment contract states that any innovations that result from the use of company equipment and company time become the property of the employer- this includes even innovations outside of the premises of the company. Be sure you are conversant with the company policy regarding establishing personal businesses.
As you begin making some returns in the new business, keep part of the returns and use this income to run the business at the time when you resign from your job to take full control of the new business. At least you will have something to live on and run your own business after resignation.
If your personal business is not a competitor to that of your current employer, it is worth informing colleagues about your personal business. It is possible your colleagues can become part of your clientele base or may even become co-investors of your personal company.
Plan your time very well because owning a personal business should not compromise your much needed output in your current job. There are some activities you may have to sacrifice for the time being because your time may be much needed in the new job whilst you continue to deliver in your current job.
You may consider getting some few hands to help out with the new business since you will always not be available to manage it.
Don’ts
Avoid using company equipment for your new business. Avoid sending e-mails relating your business using your employer’s e-mail system because there can be legal implications.
When your personal business begins to make some gains in the beginning, don’t think of resigning quickly from your current job because new personal businesses have unstable life cycle. Some reasonable amount of time is required for the new personal business to get established.
Some business ventures do not lend themselves to part-time so be careful which area you want to invest in.
Don’t promote your business during working hours. It is unethical and you may be penalized for using company time for promotion of your personal business.
At the right time, don’t hesitate to resign from your current employer and take up full employment with your personal business. You can do a lot when you take up full responsibility in your personal business.