This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

How to Keep Your Job While Getting Your Own Business Off the Ground

For entrepreneurs who need a set schedule, Chuck Russell, senior partner with IT consulting firm Collective Intelligence, says it's a good idea to budget definite blocks of time for your small business.

"One of the things I tried to avoid was overcommitting given the relatively small number of hours I could spend on any project in a given week," Russell says of his own entrepreneurial experience. "So I began budgeting my time by allocating 20 to 28 hours per week to the new endeavor."

Once you feel your business is ready for a greater investment of your energy, it's definitely time to come clean to your employer about your new endeavor. If you're on good terms with your supervisors, Jeff Bell, professor of management at Dominican University in Chicago, says that it may be possible to "strike a deal" for part-time work.

"My recommendation would be to leave your full-time job but pursue independent contracting opportunities to provide supplemental income during the start-up phase," Bell says. "Folks can often strike this deal with their current employers who may understand the pursuit of a dream but may want to retain a needed skill set while they make succession plans for the entrepreneur's departure."

No matter what, do your best to keep a good relationship with your company, specifically any supervisors or colleagues you think are valuable for your network, says Sidnee Peck, director of entrepreneurial initiatives at the W.P. Carey School of Business.

"Be respectful and avoid the Jerry Maguire style of departure," Peck says. "No one knows if a business will be a success, and if you want to work in the industry again, you should not throw it in your company's face. At the same time, you do have to truly leave the company. That's the best way to be all in and devote yourself completely to your new business' success."

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $123.25 -0.80%
FB $83.30 0.35%
GOOG $548.34 -1.23%
TSLA $185.00 -2.84%
YHOO $45.10 1.42%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs