Starting a Side Business While Employed: Tips and Tricks

The Sky’s the Limit

Coming up with a great idea for a new business doesn’t always happen at the most opportune times.

You may one day find yourself developing a viable business idea while still working with a larger company. If so, it doesn’t mean that you have to abandon the idea completely.

But starting a side business while employed requires a lot of time, attention, and careful consideration.

That’s why we’ve compiled a list of things to keep in mind when thinking about how to expand your income with a side business while maintaining a full-time job.

Analyze Your Business Plan

Before you sink a significant amount of your free time into a new side business, it’s important to put your business plan under a microscope.

And that means that you’ll need to be your own harshest critic for a while.

starting side business

You’ll need to do everything in your power to make sure that your business plan won’t require an outsize amount of financial investment.

The idea will likely require an investment of some kind. Make sure that your personal finances allow for this investment while still allowing you to pay your bills each month and still have funds left over for emergency purposes.

Gather Your Expertise

When you’ve been involved in the planning stages of a brand new side business, it can be easy to lose track of the reality of the situation.

In other words, your lofty ambitions may be distracting you from faults on your business plan.

That’s why it would be advisable to do sufficient research before starting a side business while employed.

Try to find individuals who work in the industry you’re looking to enter.

Explain the basics of your side business so that they can offer any relevant advice and criticism.

Their advice will prove to be invaluable over time, and you may find that your idea needed more work before being put into practice.

How Much Time Will it Take?

If you plan to make your new side business your main source of income in the future, then you’ll need to commit almost all of your free time to the business to get it going.

Starting a Side Business While Employed

It could be years before your business starts producing any significant profits.

You’ll need to come to terms with how much time and effort your new side business will require.

Sit down and make some simple calculations as to how long simple tasks for your side business will require.

Then estimate how many times you’ll need to repeat those specific tasks during any given week.

Can you commit at least that much time each week to your new side business? Or will it leave you with very little time to sleep, eat, and relax?

This is another stage of the process where it’s very important to be as honest with yourself as possible.

If you think you’ll be able to sidestep many other obligations in order to work on your business, then you have a much better chance of helping that business develop to a point where it can one day be self-sustaining.

But if you find yourself repeatedly failing to complete necessary tasks, either for your main job or your side business, then you may need to reconsider your plan.

It’s also important to allot time for maintaining your personal relationships with family and friends.

In particular, if you have a significant other at the time, you should speak with them ahead of time about how often you’ll need to work on your new business.    

Assemble a Team (If Necessary)

Once your side business has started to bring in some money, that’s when you can start to think about hiring other employees to help out.

Starting a Side Business While Employed

But hiring employees also means that you’ll need a consistent revenue stream so that you can guarantee your employee(s) will get paid on time and in the correct amount.

Hiring employees too early on in the process can result in an inability to pay them or a lack of funds to run the business itself.

Maintain Job Performance

Regardless of how well you think your new side business will perform, you still need to primarily dedicate your time and attention to your main full-time job.

This is not only respectful to your current company, but it also serves as a practical means of maintaining your own financial security until your new business can really get off the ground.

Make sure to complete all tasks for your main job first, even if it requires you to cut into your free time and evenings.  

Save Up

Perhaps most important is the need to save up as much money as you can before leaving your main full-time job for good.

Countless entrepreneurs have made the mistake of putting too much faith in their own businesses only to find that their business model had serious faults or that the market they were expecting simply isn’t there.

Starting a Side Business While Employed

Learn from their mistakes. Give your new business plenty of time to grow, possibly even for a few years.

Over time you’ll get a much better sense of what works and what doesn’t and how much you can rely on your given market.  

Break Free

Finally, when you find yourself in a position where your main job is satisfied with your performance and your side business is bringing in large amounts of money, then it’s time for the final step.

This is the point where you can approach your boss at your main full-time job and explain your situation.

Make the conversation respectful, first and foremost. Explain that you’ve been working on your own side business for a while and that it’s been performing well recently.

