Wednesday, May 19, 2004

Balancing your new venture with your day job - Part 1

The blurb at the top of this page isn't entirely correct, at least not yet. I know roughly when I'm leaving my day job, but for another 2-3 weeks I'll still be there.

I probably won't get a chance to work on Sydney during these next few weeks, but I have been balancing the two roles for about the last 6 months. It's a situation I wouldn't recommend but everyone's got to eat.

So I thought I'd post a few tips about what I've been doing to try and maximise my time during this period.

Do you need to balance the two at this stage?

Before you start surrendering all your free time to your new venture, ask yourself if you're at a point where you really need to do that yet. Perhaps you should restrict your efforts to brainstorming and research sessions rather than actual development work for the time being.

If you don't properly understand where you want to be heading with your new venture you might find yourself later redoing your earlier work.

If you have debts or need to build up a modest amount of startup capital then perhaps you're better off devoting all your efforts to your day job for the time being. Make sure you set yourself an aggressive budget or you'll never reach your financial goals that will allow you to start your new venture.

Are you sure you really want to be an entrepreneur? This is a topic for another time but make sure you do your research on this one. Read all you can and talk to as many people as you can to make sure this is the life for you.

Next time: Is your day job compatible with starting a new venture?

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