Should you tell your current employer about your part-time
venture? The response is mixed among our entrepreneurs. While
Poelker was able to maintain a good relationship with her former
employer, Cohen's employers were not so supportive. Because his
boss adamantly opposed his business, Cohen's challenge was to
keep it separate—to do his job while trying to grow a
business and keep it out of his employer's sight.
There are obviously some moral gray areas to such a situation.
Ethical questions to ask yourself: Is this right? Should I be
running my business on company time? How would I feel if an
employee did the same to me down the line? The situation varies
from person to person, and only you can decide what fits your
business, says Gravely. "Some employers don't like the
idea of you being in business for yourself at all. They think it
takes away from your job," he explains. Others don't have
a problem.
Whatever you decide, try not to burn any bridges, notes
Gravely. Also make sure you're not violating any noncompete
agreements before you leave, or you'll set off your boss's
radar.
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Jessy Klein and Meegan Barnes were lucky—their employers
at Vibe magazine were OK with them having their own
business. Says Klein, "My boss knew I was trying to run a
business and was very cool."
So when Klein, 26, and Barnes, 27, started their New York
City-based cosmetics and clothing company, Femme Arsenal, in
1998, they managed to work their desk jobs by day and concoct their
lip balm recipes by night and on weekends. The schedule was crazy,
especially when Barnes' kitchen became too small for their
growing orders. They rented a small space to mix the makeup, and
Barnes ended up quitting Vibe. She did freelance design and
concentrated on growing the business while Klein kept working.
But their former jobs did help them get a clip in Vibe
that a buyer from Henri Bendel saw. They also had the connections
to get into events and give their products to celebrities like
Lil' Kim and Snoop Dogg.
In 2000, they got a huge order that gave them some financial
security, and Klein, too, was able to quit her day job. Today, the
partners have about $1 million in sales. As Klein puts it,
"We're not [as big as] Donna Karan and we're not a
lemonade stand—we're somewhere in the middle."
Part-time to full-time success didn't come alone—it
was in working together that the partners found strength.
"Don't do it by yourself," says Klein. "You need
someone else to lean on."
Even if you can't find a partner, it's a good idea to
get some kind of outside help. "Put together a support
network," says John Castle, a lecturer in entrepreneurship at
the University of Washington in Seattle. "There are two types:
personal support—friends and family you can talk to—and
a group of advisors." You may have to be creative in terms of
scheduling—some groups will meet during the day while
you're at work. Look for comrades with a similar schedule to
yours.
Full Steam
Ahead
One of the most important decisions is when to jump from part time
to full time. There's no concrete deadline, but there are a few
signs to look for. Castle suggests asking yourself these questions:
How is the business doing? How deep is your customer base? Do you
have enough cash flow to offset the loss of your paycheck?
Starting part time can be a challenge, but it offers a
significant benefit: It can be your very first step toward being an
entrepreneur. Part time? Full time? Either way, the time is
now.
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