Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Going Solo a Major Move

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Going Solo a Major Move

Article excerpt

Byline: Kathryn Hocking

THE transition from full-time work into soloism is filled with a mix of excitement and nervousness, especially when breaking away from your employer.

So you have a great business idea and have decided to take the plunge from working full-time to working for yourself? That's wonderful news. Now here's what you need to consider:

Telling your employer

One common way for entrepreneurs to ease the transition from full-time employment to soloism is to downscale their full-time job to a part-time or contract role. This comes with the benefit of a regular income as you build up your side business. To do this you will inevitably have to discuss your other work with your employer. The risk is some bosses won't look favourably upon your side business, especially if it is in direct competition with your current work.

Check what your employment agreement says in relation to outside revenue-generating activities. There may be restrictions that you have agreed to. If so, it may not be possible to continue working both for your employer and on your other venture.

I know entrepreneurs who had visions of becoming part-time or a contractor for their current employer but when they approached them, the employer asked them to choose between their side business or their job.

That's the tricky part; while some employers will see your being a business owner as a strength and something that brings value to their organisation, others will question your commitment and ability to continue working for them, particularly if there are any conflicts of interest.

Ensure you have a strong and positive relationship with your employer before revealing your intentions.

Put yourself in your employer's shoes

Before approaching your employer to reduce your hours, think about how they will respond to such a request and be prepared to alleviate any of their concerns, which may include:

Will you be focused when you are here?

How will we cover your work- load?

Can your job be done in less days?

Be ready to present them with options such as job-sharing, narrowing your role, dividing it into two part-time roles or bringing on a lower-salaried employee to undertake the less-complex or time-consuming aspects of your role. …

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