Many employees today are thinking about starting their own business. According to latest statistics, 44% of employees have a strong desire or are already planning to open their own business.
The percentage of unsatisfied workers is growing year by year and the numbers say that there will be even more people who will consider getting a new job. Modern Economy swallows human individuality and creates a state where stress and pressure are constant. So, if you are looking to start your own business, that is perfectly understandable. And, you came to right place. We are going to try to help you on that quest by giving you a few suggestions.
Working from 9 to 5 is stressful for most people, but that should not be the reason to quit. Chasing your dreams is nice but you should be aware that chasing sales for your new founded business and struggling with business loans is also stressful.
So before you start your own business you should consider these important issues:
How much money you have to finance your business?
Your financial position is one of most important things to keep in mind before you start a new venture.
If you can keep your current job while you are launching your new business, you will have good a pushup on your startup, because your day job will share financial burden of your venture.
No matter how small is the business you are starting, it will find the way to drain your pockets every day, so be prepared. Before you start making your business plan, you must put on paper how much liquid assets you have and ask yourself – “Are you ready to invest it all?”. Any business startup costs money, no matter what you are doing and how savvy you are, it will drain more and more.
Some businesses don’t allow you to have another job because from first day you are going to be fully occupied with it, but whatever business you are streaming to, at one point you will have to quit your old 9-5 job.
What is your Employment Status?
Some companies put liabilities in contracts for those who are leaving them. So check your employee agreement and if you don’t understand all your liabilities, consult your legal advisor. You must fully understand your contract because it could contain some details which conflict with your new job.
In most of cases employers would not have anything against your new job and you leaving the company.
Can you be fully responsible for two jobs?
You have made every inquiry you had to make and you are legally clear to start your new business while still being at your old job. And then it hits you: “How to be fully responsible for both jobs?”. Working on two jobs could be time consuming and don’t think that nobody will notice that you are working on a side job. Talk with your superior and try to make a deal on how to compensate the time you spend on your side job. Sometimes changing shifts could do the trick.
One thing is certain while you are working on two jobs – forget about free time. That can really be exhausting, but at least it’s temporarily. If you do everything right, your side job will take your full time sooner than you expect.
Daniel Quinn is blogging over at InvestmentTraining.org and is contributing articles on investing, personal finance and global markets.