Full-Time Employee To Full-Time Entrepreneur
Making the transition from full-time employee to full-time entrepreneur is no mean feat. Keeping on top of a full-time job, while starting up a new business, is exhausting work. For those of you who find yourself in this situation, pour yourself a glass of soya milk, pull up a yoga mat and consider these ancient (although somewhat altered) proverbs to help you restore your inner harmony / sanity.
A penny saved…is a penny you can invest into your new business. One of the big advantages to working while starting up a business is the ongoing inflow of income, some of which you can pump directly into your start-up or save as a cushion for your first while as a full-time entrepreneur. It can take time to get a business up and going – this is quality earning and saving time for someone setting out on a new business venture.
All work and no play…makes Jack a pain to live with and unproductive at both his job and start-up company. Granted, it will seem there are not enough hours in the day to get done all you want to get done as you juggle the new company, work-life, home-life and social-life. ‘Social-life’ you say? Remember when you had one? It is important to take some leisure time out for yourself and get back to interacting with other human beings, before you forget. If not, you will drive yourself, as well as everyone else, up the wall. It’s also good for business to maintain your contacts. Taking the plunge from full-time employee to full-time entrepreneur can be a lonely time when you don’t have your support network in place. Get out and meet people – you never know how they may be able to help you and your business at a later date. If you feel the guilt, it may make you feel better to consider it a work meeting. If you work meeting happens to be over a few pints…so be it!
Don’t bite the hand…that pays you. It makes sense to maintain a good relationship with your employer, particularly if they could be of use to you at a later date. You will be the best judge of whether or not you tell your employer of your plan for your new business. Depending on your business idea, your employer could be a potential competitor, partner or even customer. Just make sure that when you leave, it’s on a good note and that they don’t see after a month of you leaving that the phone bill has reduced drastically. It’s best to use your own time and your own resources to get your business up and running, but if you have an agreement with your employer, get it in writing! Furthermore, make sure there are no implications as a result of employment agreements which restrict you from working in a certain field once your employment has ceased. Matters regarding IP and trade secrets can be a little tricky so check this out.
Look before you leap. Another advantage of working full-time while starting up a business is that you can test your idea in the planning stages without jumping in with both feet. Get feedback from potential customers on your business before you pack in the day job. Better yet, secure agreements and orders, or measure to what extent you have been able to meet a certain goals that you have set for yourself. Ask yourself some hard questions and get others to ask you hard questions. This is all about minimizing risk and making sure you’re going to be happy as a full-time business owner as opposed to full-time employee.
Nothing ventured, nothing gained. When you do take the leap from full-time employee to full-time entrepreneur, you will no doubt find the new responsibilities, risk and independence daunting. But this, mixed with the excitement of running your own business will make you all the more committed to it. And the more committed you are, the evermore likely the success of your new start-up company.
