We often talk about working part time for an employer but there's also another way of looking at it. If you're starting your own business, there is often an assumption that you'll need to work all hours under the sun.
Many experts will tell you that any good startup will need 100% commitment of your time and energy and some may also say that you can’t succeed as a part-time entrepreneur.
But not many people have enough funding to finance a new start up entirely so it's often a good idea for entrepreneurs to keep their day job until the startup is producing revenue.
But maintaining a day job at the same time as giving birth to a business can be tough, tricky and tiring, so here are some practical hints and tips on how to make the most progress in your startup, while simultaneously juggling your other role.
1. Find a co-founder who can keep you balanced.
Two co-founders, both working part-time, can be better than one full-time founder. You both need the complementary skills; and the opportunity to debate different business strategies and keep each other motivated and there couldn't be done if you were working alone. But watch out - you need to agree which one of you is the final decision-maker.
2. Schedule fixed times and days for the startup, working with the team. Working part-time doesn’t mean working randomly alone. Commit to a regular weekend time and a couple of specific nights per week where you meet with the team and focus only on the startup.
3. Select a business idea that has a longer runway.
Some startup ideas are dependent on a rapidly emerging fad, or have many competitors fighting for a limited market. You can’t move fast enough on a part-time basis to win in these areas.
4. Make learning your full-time vocation. No matter how many full-time, part-time and family commitments you have, you always need to carve out time for learning new things.
5. Set realistic milestones and take them seriously.
It’s easy for part-timers to make excuses that other priorities caused you to miss milestones, but predictable results and metrics in this mode are even more critical than for full-time members.
There are, of course, advantages to quitting your day job early in that it removes all excuses, and all qualms that the new startup is only a hobby. There is nothing that drives an entrepreneur like being hungry, dependent on the outcome, and seeing mounting debt. Many aspiring entrepreneurs find that a single focus is the only way anything ever gets done.
There are also downsides to working at a paid job during the day and working on your startup nights and weekends.
First is the risk to your health and family life. If you lose these, all the business opportunity in the world doesn’t matter.
Then there is the risk of antagonizing your current employer by missing deadlines, reduced productivity, or even getting embroiled in a legal conflict of interest or for intellectual property ownership rights. It’s best to be up-front with your employer, with an honest commitment that your startup work will not impact company commitments or results.
Potential conflict of interest issues with a current employer should be explored openly. On the positive side, your employer may like what you have in mind, and become your first investor and biggest supporter.
So what's your conclusion after all these pros and cons? If the risk is too high for you, you probably need to keep your day job for the long term, and give your startup idea to someone else.
Or of course you could Job Share your current role and do both...
