U-Turn Ahead

Jobrepreneuing (yes, it can be a verb) is the art of starting a business without leaving your job. Most jobrepreneurs consider this arrangement simply because they can’t afford to quit work and wait for the business to generate sufficient income. But some careful consideration will reveal other advantages to keeping that day job besides money to make the house payment.

Here are seven ways to take advantages of keeping your job while starting a business:

1. Use your job to identify business opportunities. Many successful businesses were started as solutions to reoccurring problem. And what better place to identify problems then at the workplace. Years ago I knew a fundraising event coordinator who started her business in just this fashion. Karen worked for a small nonprofit organization that had put on their own fundraising events for years. But with the increased resources needed to put on these events, the agency was considering dumping one of their major events. Karen, who had always worked at these affairs, saw an opportunity. She and a friend started an event planning business specializing in nonprofit fundraisers. After a few months the business was doing so well that Karen left her job to run the company full time.
2. Consider your employer as a potential first customer. This works great if your new business can fill a need of your current employer. Just be sure the work is not already a part of your job description. Schedule a meeting to present your business idea and how you would deliver the product or service. It’s important to keep everyone informed of what you are doing (especially your immediate supervisor) and avoid anything that would create conflict or competition for your employer. If your new business would be competition, it’s best to leave your job first. By the way, Karen’s employer was her first customer.
3. Fund your business with your paycheck. Not only can your current job make the house payment, but you can also pay for business expenses. Use your salary to invest in your business. Set up a separate bank account for the business and be sure keep your personal and business finances separate. Planning is the key. Only invest money that you can afford to risk.
4. View your current employer as a potential investor or partner. This is really a great idea if your business idea is complimentary to the work of your employer. For example, if you work for a moving company and you are wanting to start a file storage business, your employer may make a great partner. Prepare a presentation just as you would for an outside investor or partner and schedule the meeting. You want to show your employer how their involvement will strengthen their business and provide a good return on their investment.
5. Take advantage of training opportunities. If your employer provides or pays for trainings that would help you in your new business, sign up immediately. When starting a new company, it may be difficult to pay for such trainings. So, go to the all day workshop on becoming a better salesperson, it will make you a better employee and business owner. Consider attending trainings on accounting, sales, marketing, planning, and technology.
6. Consider coworkers as potential partners or employees. There’s nothing wrong with identifying key individuals that would benefit your company and offering them employment, or even a partnership. Be selective and have these conversations away from the office. It’s important to respect the boundaries at work. I also suggest you limit these offers as the good will of your employer is a benefit you don’t want to easily lose.
7. Use the business reputation of your current employer to your advantage. If your employer is considered a leader in their industry, that can really work to your advantage. It may reflect well on you for your potential customers who know where you are employed. Again, be considerate of how you promote yourself. You don’t want to say your employer is endorsing your work if, in fact, that is not the case.

For more reading on being a jobrepreneur, check out Cassandra Black’s article at AssociatedContent.com.

[Original Photo Credit:Maveric2003]

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