The question of whether you should start your business part-time or full-time is one of the hardest to answer for many aspiring entrepreneurs. Starting a business or start-up is very exciting, but we should not let that excitement cloud our judgments to make good and rational decisions. If you’re still thinking of whether or not to go part-time or full-time in business, then you’re at the right place! Of course, there is no right or wrong answers, and there are reasons WHY you should start your business full-time, but in this article I will share some reasons to start your business part-time.
RISK – Let’s be honest. You have a million-dollar business idea, and you think that is going to be the next big thing. But what if you’re wrong? This is way too big a risk to take especially for newbies in business, and not everyone has this huge an appetite for risk. By keeping your current job, you effectively lower your risk because you still have your active (working) income even if your business does not do well as expected. Only when your business takes up in a stable growth then could you consider leaving your job to go full-time in your business.
SECURITY – By keeping your job and your active income, you feel more secure and confident knowing that if your business fails, you could always get back up and try again with a new idea with the backing of your active income.
FINANCE – Many people get too excited and leave their stable jobs for their uncertain start-ups, just to find themselves stressed over various financial problems after some time, when their business is incurring way much more expenses and losses than initially expected. Keeping your active income gives you not just the security of money to pay for your bills, but also the capital to inject into your business.
EMPLOYMENT BENEFITS – As an employee, you get to enjoy the perks of paid leave, EPF (a.k.a. 401k / retirement funds) contribution, life insurance, medical cards, phone bills, and other allowances and benefits. Since you’re an employee with a fixed income, it is often easier for you to obtain banking facilities such as credit cards and bank loans. Use these to your advantage in building your part-time business.
PREPARATION – Keeping your job also means you have the benefit of saving more money from your monthly salary to prepare for your business and your emergency funds before you quit your job to focus on your business full-time. It also prepares you mentally so that you don’t make any rash or wrong decisions.
Conclusion
In a nutshell, firing your boss to start your own business seems very uncertain and scary. Maybe you’ll face a lot of obstacles and challenges along the way. Things might not even go as planned. The reason why I’m writing this is not to discourage you to leave your job to start your business, but to make sure that you’re well informed and prepared before leaving the comforts of a stable job. That is why you should prepare yourself financially and mentally before stepping out of your comfort zone. One thing to be caution, though. If you have really made your mind to set the goal start your own business, then make sure you make it happen. Do not stay in your comfort zone for too long, because comfort inhibits growth. You can read this to get some tips on how to set effective goals. Till then!
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