Everybody knows that many new businesses are started when their founders are still working at other companies. Most businesses, in fact, are formed during the lunch hour! For many entrepreneurs, it makes sense to moonlight when starting out. A day job helps to maintain financial security while you work on getting your own business up and running. Still, it’s not easy to launch your own business while working for another.
The first thing you have to do is read your employment agreements. Many companies have non-compete agreements that limit your business options even after you leave your job. Running afoul of employment agreements could cost you your job now and could even affect your new business down the line. Take a close look at these before you step into moonlighting. You also need to be ready for success. If your goal is to eventually devote yourself full time to your own business, you need to be ready for the day when your business is successful enough to support you. You may want to talk to an attorney about protecting your intellectual property, for example. Finally, you must do your best not to use your current employer’s time and resources while you’re working to build your business. Keep your current job and your new business as separate as humanly possible, and you’ll be doing just fine.
Read the full article here: 5 Tips for Moonlighting Entrepreneurs