Nick CrockerFriday, 01 July 2011 11:38
Starting up: Can You Start-up While Working Another Job?
Do I have to quit my full-time job to make my new online venture a success?
I am considering starting an online company, but I am currently in a well-paying job. Is it possible to do both, or would I lack the commitment to make my business work?
Lucky you for being in a well-paying job. Hopefully you've been saving money as you've been working.
More than bad ideas or bad markets, most start-ups die because of poor cashflow. If you can get past this hurdle, you've taken a big step to sustainability.
So, can you do both?
Initially, yes, doing both can sometimes be ideal. You have a 9-5 to pay the bills and a 5-9 to inspire the passion and fire.
While you're sorting out ideas and team and product-market fit, having a steady income from elsewhere can be a great reliever of cashflow stress.
Ultimately though, if this is going to be a big business (and not just a lifestyle one on the side), you're going to need to quit your job and give it your all.
Singular focus is often the difference between success and failure and if you really believe in something, keeping one foot in the water elsewhere doesn't really make sense.
It's probably worth pointing out that you won't raise investment with a full-time job, so if that's a concern, be sure to keep it in mind.
Nick Crocker is an Australian entrepreneur based in New York. He is currently working with Boxee, a New York internet TV start-up. Prior to Boxee, Nick founded Native Digital, the agency behind popular music website WeAreHunted.com. In 2009, Nick was recognised as one of Australia’s Top 30 entrepreneurs under 30 by Smart Company. www.nativedigital.com.au
Ask Nick or any other StartupSmart Mentor a question here.
Share This page :
- Gary Ablett buys on Gold Coast
- Russian buys £13 million Rolex store
- Title Tattle: Chance to buy one of the 200 best homes in the world
- Larry Emdur says good morning to breathtaking cliff-top property
- Bank stops overlooked ugly duckling from selling in deteriorating Brisbane market