In some cases, setting up your own business doesn’t mean that you have to quit your current job.
There are many advantages to running your business “on the side”. First of all, it means you have a guaranteed income while you’re establishing yourself.
Importantly, it also means you have more flexibility about when and where you work – you already have an income which means you are more able to pick and choose jobs which fit in around your family and life.
However, there are also downsides to this way of building a business. Obviously, you need to put in extra hours – and that can mean a life that’s all about work. Plus, it’s a tiring way to live, as you will have less time to relax. There’s also less potential for your business to grow, at least without giving up your day job. And your tax situation can be a little more complicated, as you’re paying tax on two sources of income rather than one.
One final point to consider is the reaction of your current employer. Obviously, they are likely to have problems if you’re competing with them – but check your contract and talk to them before you set anything up.
The next step
Getting the right advice
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