Discuss the possibility of working part-time at their company while dedicating the bulk of your time to your own company.

If this arrangement simply isn’t a possibility, then ask to resign your current position. Policies vary from company to company, but many will require you to work at least another two weeks before leaving.

This is mainly so that the company can have sufficient time to find a new employee to fill the role and train them to take over.

You may even be asked to help with the training process.

Nine Common Signs You Will Be Laid Off in the Near Future
How to Inspire Others in the Workplace on a Daily Basis
Seven Helpful Examples of Professionalism in the Workplace
Overhearing Someone Talking About You at Work: What to Do
Staying Positive at Work in Tough Times: A Basic Guide
Helpful Car Driving Tips for Beginners in the USA and Beyond
What to Look for When Renting an Apartment Checklist
Interview: Culinary Pros Talk Food, Work, and Passion
Tips for Working Full-Time and Running a Small Business
Top Business Books of All Time that You Should Read ASAP
How to Apologize to a Friend for Being Rude (and Mean It)
Negotiating Used Car Price Over Email: Getting the Best Deal
What Equipment Do You Need to Start a Podcast? - A Guide
"I Can’t Get Out of Bed in the Morning" - Possible Solutions
The Best Hybrid Bike for Beginners: An Introductory Guide
Eight Fun Games to Motivate Employees in the Workplace
What Makes Employees Feel Valued? - An Exploration
Seven Great Ways to Improve Efficiency in the Workplace
How to Research a Neighborhood Before You Buy - Helpful Tips
Nine Great Low-Stress Jobs for Homebodies and Freelancers
8 Cheap Ways to Make Your Small Business Look Professional
Interview: Denny Sila on Raising a Jazz Piano Prodigy
How to Be Fashionable on a Low Budget: Tips and Advice
Reconnecting with Old Friends Advice - Suggestions to Try
How to Ask for a Donation in an Email: Suggestions to Try
"I Prefer to Be Alone Most of the Time" - The Pros and Cons
How to Be an Active Member of the Community: Tips to Try
"My New Job is Not What I Expected" - What to Do Next
How to Stay Calm When Angry at Work: Suggestions to Try
How to Stop Arguing with Someone: Five Suggestions to Try
The Importance of Public Speaking in Everyday Life
Technicals Skills of an Entrepreneur: Essential Knowledge
The Importance of Art and Culture in Our Life: A Guide
List of Social Activities for Adults: Fun Ideas to Try Today
How to Find a Hobby or Passion: Guidelines and Suggestions
Not Hearing Back from Jobs? - Here's What to Try Next
Quitting a Job Without a Notice Letter: The Pros and Cons
How to Apologize to a Customer for a Mistake: Tips to Try
Why is it Important to Love Your Job? - An Exploration
The Many Benefits of Home Cooked Meals Vs. Fast Food
How to Get into Running When Overweight: A Concise Guide
Depressed About Being Single For So Long? - The Bright Side
The Side Effects of Working Too Much: What to Watch For
9 Jobs That Require Travel and Pay Well - Ideas and Tips
Cheap Healthy Meal Plan Shopping List: Suggestions to Try
Funny Ways to Answer the Phone to Telemarketers: Tips to Try
What Makes a Good Sales Associate? - Tips for Your Success
How to Apologize Professionally in an Email: Tips to Try
Ideas to Make the Workplace Better: Several Suggestions
Workplace Fun Friday Ideas to Increase Employee Motivation
The Basics of Workplace Etiquette: An Introductory Guide
Creative Ways to Give Advice: Ideas and Suggestions to Try
11 Jobs for Laid Back Personalities: Ideas and Suggestions
How to Deal with a Demanding Boss: Tips and Tricks
My Coworkers Are Jealous of Me: Ideas for What to Do Next
Career Path Planning for Employees: Guiding Principles
