How to start a business while you're still working
— -- Q: I'm working full time but want to launch a business. Any advice on doing both?
A: If you're new to business ownership, it's a good idea to start planning or executing your venture while still employed. It allows you to test the idea, as well as build up revenue and a customer base. Some tips:
•Write a business plan. This will help you test out your start-up dream. Project the staffing, expenses and cash flow needed.
•Get your spouse and family on board. Starting a company while working full time will take extra time, hard work and perhaps extra cash — so it's important to win support. Make sure your family understands the commitment you're making.
•Don't be afraid to leverage your current employer. If they're in a similar industry as your new start-up, they may even become a potential customer once you make the leap to full-time entrepreneurship.
•Know the law. You are considered a business owner even if your venture is part time. This means holding appropriate permits and paying business taxes.
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