Many entrepreneurs start their businesses while they are working at other companies. It provides them the security of regular paychecks during the beginning phases of their startups, when success is uncertain. Our team at CYMO Marketing knows this method is not easy, so we have some recommendations that will help you become a professional moonlighter:
- Review Your Employment Agreement: This contract might prohibit you from competing against your employer. In addition, any ideas you generate may become property of the company. If you have any questions, contact an attorney for guidance.
- Review Tax Implications: When you have income from multiple sources, file the appropriate documentation with your tax returns. Also, keep track of expenses, which include travel and office costs. Obtain the advice of a certified accountant to ensure you are following the proper procedures.
- Don’t Use Your Employer’s Resources: Do not utilize your employer’s supplies, people, or time to work on your startup. Though you might need to make a phone call once in a while, do not disrupt work at the office.
- Prepare for Success: At some point, your business will begin to thrive, so be ready to ramp it up for success. At CYMO Marketing, we advise you to establish your corporate entity. Additionally, take the necessary steps to protect your intellectual property.
At some point, your startup will begin to function like a real business, and it will be time to fly the coop. Until then, our team at CYMO Marketing wishes you success. We hope you maintain your job so you can reach your goals on your own time.