From all the entrepreneurs I’ve met in the past 1-2 years, there are many of them who couldn’t afford fully dedicating themselves to their starup at first. That’s pretty normal and if you’re one of those people (or you feel like you are) then this article might help you get started with your own venture.
To cover your daily expenses, you’ll need to choose from one of the following options:
1. Work part-time and consider your startup as a full-time gig
2. Work full-time and consider your startup as a part-time gig
In order to see which of the above options works better for you, you have to answer the following questions:
1. How much money do I need at minimum to make ends meet (always leave a small buffer because things don’t always go as planned)
2. Do I really believe so much in my idea that I want to put my 100% into it or am I not so sure yet and I want to look more into the idea? Is time a huge factor for my idea?
3. What are the chances of me getting a descent part-time job? This is crucial because finding a flexible, well-paid part-time job might be slightly tougher than a full-time job with the same criteria.
4. Am I in a position that I need the benefits that come with a full-time job? Such as health care, dental for my family and myself?
5. Am I a big risk taker? If you look back at your life and you don’t see a lot of waves, then you’re not a huge risk-taker and it will help your sanity in the long run if you start your startup as a part-time gig.
6. Do I have partners and who are they? This is huge. This can get very complicated especially when partners have different answers to the above questions.
7. [You need to be really honest about this one] Do I really see myself put at least 3 hours a day to my startup after a full day of work? If you don’t know the real answer, try it out and then answer it and not the other way around.
Once you answer the above questions, you’ll have a somewhat better idea of which option works better for you.
If you can think of any other questions, please post them as a comment and thank you all in advance,