Advertisements
On TRE Journal

Are you an Employee? Want to start a side business?

When you have a full time job and you want to start a side business, one of the most important factors to consider is how you are going to manage your time.

But it is also important that you think through the following

Legal Implications

There may be legal implications which you should be aware off. You need to consider the contract and agreements you signed. You must understand your employer’s policy so you don’t get fired or sued. Do not use company resources which may include time, computers, and licenses. You must also respect the propriety, non-disclosure or non-competition components of your contract

Drop the Old Habit

In order to add an extra business to your already busy schedule as an employee you need to give up some habits.

If you have a box that is filled up, in order to add new items to it, you must remove old items.

Constraint must be exercised on recreational activities. Old habits like binge television watching, excessive partying and “others” should be curtailed.

Passion

It can be very challenging to start a new business especially when you have a regular job.

The need for extra income may not sustain you when the drawbacks set in.

Passion and a firm belief in the potentials of the business and its capacity to make a difference is what you require during difficult times.

Available Resources

You need to take inventory of the resources available to you. This includes Financial or Human Resources.

You need to analyze the human resource available to you, your mentors, collaborators and partners as well as the roles they are going to play.

Required Resources

You need to put into perspective what additional resources you require.

Write a business plan. Your business plan should be able to guide you through the resources you require.

This may include web hosting, branding, inventory and all the finances required to bridge the gap between what you have and what you need.

If you still lack capacity, then you need to take more items out of your box.

Customers or Clientele

You should have a clear understanding of who your customers or clients are going to be. You must also be clear on the added value your business is going bring and why they will patronize you.

 

Picture Credit: garybledsoe, dharaproject
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: