Starting a new business can be scary, especially for those who do not have enough experience. Many people do not wait until they have retired to start a business on the side. They start a small business while they have a full-time, stable job.
If you wait for the perfect timing to start a business, you will never get to start it. Your excuses will pile up. Although the ideal situation would be to focus your time on your business, it is not realistic for some. If you are a breadwinner, you are paying for a mortgage, a car loan, or a student loan, letting go of a stable job may not be advantageous for you.
Of course, it is possible to start your business while keeping a full-time job. While it may not be easy and may require you to be creative, it is possible. In fact, many have done it. So research for the best business loan products in your area and start writing up your business plan.
Advantages of Starting Your Business with a Full-Time Work
There are many advantages to being an entrepreneur with full-time work. For one, you have the stability of a steady income with benefits. Then, of course, it will be easier to apply for loans when you need additional capital for your business.
Not everyone has the capacity to quit a full-time job to focus 100% of his or her time on starting and running a business. Running a small business on the side while maintaining a full-time office job should not be an issue, as long as it does not affect your job.
If you have made a loan to fund the capital for your start-up business, then having a full-time job is helpful. No business is guaranteed to be successful. There are always risks that come along with it. Having a stable salary helps ensure that you can pay your dues, even on the days when your business is struggling.
When you are just starting your business, it is also helpful that you have a wide circle of peers to help you spread the word about your venture. Your friends at work can even be your first customers who can put out a good word about your products and services. You can even ask for advice from colleagues for the development of your products and services. If you have colleagues who are already running a successful small business on the side, their experience and inputs will be valuable for you.
Having a small business helps augment your income from your full-time work. Use your extra time and your youthful energy to earn more and build your own empire. Who knows, your small business might be the start of something big. After all, even the biggest entrepreneurs started small.
Aside from the monetary benefits, a small business can give you an avenue to pursue your other passions. If you love teaching kids, you can start a one-on-one tutorial business to help kids who struggle with their academics. If you have a penchant for fashionable bags, why not sell them? If you love baking pastries and cakes, you can start taking orders and sell them per request. Pursuing your other passions is good for your mental well-being and can help you be more motivated.
Drawbacks of Running a Business While Working Full-Time
Time would be the most obvious disadvantage of running a small business and working full-time. Juggling two commitments can be a struggle, especially if you are only starting. It can take some getting used to, but it is possible. With the right mindset, careful planning, and effective time management, you can successfully run your business on the side while maintaining a job. It will also help you develop your time management skills.
Another drawback of this setup is that you may see your business as more of a hobby and end up not taking it seriously. The safety net that your job provides may make you less motivated to do your best for your business.
There will also be times when you may be distracted from your full-time job. Staying up all night to take care of your business can affect your efficiency and performance at work. This is where your time management skills are needed. You may end up losing your full-time job if you can’t manage your time properly.
Another aspect of your life that may suffer if you juggle a job and a business is your personal relationships. Do not be afraid to ask for your family’s assistance if they can help. Doing business with your spouse or your family can make the load bearable and enjoyable.
The Verdict: Should You Do It?
There are pros and cons to starting your own business while you are working. It may be difficult and challenging, but it’s possible.
Just remember not to sabotage your job. Do not bring your entrepreneurial work in the office. Strike a balance and do not tire yourself to the point of burnout. If you feel like your business is doing so well and need more time for it, you can quit your job or hire some help. Either way, think it through and always think about your overall well-being and not just your financial needs.