Is It Risky to Start a Business While You Are Working for Someone Else?

In this economy, it pays to have a back up plan. For many people that means a good look at starting their own business. I understand completely how you feel, but make sure your idea is sound and will put cash in your bank account (rather than the opposite!)

That means you need to lay some groundwork and research whether your idea is really "good enough" to do what you want it to do. Here's an idea one of my readers wants to try. He says:

I want to start my own small courier service. I have a reliable car and have some money for the minimal start up costs. I know starting any business is risky but I have a full-time job and can't afford to quit and hope to get phone calls right away. If I start marketing now and somehow get calls right away, I will most likely be at work. Is there any median that I can come too for this problem? Or should I just take the risk of just working for the new business?

This is a really bad idea for you. I do think it's a good idea for many people to start their business while still employed, but not this type of business. How on earth can you be in two places at once? You just can't. And unless you want to fork over the cash to hire someone, you would not be able to handle your customers' needs.

On top of that, I'd be willing to bet that courier services are a dying breed. With all the technology available today, many courier services have gone extinct. Plus with the uncertainty surrounding gas prices, why would you want to put yourself in this position?

It's time to rethink what type of business you want to own. Take a look at my colleague Tim Berry's column on "Planning as a Way to Look Forward and Reduce Uncertainty" for help. Take your time, do some research, plan how you will build your business and you'll be much better off in the long run. (And, for now, keep your day job!)

Anyone else have a suggestion? Please leave a comment.