Christine Syquia's Blog

Learn How to Create Your Own Income

Challenges of Launching a Start-Up While Working a Full-Time Gig by Cherod Webber

Launching your own company requires great sacrifice and commitment. When these endeavors are driven by a passion, you will increase your chances for success. You will need to possess the skill of time management as you will be called upon to balance your corporate job (Day-job), your company AND your personal life. Great care must be taken not to “burn-out”. I have often put in a full 50 hour week at the corporate job, then work every evening and every weekend for my own company (I have previously worked 40 days in a row).

I am passionate about making my company a success, however, as an entrepreneur, you must find a healthy balance between work and personal time. I don’t recommend working both jobs indefinitely. Set targets for a time when you want to walk away from that day-job. Establish tangible “enabler” targets that will place you in a position to leave the day-job (i.e. sustainable income replacement, monthly sales targets). In order to set those goals for leaving the day-job, you will need to completely understand what it will take to make you company successful. I recommend completing a business plan prior to officially launching a new company, no matter the scale.

Below are some of the challenges that should be considered as well as a few guidelines that may support you in your pursuit. By no means is this list intended to be comprehensive. It’s simply a short list of challenges encountered and principles that have supported me on my journey.

Challenges (things to consider):

1) Ensure that there are no conflict of interests or “moonlighting” policies with your endeavors and your day job. Protect yourself from litigation or at a minimum, thoroughly understand the associated risk. Be prepared in the event that your corporate job becomes aware of your activities.

2) In my particular situation, one of the larger challenges is the lack of available resources. The critical resources are, for our company, time and money. The financial issue can possibly be resolved through loans, angel investment or grants. Even in a financial downturn, there are still opportunities to obtain financing. And, you may consider accessing a 401 K or second mortgage. This is a personal decision for each individual. The lack of time, can prove to be equally challenging. You can’t create more hours in a day. This hurdle of time becomes even more difficult as your company hits milestones and targets. As your company’s activities increase, you will be required to dedicate more effort to sustain and build success.

3) Consider the structure of your day job and will it grant you the flexibility to invest time and energy into your own company. Is your day job a 9 – 5 position? Does the corporate position allow for you to dedicate evenings and weekends to your company? How many hours will be needed during “working hours” for your company? Does your day job leave you enough time to be effective for your business? Possibly consider support in the form of part time employees. (College interns can also be a viable option).

4) You will need to sustain your performance at day job since you, obviously, rely currently on that salary. If you did not need the salary / benefits from the corporate job, then you could leave now, right? You need to ensure that your performance at the day job is sufficient to maintain that position and the associate income as long as it is required.

Stay tuned…Next week we will focus on TIPS for managing the two jobs and how to successfully transition over to your start-up permanently.


January 27, 2010 Posted by | Uncategorized | 2 Comments