2017 is a unique time for startups. The economy is still expected to grow at a steady pace, startup money is still relatively cheap, and the amount of disposable income that Americans retain is high. While many believe that these are ideal conditions to launch a startup, some are ambivalent about striking out on their own and retain their 40-hour a week, W-2 jobs.
As a number of entrepreneurs have proven in the past, it is possible to launch a startup while working full-time. Indeed, it is not an easy endeavor, but it could be very rewarding. This post will provide a few tips.
Consult your network – The beginning of your proving ground starts with people you know and trust. They may include colleagues, friends and family. If they believe in your idea, that’s proof that you’re not an idiot and that your idea could lead to a successful enterprise.
Don’t underestimate the power of an incubator – The very definition of an incubator is to grow something in a controlled environment, usually eggs or microorganisms. A fledgling business is no different. Business incubators help entrepreneurs learn what they don’t know and how to develop a competency.
Reading is fundamental – Working within a business is a much different experience than developing one, so reading about how to manage every aspect of it is essential. While there are thousands of articles written on different aspects of developing a business, reading as much as possible can help you avoid costly mistakes.
If you have questions about the legal aspects of starting a business, an experienced business law attorney can advise you.