Nightrepreneur
I had to do it, as corny as it is. But Nightrepreneur precisely explains my current situation. Instead of seeking out investment from others to grow our business, we (my business associate and I) are both maintaining day jobs while working on our business at night. The income from a steady position helps us focus on creating our product, while still keeping a roof above our heads. Being a nightrepreneur is great for building a business while retaining ownership of your business, while still reducing the risk that is typically associated with entrepreneurship.
After 1.5 years of being a nightrepreneur, I have a few words of wisdom for those interested in giving it a shot.
- Be open and honest about your business at your day job. Trust me on this one, it may seem like a bad idea at first, but if any issues arise, you are better off not having kept your side business a secret.
- Make sure your clients are aware that you have a day job. Depending on your line of work of course, your customers will probably not need up to the minute responses on issues. Limit your customers to those that are willing to wait up to 24 hour response time and if you write a contract for those customers, be sure and include 24 hour response time.
- Throw your TV remote away, it’s a waste of time. Once you stop watching it for a few days, you won’t miss it.
- Focus on your day job during the day and your business at night. If your employer begins to untrust that you, you better hope that your business is ready to support yourself full time very soon.
- Invest more time than money into your business. Save your money personally and invest your time into the business. Trust me, there are definitely times when your business will need to dip into your personal savings. Keep that savings well stocked!
I also found this article for you to read that has a lot of good points about conflict of interest. Its on Startup Nation. http://www.startupnation.com/pages/articles/succeed-business-side.asp
