Tuesday, May 2, 2006

Use Your Day Job to Start Your Own Business

Author: Nick
Category: Money

start your own light bulb business!

Business 2.0 continues to fill my head with thoughts of financial independence and ditching the daily grind. Their latest morsel of liberating advice deals with starting your own business with some help from your current job. The article lists five ways that you can use your 9-5 work to your advantage in creating your own business…

1. Use Your Salary as Funding

I’m not so sure about this one. If you’re oozing money left and right, then go ahead and throw some of it into your own venture. But if your job barely pays the bills and keeps food in your belly, you probably shouldn’t bet it all on your plan to revolutionize the house pet fashion industry.

2. Turn Common Complaints Into a Business Plan

Now this idea I love. If you just follow me around all day with a pen and paper, you’d hear enough complaints to last a team of inventors half a century! So the next time you hear a co-worker utter the words “I wish I had something to…” then you might just be hearing your ticket to financial freedom.

3. Make Your Boss a Beta Tester

Even better, think of a product or service your employer doesn’t have. Then convince your employer that they can’t live without it. Once you have your own employer throwing their support behind you, you’ll find that marketing your service to others is that much easier.

4. Take Advantage of Your Company’s Reputation

The article tells a tale I’m pretty familiar with: a group of former LucasArts (the videogame developer best known for numerous Star Wars titles) employees put together their own game development group and used their previous employer’s prestige to help them land their own deals. You can use the same technique to help you easily build your own brand image for your new business.

5. Convert Your Employer Into a Business Partner

Always remember that one man’s trash is another man’s treasure. If it looks like your business area is heading for the dumps, you can always ask your employer to let you spin part of it off as a separate company. With a tighter focus, you could turn your company’s dying branch into your own big money tree.

…but make sure your business plans aren’t all in vain.

One point this article forgets to mention is that some employers may attempt to lay claim to your private endeavors–especially if they’re related to the work you do for them now. So before you spend your evenings coming up with the next million-dollar business innovation, be sure to check your terms of employment and see if your company is entitled to take all of your hard work away from you.

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