Risks and Perks of Starting a Business along with Job in India

You wish to pursue your dream along with the financial security of your job. Well, here’s a guide on how to do business along with job in India. 

 

We’ll also be looking at associated risks if things go south.

 

You need to consider all this before you register your business.

 

• Is it possible to start a business along with a job?
• Who can start a business along with job in India?
• How can you do it yourself?
• What are some cool side business ideas?
• What can be the consequences?

 

Is it possible to start a business along with a job?

 

Yes, it is possible to start a successful business along with job in India.

 

In fact, it is now easier than ever. A lot of people are already doing it. 

 

Even Expedia (The largest Hotel chain in the world) started in Microsoft’s office.

 

Besides, you have to make sure that you are Legally Free.

 

Most companies have a conflict of interest policy. As a result, it restricts employees to do side business or start a business in the same industry.

 

Therefore, legally you cannot start a business in your name if it is against your job contract.

 

So, look it up in your contract or any non-disclosure agreement you signed before starting.

 

By all means, make sure you are legally free to start a business along with a job in India.

 

What if I am not allowed by the agreement?

 

If there is a problem, StartEazy has a solution. We have helped a lot of budding entrepreneurs like you. Join the club. 

 

Even if you are not allowed to start your business as per agreement. Your spouse, your parents, your siblings and your friends are allowed.

 

So you’ll have to take a leap of faith and register the business in their name.

 

This reduces the chances of a clash. However, it does not eliminate the risk.

 

Steps to Start a Business along with Job in India

 

Step 1 - Choose and Plan your Business

 

Have you already decided what you’ll do? 

 

If not, pick an in-demand and unique business idea.

 

Choose an idea that you are interested in and is feasible for you.

 

After that, start with the planning part.

 

Do research, find out your competitors, analyze the market and choose a niche.

 

Furthermore, choose a reliable business model that allows you to start small and grow eventually.

 

Proper planning and an interesting business idea will do most of your work.

 

Also, while planning, do recognise the growth factor. 

 

Such as,

• What is the scope of the business?
• Is it expandable?
• Does it have a future demand?
• Will it solve the needs?
• Can you add anything new to it?

 

Step 2 - Legal Registrations

 

This step will require legal advice and consultation.

 

So, unless you are a professional, don't make any rash decisions here.

 

Fill out the form on your right to talk to an expert.

 

We will help you choose the legal structure according to your business among the following:-

 

• Private Limited Company Registration
• One Person Company
• Sole Proprietorship
• Partnership
• LLP (Limited Liability Partnership)

 

Moreover, we will also assist and help you with licenses as required for your business.

 

The least risky way to start a business along with a job is to register a sole proprietorship. It should be registered in the name of someone you can trust.

 

If you have trust issues and do not want to give that person 100% share. You can opt for a Pvt ltd company with 2 directors. You can become a shareholder instead of a director. 

 

However, he or she should not be a minor. To get more consultation you can start by filling up the form on your right.

 

Step 3 - Funding

 

There are of course several ways of funding a business.

 

For example,

• Self Financing. (Salary)
• Finding an angel investor.
• Crowdfunding.
• Loans under a government scheme.
• Loans from private or public banks.
• Business Credit Card.
• Borrow from family or friends.

 

However, as a startup, always choose a low-risk source of funds or a loan with a minimum interest rate.

 

As you are still working on a full-time job, it will not be difficult for you to self-fund your business. 

 

However, you will obviously have to cut your personal expenses.

 

Step 4 - Set up your Office

 

It is really crucial to have dedicated space to do any activity.

 

The same goes for a business. 

 

Initially, you can set up a home office. 

 

But ensure to dedicate that space completely to your business.

 

Most importantly, choose a place with zero distractions.

 

That's it! Now you can start a business along with a job in India.

 

All you have to focus on now is how you will be managing it and what could be the consequences.

 

How can you manage a business along with job in India?

 

While working in a job, you might find it difficult to make time for anything else besides your job.

 

In fact, sometimes you might have also felt that you cannot even give time to your family or personal life.

 

If all of this sounds familiar, you are not alone. 

 

But, what if I told you that it will not be an issue if you pursue the following habits:

 

Managing your time 

 

The most common complaint that full-timers have is "I don't have enough time". 

 

So, what are the most common time wasters for full-time employees:-

 

• Surfing on the internet.
• Too many meetings.
• Bothersome coworkers.
• Emails
• Social media
• Personal phone calls
• Netflix/Other OTTs
• Commuting

 

If you have control over these, remove these time-wasters from your daily routine.

 

And I am not telling you to do it immediately.

 

Here is the thing, to build a habit, start with small actions.

 

For example, if you want to build a habit of exercising early in the morning, do this -- For the first few days, get up at 5 AM and wear your workout shoes. After a few days, when you develop the habit of getting up early, you will automatically be able to use that time for exercise.

 

Also, you can request work from home if your company is flexible with it. So, it will eliminate your commuting time.

 

Outsourcing as much as you can

 

It will be impossible for you to do everything on your own initially. Moreover, it will be costly to hire full-time employees at the start.

 

Thus, outsource as much work as you can.

 

As a result, it will take off most responsibilities from your shoulders. In fact, it will let you focus on the more important things. 

 

Focus

 

Talking about focus, it is crucial to be productive.

 

If you lack here, it might result in a mess.

 

To tackle that, you need to set a daily schedule.

 

Moreover, dedicate the time you set to focus on your business to deep work.

 

What is deep work?

 

Spending uninterrupted time with complete focus on the task at hand. 

 

Start small

 

Honestly, if you go big on everything from day one, you will fail.

 

Additionally, you will have wasted your time and money altogether.

 

Instead, validate your idea first.

 

Before going big, you will have to be sure that your business has a market.

 

So, start small and take baby steps to your growth.

 

What can be the consequences?

 

Also, look out for why you want to give it a half-hearted try. Is it not better to believe in your idea and give it your 100%?

 

The worst that can happen is you’ll fail without any financial safety.

 

But once you are committed to the path you have chosen, you’ll only grow.

 

No doubt, there will be a lot of ups and downs, but the result is yours to define.

 

After starting a business, you will have no time left for any other things.

 

At times, it will also be hard to take time out for business along with job in India.

 

Also, it will take more time than usual for your business to grow. 

 

You might even think of quitting. 

 

But, do not lose hope and be ready to endure all hardships that come your way.

 

Remember what and why you wanted to pursue it.