When you’re starting up your business, it can be difficult to keep your finances in order. To help add a touch of additional security, one thing worth considering is holding down your day job while starting your company. If your business is a semi-absentee business – one that only requires a part time commitment from you – then you might be able to do just that.
Of course, there are other factors to consider as well. Whether you’re opening up a from-scratch business or a franchise, you’ll want to think about the following if you are considering keeping your day job for a while.
- Finances – This is the obvious one. Do your finances allow you to stop working? Even if you can find financing for a company, are you sure you can make ends meet for the first few months until you turn a profit? If not, you’ll likely want to keep a job for a while at first.
- Responsibilities – While you’re the owner, you may find that you need to turn over management to an employee for some time. Or you may choose a business model that requires no oversight for certain periods of time – online companies are a good example of this. Think about what the responsibilities of the business are before you open it and you’ll know whether or not you will be able to keep working.
- Scheduling – There are a few things to consider when it comes to scheduling. First, when will your business be open and what are your normal, current working hours? Do they overlap? Can you cut back to part time at your day job to operate the business? If you spend some time balancing your schedule, you’ll have a better idea as to what options you have for opening a business.
Working your regular job while opening a business is well worth considering, and more possible than you might think. Keep the above points in mind and you’ll figure out for yourself what your options are.