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Working while starting a business

By Matthew King

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  • #4176
    Matthew King
    Keymaster

    I believe that it is essential in your attempt to make it “big” and become a business owner. You should at least have a part time job to supplement survival living. The part time job should supply you with enough income to eat, live, and have a small bit of funding for your new business.

    I also believe that you shouldn’t go into a business or plan to start a business without a little bit of funding either from your own funds or capital from investors. What is everyone’s thoughts?

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    • #4177
      Param
      Participant
      • Total Post: 9
      Points: 13

      That’s exactly correct. Starting up a business is like betting your fortune for something that you’re passionate to work about. I think its always best to keep one stream of income flowing in and shift slowly to the startup. Riding on two horses can be a bit difficult but that’s what we’ve to be trained about. That’s entrepreneurship

    • #4191
      Matthew King
      Keymaster
      • Total Post: 110
      Points: 1,740

      Making decisions while you already have the money to eat is a lot less stressful and can allow you to build your empire, rather than give up on it halfway ????

    • #5001
      ursellb
      Participant
      • Total Post: 8
      Points: 0

      Yes I agree with you that you should work while you start your business
      because you do still have to live and
      if you can fund your own business. That
      way you won’t have to pay anybody back.

      • #5012
        Matthew King
        Keymaster
        • Total Post: 110
        Points: 1,740

        Urse,

        Can you give us an example of either your own startup business where you did this or fellow’s experience on this topic?

    • #5007
      Arundathi
      Participant
      • Total Post: 2
      Points: 0

      Hello, all the participants of this forum. My name is Arundathi, working in an oraganisation. With an ambition to become an entrepreneur, i started developing small applications and had done marketing and installed them at client place. But could not spend much time in marketing for few years. Now i want to start new business. I wanted to know the areas where i can takeoff.

      • #5013
        Matthew King
        Keymaster
        • Total Post: 110
        Points: 1,740

        Arundathi, Do you currently have a part-time job or anything so that you can spend some of it on growth hacking or marketing dollars such as google adwords or a lead magnet?

    • #5009
      Susan
      Participant
      • Total Post: 36
      Points: 244

      Absolutely! Even if you have a viable – and ultimately, profitable – business idea, it is essential to keep a source of stable income while you’re getting up and running. This will not only allow you to keep paying your bills in the early stages, but it can also rid you of a great deal of potential stress when you have slow periods in your new endeavor. Although there is no one-size-fits-all suggestion for when you can ideally cut ties with your regular employer, it can definitely be beneficial to do so when your new company has been generating a stable income for at least six months. And, it can be even better if you also have a sizeable amount of savings built up (six to twelve months worth of living expenses) just in case.

      • #5020
        Matthew King
        Keymaster
        • Total Post: 110
        Points: 1,740

        Awesome pointers here Susan, I follow that kind of plan in my everyday life outside of my businesses as well. I am always saving and what am I saving for, a rainy day or several of them. Most people often say they wish they would have started planning for their retirement the day they were born. I’ve had a lucky period where I got told to save, save for retirement, save for emergency, save for droughts, anything you can do to offset the stress for the worst possible situations. One of those worst situations would be to have no job at all, have a business failing, and not being able to feed yourself or your family. This is a perfect way to help avoid some of that. However, while starting your business. You shouldn’t let it affect your performance at your given job. Remember you still need to perform well to keep your job and your business going!

    • #5016
      Ongunyo
      Participant
      • Total Post: 2
      Points: 0

      It’s pretty a good idea to work while you also start a business outside to supplement your job. Your business may act as a security in case you lose your job or even supplement your salary if it isn’t to cater for all your needs or even wants.

      • #5021
        Matthew King
        Keymaster
        • Total Post: 110
        Points: 1,740

        What are some other ways to supplement your business venture, if you don’t have a career type job?

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