More and more full-time professionals are starting their own businesses. The increase is even more apparent after Brexit. Experts believe that the steady growth in the economy, as well as the resources available to new business owners today, are among the many reasons why such an increase is being reported.
You may be among the many employees who aspire to become business owners. The market is perfect for new businesses to thrive, but there are a few important details you need to know before you can be a part of this success story.
Legal Issues to Attend To
A lot of companies, especially in the UK and Ireland, don’t really allow their employees to work another job or start their own businesses. Having additional duties outside of your life at the office is still seen as a distraction rather than a good thing. This view is understandable, as companies expect their employees to be effective and efficient at work.
There are also additional legal issues to attend to before you decide to develop a business idea, let alone start a new business. In some cases, your contract with the current employer includes a clause that lets the company seize any idea you develop while working for the company.
Looking through the non-disclosure agreement is also a necessary step to take. The last thing you want is to develop a business around information or ideas derived from your current employer’s business or products. It is difficult to prove that you are not stealing company secrets for your own benefit and it is something that needs to be avoided where possible.
A Business Partner Works
According to studies compiled by the Washington State University and its online executive MBA department, professionals who made theswitch from working a full-time job to running a successful business started their businesses with the help of a co-founder or a partner. This approach makes sense; with a partner working in the business, it is much easier to divide your focus between work and becoming an entrepreneur.
The key is finding the right partner. The studies compiled by the same executive masters in business administration program also list communication issues with business partners as one of the most common causes of failure on the market.
Understand the Challenges
Brexit is changing a lot of things, from the ability of UK businesses to deliver and sell goods in the EU, to tariffs and costs. Before deciding to start a business, it is also necessary to take the time to understand the risks you will face along the way.
Having a brilliant product idea is just the start. You need to develop that idea into a mature product that customers actually love. More importantly, you have to invest enough time, money, and energy into the business, including to make it strong enough to survive a competitive market.
Do everything right, however, and starting a business will be a most rewarding experience. And, at the end of the day, you still have a full-time job and the security that comes with it should the business fails.
