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February 20, 2012
Have a Boss, Be a Boss
 Considered saying “sayonara” to your current job in favor of entrepreneurship? You may want to rethink that first part.
Budding business owners know the unpredictable economy provides a substantial risk.
That’s why a growing number of women are opting to stay in a full-time job and run their business at the same time.
How to know if it’s right for you?
“Entrepreneurship doesn’t work for everyone,” says Erin Albert, author of Plan C: The Full-Time Employee and Part-Time Entrepreneur. "If a professional likes that she can shut the job off at the end of the day, that may be a sign that [it’s] not for her.”
But Albert sees women finding success through balancing a business and
corporate America. Crystal Grave started her event-planning company, Snappening, while working full time in marketing for a major law firm in Indianapolis, she says. “She sought permission from her employer to begin her business openly.”
She says Grave was successful because “she had a clear plan around managing her day job and building her business,” and openly discussed workload and balance issues with her manager.
After deciding to take this route, Albert suggests that would-be owners make sure they're contractually allowed to pursue other ventures. “Starting a business without truly considering the ramifications of the day job” isn't the way to go, she warns.
Experts say maintaining a high performance level at your day job and reinvesting profits will help. Plus, Entrepreneur suggests watching for burnout to keep from slipping up.
Bonus PINK Link: Think freelancing might be a better fit? Find out here.
Minute Mentor: Find out how Stylish Consignments’ Tierra Reid went from unemployed to entrepreneur.
By Caroline Cox
“Fear cannot be without some hope nor hope without some fear.” Baruch Spinoza
*Supporting images from FreeDigitalPhotos.net, Sujin Jetkasettakorn, Stuart Miles, and David Castillo Dominici
 
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Comments
Entrepreneur & Employee
I am so thankful for this article today!
In the past, I made the mistake of walking off of my job to start a insurance agency business twice! I was so ambitious but I wasn't realistic. The key to success is to be realistic! I was also a single parent. Needless to say, my company did okay, but it wasn't enough to pay overhead at home and in the office--so I was forced to close.
Now, I work for an insurance company as a captive agent! I also launched a non-profit women's center that focuses on embracing, encouraging, and empowering women to achieve their life, career, and financial goals and dreams! (www.chayilcorp.com) One of the programs that I offer gives resources and assistance to women as it relates to budgeting and finance--to include insurance! This time around, I work for an insurance company, and I also relaunched an insurance pre-licensing center; which was a part of my initial plan!
My overall goal is to have a for profit company that will help financial professionals with licensing and placement in the insurance industry! My other goal is to establish a non-profit center that gives back to the community! I believe that my family and staff will be blessed by giving back to the community and the two companies serve a purpose--all for the betterment of my community!
Eventually, I will be able to transition into working for myself 100%!!! But until then, I am going to wait until the right time and when money is coming in steadily!!!!
Running a business and a day job
I maintained my day job as a financial advisor while I started my image consuting business. The day I could not give more time to my new business and it couldn't grow because of conflict of interest with my day job, I quit. Now I am a full time image consultant in Mexico and I always recommend not to quit until you know your new business might work. That way, you keep your constant income and you don't take a high risk.
Working full time/starting your own business
Two years ago, while working full time, I started an upscale vintage flea market in my small central Florida town. I have always been a "scavenger" stopping at every thrift store, tag sale and auction I could get to. My home quickly became full of my projects, so I rented a storage and also filled my garage with furniture in need of painting. I had also become addicted to decorating blogs and magazines and constantly rearranged my home and anyone else's who would let me....it was my passion. So, I came home one day and told my husband I was going to produce an outdoor market, contacted a few "handy" friends and opened the first show with 13 vendors selling antiques, home made soaps, aprons, furniture, etc. That was 2 years ago and this April I will have over 150 vendors at the show. We have been featured in several decorating magzines and named one of the top 10 flea markets in the country. A spin off business renting furniture, party planning and home staging is in the works as well. Hopefully, within 2 years I will be able to quit my full time job and live the life I have dreamed of. Also....a supportive husband is very important! So yes, it's worth it.
I enrolled as a consultant
I enrolled as a consultant for a direct sales company on the side (mythirtyone.com/heidiwindmueller) while I continue my day job as a corporate controller. It's been a little crazy at times, but I love having two totally different "jobs!" Right now the money I make from Thirty-One is just fun and travel money for me and my husband, so there is no pressure to worry about bringing in a full income with it. The best part is I can eventually go that route if I choose to once we start having kids.