How to Run a Startup While Working Full Time

                                                               

It’s not unusual for entrepreneurs to work two jobs at the same time, at least during the launch phase of their startup. They have their full-time job, which provides reliable income and helps pay the bills. And they have their startup job, at which they work hard for little or no pay as they try to grow the company.
Having a full-time job provides you with a great safety net. You can develop your plan, learn a new industry, and test your business concept – all while getting a steady paycheck. However, it also opens the door to potential problems.
Most people can successfully handle running a startup while working a job as long as they follow some simple rules: treat your employer with respect, honor your commitments, and be fair. In this article, we discuss eight guidelines that help you follow these rules.

1. Does your job allow it?

The first thing to determine is whether your job allows you to run a business on the side. A number of companies have specific policies that prohibit employees from operating side businesses. Furthermore, some companies have employee agreements that allow them to retain any and all intellectual property you develop during your employment. This issue can get complicated quickly.
The bottom line is that it is best to play it safe. Ask the human resources department for a copy of the employee manual. Review this manual carefully and consult an attorney if you have doubts. Consulting an attorney may sound expensive, but it’s cheaper than the consequences of not consulting one.

2. Don’t compete with your employer

It may be obvious to some, but do not run a side business that competes directly or indirectly with your employer. It’s not ethical, will affect your reputation permanently, and could have serious legal consequences. Most employers ask employees to sign non compete agreements. Your employer will not hesitate to sue a current employee who is also running a competing business.
If you plan to run a company that will compete against your current employer, the right thing to do is resign.

3. Run your business outside of company hours

Run your business during your own time, without exception. This approach is the only way to run a company while being fair to your employer. It’s that simple. While at work, give your employer 100% of your attention. Keep in mind that your job still pays your bills, and the last thing you want to do is put your income at risk.
If you work regular business hours (8am – 5pm), operate your business before 8am and after 5pm. You will have a lot of early mornings and many late nights. It’s difficult to do, but it can be done. It’s one of the many sacrifices you must make to become an entrepreneur.
At times your startup may demand your attention during business hours. This demand can be challenging. If you must attend to some business matter during the work day, do so during your break. As a precaution, go for a coffee break somewhere else and handle the\ matter outside your office. This rule applies to phone calls and emails as well.

4. Don’t use your employer’s office

Your employer’s office is their place of business, not yours. Using your employer’s office to run your business, even outside business hours, could get you into serious trouble. If you are developing software or technology, your employer can lay claim to your idea. Most employees sign agreements that transfer all intellectual property to their employer if it was developed at work. This scenario can get messy and complicated very quickly, but is avoidable.
Follow this simple rule: do your work from home or from a local coffee shop.

5. Don’t use your employer’s equipment

Your employer’s equipment – such as computers, software, and telephones – belongs to your employer and should be used only for their business. Using their equipment to run your company exposes you to the same problems discussed in the previous point.

6. Try to get out as quickly as possible

Juggling a business on the side and working a full-time job is difficult and can’t be done for long. It’s too demanding, especially as your company starts growing. You will either burnout or reach a point where you are so busy that you can’t give your employer the attention they deserve and pay for.
Your objective is to move out of your job and into your own company as quickly as possible. Ultimately, this arrangement is best for you and your employer. Plan your actions, such as developing a product, getting financing, and marketing your product, with this goal in mind.

7. Know when to quit

Knowing when to quit and focus on your startup full time requires careful consideration. Leaving the safety of a steady paycheck and a structured office is not easy. Quit too soon and you will set yourself up for failure. Wait too long to quit, and your startup will miss opportunities.
If you have sufficient savings, quit once your business is making money and is on track to replace your salary in the near future. This step can be difficult since startup revenues are often unpredictable. Alternatively, quit as soon as your side business is generating enough revenues to replace your salary. Don’t wait beyond that.

8. Keep it private

Don’t make the mistake of telling everyone in your company that you are running a startup. This chatter will attract attention to you and could create tension at your job. It could also open you to liabilities and pave the way for being laid off. The risk is simply not worth it.
Losing your job at this critical stage could affect your ability to run your startup. You may be forced to look for a new job to replace your lost income. At the very least, this turn of events could delay your business plans. At worst, it could derail them altogether.
Instead, keep your business to yourself. Let your employer find out about your business once it gets acquired by a major company or goes for an IPO.