Read the blog on Should you tell your current boss about plans to start a business in the UK?
More than 3 million people in the UK plan to start their own businesses. This is about 10% of the employed population of the country. Many people can’t leave their full-time job to devote themselves to growing their own business, as it takes six months to several years for a business to generate a profit. If you are interested in whether you can start a business while working full-time in the UK, then this article is for you.
How to start a business with a full-time job?
Do not give up on your business ideas, as it is quite possible to start your own business while having a full-time job. Many entrepreneurs do this successfully. Moreover, developing a business idea along with a full-time job can be a smart decision, as work is an important source of your financial security.
So how do you prepare for starting a business while working full-time? Below are tips to help you grow your company successfully without compromising your work.
Choose the right time to start.
First of all, it is worth clarifying that opening a side business with full employment is completely legal in the UK. This advantage is used by many British entrepreneurs.
However, the truth is that starting a full-time business in such conditions is a difficult task, as it requires a lot of time, energy, and money.
The ideal time to complete the complex tasks of starting a business can be during the holidays. However, in the future, you will still have to give up certain favorite activities like hobbies or hanging out with friends. This free time will need to be used to resolve business-related issues. If you are deeply interested in the implementation of your idea, then you will have enough motivation to give up secondary pursuits. Therefore, it is very important to find a business concept that you will be very passionate about.
Make a plan to launch your business.
If you want to start a business while still having a full-time job, you need to think especially carefully about your business plan. Since you have limited time to complete certain tasks compared to people who do not have an employment contract, you should make sure that your plan is clear and detailed.
The trick to productivity is planning. Planning ahead can save you a lot of time when completing tasks because when you have free time, you will know exactly what tasks need to be done. You won’t need to spend time deciding what needs to be done at this stage of starting a business.
Try to use every free minute to prepare the perfect base for starting a business. This will make it easier for you to grow your business in the future.
The best way to start a business quickly and efficiently without investing your time is to delegate responsibilities. You can find an assistant or use the services of modern digital assistants, for example, for collecting analytics, planning finances, or advertising. Collaborating with experts and using professional tools means that the necessary tasks will be completed with high quality, which means you will not need to spend time and money redoing the work.
If your business involves the presence of co-founders, then an even distribution of responsibilities would be a great option. The help of colleagues will allow you to share your workload, and the engagement of new people in the project will reduce downtime while you’re busy at work.
Don’t complicate business.
Launching large and serious projects requires a lot of resources, including time, effort, and finances. If you’re starting a side business with a full-time job, it’s likely that grandiose plans won’t turn into reality right away.
You don’t have to be ambitious at the initial stage of starting a business to build a successful company. Many well-known brands started small and gradually grew their business by attracting customers, suppliers, and investors.
At the start, it is prudent to focus on the release of one product, and not a whole line, or on the provision of one useful service.
Can you get fired for running your own business?
You cannot be fired just for starting your own business. However, you may be fired or sued if you open a business that violates your employment contract.
When starting your own business, you should keep in mind two factors that may affect your plans.
First, it is intellectual property. It forbids you to use your employer’s ideas and technologies, that is, to use them in any way in your own business. Even if these ideas are yours, you cannot use everything you have developed or researched using company time or resources.
The second is the non-competitive clause. It does not allow you to be in direct competition with the employer. If you create a direct competitor to your employer, then he has the right to fire you immediately, as this will allow him to protect his business, including developments, customer base, etc. Moreover, the company can sue you for lost revenue and customers that you could get from the business.
Before you start your own business, carefully review your employment contract to avoid possible dismissal or legal action.
Should I tell my current management about my plans?
In fact, this is a complex issue that requires an individual approach. There is no legal obligation to inform your current management of the decision to start a business. Moreover, some feel that these plans should be kept secret, as certain executives may conclude that your productivity is declining as you put so much effort and time into the business. This may lead to the fact that your company will start looking for a new person for your position.
Your manager may also come to the conclusion that you are not interested in your current position, which means you may not be considered for promotion.
However, there are still advantages to informing your employer of your decision to start a business.
Your boss can be of great support in growing your business. If you are a valued employee, then the employer can potentially look forward to working with you in the future. It is not uncommon for management to be willing to take part in the development of the business or invest in it.
If you tell your boss about the business, you can expect to work flexible hours or even work part-time if you need more time to complete all the tasks to start the business.
Ultimately, the decision to tell your boss about your plans or not depends on your relationship with the employer.
Starting a business is no easy task for a newbie, especially if you have a full-time job. To avoid mistakes and save resources for business development, we recommend that you seek the help of professionals. Hoxton Mix offers comprehensive support for setting up a business in the UK. The company will help you collect the necessary documents, pay the necessary fees, obtain an address for receiving correspondence, as well as resolve many other issues.