{"id":12808,"date":"2017-01-09T14:55:15","date_gmt":"2017-01-09T14:55:15","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=12808"},"modified":"2023-10-02T13:03:13","modified_gmt":"2023-10-02T12:03:13","slug":"start-new-business-working-full-time","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/start-new-business-working-full-time\/","title":{"rendered":"How to start a new business while working full time"},"content":{"rendered":"

According to research by the<\/span> Global Entrepreneurship Monitor<\/span><\/a>, 1 in 10 people under 35 want to start a new business in Ireland. The average age of the promising entrepreneur is 39, which implies most have some sort of experience to back them up. Unless you have considerable funding, you will probably need to start your new business while working full time.<\/span><\/p>\n

When thinking of starting your own business, there are some key things to keep in mind.<\/span><\/p>\n

Review your employment contract<\/b><\/h2>\n

Starting a new business while still employed can be risky. You need to understand what you can and cannot do. Get out your employment contract. Familiarise yourself with its terms and conditions. If you have created an innovative product, design or piece of code that is at the core of your business idea, you need to know who owns the intellectual property rights. Some employers claim intellectual property rights over everything you create, even in your spare time.<\/span><\/p>\n

Many organisations prohibit employees from working for a competitor concurrently or within a set period of time from a contract termination. If your venture could be deemed to be reasonable competition, there may be a conflict of interest.<\/span><\/p>\n

Avoid the temptation to lure away your current employer\u2019s clients. This shows a lack of integrity and can cause a lot of trouble. There may be clauses that prohibit this practice and be cause for instant dismissal. It may even put you in a legally precarious position.<\/span><\/p>\n

Draw a line in the sand \u2013 set boundaries<\/b><\/h2>\n

Draw a line in the sand. Set boundaries between your day-to-day responsibilities and your dream. Create a routine and stick to it. Do not cross that line for you will put everything at risk. Make sure you maintain your work standards for your current employer while working on your own business in your spare time.<\/span><\/p>\n

Commit to your dream<\/b><\/h2>\n

Commit to your dream. Making a commitment while still working full time means making sacrifices to free up time and money. You need every spare cent to get you going.<\/span><\/p>\n

Do your market research. Where does your idea sit in the marketplace? Is it feasible? No matter how good you are, your gut instincts will not convince an investor to back you if you need start-up funds. Consider the following to get you started:<\/span><\/p>\n