Start a new company without quitting your old one Wednesday, Jul 7 2010
Start-Up Tips 4:30 pm
The idea of starting your own company while keeping the security of your existing one is definitely tempting. There are legal issues to consider, including non-competition agreements and the problem of hiring colleagues. However, there are ways to do it, especially if you talk with your boss and gain their assistance. Plus, working for a company offers the benefits of seeing what untapped markets exist.Using your salary as your startup is obviously one of the biggest benefits. It ensures your ownership in the company in the future and provides a secure foundation now. It’s easiest if you can show that your idea started before you joined the company, but if not, you still have options.For example, maybe your idea is coming from customer complaints you have encountered as part of your current job. If your boss is not interested in pursuing those features, there’s a great opportunity for you. Again, communication with your current company is important, but don’t feel the need to share everything.One unique opportunity that exists for entrepreneurs at a company is the chance to beta test with your employer’s resources. For example, David Bookspan developed a lead-generation system at his old law firm using the courthouse’s records. The chairman encouraged him to pursue it on its own, and Bookspan was able to test the software for the next year.The reputation of a company can also be an important resource, as can an official partnership with your company. Just discuss your plans with your boss, and be prepared for when you finally step out on your own. When you do, make sure you continue to strengthen these relationships, as well as building others. Also, make sure you have done the research to accurately know your market. This will make it easier to attract new clients, and keep the ones you have already developed.