Starting a Side Business While Employed: Tips and Tricks
Business Ideas for Students in University: Seven Suggestions
Careers for Introverts in Healthcare: Ideas and Suggestions
What Qualities Make a Company a Great Place to Work?
Books for Guys Who Don’t Like to Read - The Idea Trader
Do Kittens Sleep Through the Night? - The Idea Trader
Can I Become a Graphic Designer Without a Degree?
Best Books for Aspiring Entrepreneurs - The Idea Trader
Gregory Finkelson Devises Brilliant Plan To End Shutdown
UK’s Brexit Troubles Urge Caution to Other EU Nations
Estimates of Children Separated at Border Higher Than Before
How to Calm Down A Kitten When Hyper: Tips and Tricks
How to Make Work Fun for Employees: An Idea Trader Guide
How to Improve My Attendance at Work: An Idea Trader Guide
How to Deal With Neighbors Who Are Bullies: Tips and Tricks
Fun Things To Bring On A Cruise: An Idea Trader Travel Guide
How to Live Well on a Small Income: Helpful Tips and Tricks
Best Way To Clean Walls When Moving Out: Tips and Tricks
What Does Business Casual Mean For a Man? - Ideas and Tips
9 Powerful Ways to Boost Employee Efficiency in the Office
How To Stop Procrastination In The Workplace
Tools to Stay Organized at Work
Home Remedies to Fall Asleep Quickly
Weekly Update, 12/16/18
Weekly Update, 12/9/18
The Plan Behind the Packaging: Leading Designers Moree Wu and Sijia Zhang Give a Pre-Holiday Crash Course on the Importance of Design
Weekly Update, 11/18/18
One Big Three-Legged Race: App Designer Yunning Liu on the Undying Relationship Between Technology and Design
Weekly Update, 11/11/18
Weekly Update, 11/4/18
Weekly Update, 10/28/18
Weekly Update, 10/21/18
Bassist Ole Kirkeng on the Ins and Outs of Being a Musician in 2018
Weekly Update, 10/7/18
Weekly Update, 9/30/18
Weekly Update, 9/16/18
Interview With Grocery Delivery Mogul, Tejas Viswanath
Software Whiz Ahmed Ilyas On What It Feels Like To Be At The Center Of The Tech World
Weekly Update, 9/9/18
Weekly Update, 9/2/18
Weekly Update, 8/26/18
Saurabh Rajwade’s Guide to Mergers and Acquisitions in the Modern World
Australia Places Ban on Plastic Bags
The Future of Carbon-Neutral Cars
UN Report on US Poverty Puts the Blame on Politics
The Cost of Elon Musk's Vision for Transportation
Anthony Bourdain: a Legacy of Food, Culture, and Travel
Psychedelic Drugs and their Effects on Depression Discovered
Spotlight in Screenwriting: an Interview with Karolyn Carnie
'Ye' and the Conflict of Artistry
Gender and the Millennial Issue with Impostor Syndrome
Behind the Big Screen: an Interview with Gemma Karlsen
Study Links Body Clock to Certain Mental Illnesses
UK Facial Recognition Wrongly Identifies Criminals
World’s Largest Cruise Ship is a Floating Mega-Resort
3-D Printing Startup has Eye on the Sky
Tesla Model 3 Becomes America’s Best-Selling Electric Car
Impossible Foods Leads the Way on Meatless Substitutes
Your Smart Device Might Be Listening
Cobalt Robotics Receives Funding for Robot Security Guard
Intel Feels the Hurt as Apple Plans to Use Its Own Chips
Uber Suspends Self-Driving Car Tests after Fatal Crash
Chaos By Trump: Stocks Display The New Fragrance
Worst week ever? Tech takes a bow, not in a good way
A Mexico Mystery: What Happened to the Sharps?
Did Sister Jean Not Believe in Divine Providence?
Will This Be The New World War or Cold War?
Iran Continues to Mount Tensions Against the U.S.
He Was Born In A Small Town… And Performs There, Too
This Singer Happens In Vegas, But Doesn’t Always Stay
Moving Through Jell-O Pudding: Cliff Huxtable’s Troubles
If Only #Monet Had A Hashtag …
Terms and ConditionsPrivacy Policy
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram