As an entrepreneur, has it ever felt like you’re just wired differently than other people? While your peers seem satisfied with their full-time job and even seem to revel in the security it brings, you long for something more. You may be an excellent employee but your heart just isn’t in it and you would prefer to be your own boss. The only problem is that you work full-time and don’t know when you would find the time to research your ideas, much less launch a company.
Continuing to Work While Starting a Business Has Its Advantages
Having the security of a full-time salary while you slowly build your own business means that you’re less likely to make rash financial decisions that could ultimately lead to business failure. Many well-known CEOs took the same path that you find yourself on right now and realized great results because of it. You can still pay all of your regular bills and keep food on the table by continuing to work. Best of all, you can set aside some money in savings to cover these same expenses in the early days of your business when it’s not yet profitable.
Learn to Make the Most of Your Time Off the Clock
You might find it difficult to think of anything but becoming an entrepreneur. However, you’re legally and morally obligated to only perform work for your employer while collecting a salary from the company. The good news in this is that it forces you to make the most efficient use of the time you do have available to work on launching your own business. It can be difficult to turn down social obligations and use your time away from work to unwind but remind yourself that it won’t last forever. The more you can focus on starting your own company, the faster it can happen.
Make Sure You Do Things Legally
Most companies require employees to sign non-compete agreements, confidentiality agreements, and similar types of paperwork before starting a new position. Now is a good time to locate a copy of the legally binding paperwork you signed to see if and when you can move forward without violating any terms you agreed to with your employer. Some of the most common stipulations include:
- Not attempting to lure your employer’s clients to your own business
- Waiting a certain amount of time before starting a business that directly competes with your employer’s business
- Prohibitions about operating in the same geographic region as your employer for a certain time period
Start Planning Your Exit Strategy
Many people say they would like to become an entrepreneur but take no steps to make it happen. It’s important to set a tangible goal for when to give notice to your employer and strike out on your own. If working part-time for your current employer is an option, it might also be something to consider until you feel ready to let go of the security of that salary.
If you have started your own business or are considering it, we would love to help.
Lowcountry Business Advisors in Greater Charleston, SC strives to use our experience and passion to help business owners achieve their goals. Let’s meet for coffee and see how we can work together.
