Start Your Business Full or Part Time

If you have decided to start a business, one of the first decisions you have to make is whether to start it full time or part time. If you are thinking of going part time, then carefully consider the relationship with your boss. If your new business is in anyway going to conflict with your current employer, you have no choice but to quit your job. It would be wrong and dishonorable to your employer and her/his company if you were to continue working there and at the same time compete with his/her business.

The right to do something does not mean that doing it is right. - William Safire

But, if it is possible to start your business while continuing in your regular job, you have a couple of advantages:

If you still have a daytime job, you maintain a safety net in place by not jeopardizing your health and pension benefits, holiday and other fringe benefits. Once your business is running smoothly and making good money, then you can set up your own safety net the way you want it.
You are financially not dependent on the new business. Cash flow is one of the biggest problem for a start-up business and having income from a job will take a lot of pressure off you.
You can take your time in setting up and developing your business while you are not forced to make rushed decisions due to financial pressures and the need to generate revenue.

But, starting part time has also some drawbacks:

Your boss might not appreciate that you are starting your own because he knows that you are not staying much longer. Maybe he is worried that you are not fully committed to your job any longer with the possible consequence that he will let you go. You then have a another decision to make of starting your new business full time or find another job.
We all have only 24 hours in a day and by holding down two jobs, you may be burning the candle at both ends. The thrill of building a new business could cause you to take on too much, which can lead to personal pressure, family problems, emotional and burn out.
If you still have a daytime job, there is a tendency to reflect, or work on, your new business while you are at work. Even if your buisness does not conflict with your employer, you still need to keep the two completely separate. Your employer pays you for the daytime hours, so you should work for him and be completely committed to the job.
You might have to rely on your spouse and/or children to help you out, because things might have to be done when you are at your employer’s business.

Only you can decide whether you can handle the potential conflicts and difficulties of starting the new business part time. If not, then you have no choice but to start full time. If you do not have enough cash to survive for at least one year, then you should probably wait and put enough money in the bank till you have built enough of a to carry you through year one.

If you already have the financial resources to start the business full time and can survive the first year without having to draw an income from the business, then I suggest you start full time. You will be more focused and able to deal with problems that arise in your business right away. The bottom line is that it is better to start full time if you have the resources.