Starting a side business vs a full-time business

March 29, 2023
Are you curious about an idea for a business? Perhaps you already work in a role and have been considering making that into a business for yourself?

In moving forward you will need to decide if you start a side business (and keep working in your job) or throw yourself full-time into your new business.

Many people get stuck at this crossroads. They are not sure and end up not doing either of those options.

This post aims to outline the key factors to consider when deciding to start a side business or full-time business. It is by no means a complete analysis, but poses important questions, to assist you in deciding which option will suit you best.

Starting a side business
In considering this option, ask yourself:
When will I work on my business? (Do you even have time?) Can you allocate specific time every week to do this? Consider if it’s realistic given your current commitments of time. A few hours per week may be all you need, depending on your business.

Are there any legal implications in starting a business if I am already working in that industry? Think non-compete terms of a contract, or even general expectations from employers.

Am I clear about the startup costs and can I afford them? If you have friends with a business, ask them, consult a coach and do your own research on this.

Where can I get support? Consider the Solo Startup Community, networking groups and coaching.

Am I really willing to spend time in addition to my normal work hours, working at my own business? This will depend on a number of things including your preferred use of your time, how demanding your current role is and how much is going on in other areas of your life at the moment.

Starting a full-time business
In considering this option, ask yourself:
Can I afford to not have an income for months? The jury is out as to how many months that will be. Could be 3, could be 8. This will depend on your unique circumstances, experience and connections in your industry, marketing ability and demand for your product/service.

What will I do each day? Are you organised and clear about how you will be using your time and the priorities?

Do I work well under the pressure of having to get a result (If you have no income coming in)? This is not for everyone, but some people thrive with the pressure to perform. You know yourself better than anyone. This is an important consideration.

Where can I get support? Consider the Solo Startup Community, networking groups and coaching.

Am I clear about the startup costs and can I afford them? If you have friends with a business, ask them, consult a coach and do your own research on this.

The Solo Startup Coach acknowledges the Traditional Owners of the land on which we live and work, the Gadigal people of the Eora Nation, and pay our respects to their Elders past, present and emerging.

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