Most people are looking for extra income to keep up with the ever-rising cost of living. According to Kobus Engelbrecht, Marketing Head at Sanlam Business Market, the prevalence of full-time employees, who engage in sideline endeavours, has been assisted by the growth in local infrastructure and latest developments in technology, which allows most people to be entrepreneurs with simplicity. We had chat with Engelbrecht regarding after-hours entrepreneurs.
It’s not easy being a full time entrepreneur – can you give tips to creating a balance between your 9-to-5 and your business venture?
- The first important issue is that you have to notify your employer of your intention to start and run a business after hours, and make sure you’re not in competition with him or her.
- You must choose an industry that is totally different to what you do; otherwise it may blow up in your face.
- In your business plan, you have to work out a contingency plan regarding how you are going to operate after-hours. How is the business going to operate if you are at your day job and only available after-hours? You need to have a plan regarding how your customers, suppliers and creditors are going to contact you and you will have to sort out all logistics like these before you start your venture.
- The planning of your time is very important because that is your most precious asset. You must plan carefully.
What if your business idea or venture is going to be a competitor to or conflict with your day job? Should you even consider such a venture?
No you shouldn’t, because most probably your employment contract prohibits you to do that. Your starting point should be your contract; it’s not a good idea to go and be a competitor to your employer, and to do so without them knowing.
How can one manage after-hours clients?
If it’s going to interfere with your day job, then they should not get in touch with you. Imagine if your clients call your office landline or cell phone while you are at work, and you attend to all their queries – you will not be able to focus and do your job well. With today’s technology, your clients can leave voice messages or send you an email with their queries. Keep the two seperate.
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