Starting your own business is an enticing prospect; it enables you to have flexibility and control over when, how, and with whom you work. The ability to be your own boss and hold your working life in your own hands is a great feeling. However, being self-employed is a risky prospect, which is why many people start businesses while remaining in their full-time jobs. IdeaPros, a firm composed of veteran business executives, examines the pros and cons and the questions that come to mind: How does this work in real life? What are the benefits and drawbacks of this approach?
There are some excellent benefits to maintaining your full-time job while trying to start your business, including:
Peace of mind
Perhaps the number-one reason that people stay in employment while starting their own business is financial security. If anything should go wrong in your business, it is good to know that you have a safety net and stable income to protect you and your standard of living. Having a job can also be beneficial from a networking perspective, as your employer can sometimes help introduce you to potential business contacts. However, you should always be careful not to cross any ethical or legal lines if you are going to be working on your business during work hours on your regular job.
Develop new skills
Running a business while working elsewhere forces you to practice time management, project management, and due diligence. These are valuable skills which are transferable to many different jobs and industries. Even if your business does not take off, being able to demonstrate to a future employer or investor that you managed to develop a business while working another job will put you in good stead.
Despite the benefits of keeping your job while …Read more