Starting your own small business while you are in full time employment is actually a very sensible route to pursuing your dream of running your own enterprise. The good news is, it’s absolutely possible to run a small business alongside your day job, the key question you need to ask yourself however is whether you have what it takes to take your business to the next level.

One of the advantages of pursuing this route over dumping your employer and risking it all are the financial security benefits. The vast majority of us require a moderate level of sustained income and depending on your financial or personal circumstances; it really may not be a sensible idea to risk you or your families lively hood by pursuing your startup business idea without some form of financial security. Running a startup business part-time alongside full-time employment is a viable starting route, sure it’s not easy to manage your own business, your day job and your family all at once but those who are committed will make it work.

Unfortunately you really can’t afford to leave your full time job (especially if you are on a career or development path) until your startup is truly off the ground and making adequate income to support you and your family. Of course some people do, but that is an extremely risky strategy and I would be inclined to say that timing is everything and leaving your day job premature carries heavy consequences should your startup fail.

The dilemma of balancing your own time will be what you will find most difficult, especially if you have a family to consider too. There is no hiding it, it’s a real struggle to manage a startup business whilst still being in full time employment and trying to fulfil your family responsibilities.

In order to move forward, you need to consider making the “big break” – a decision to pursue your startup business on a full-time basis.

A few of the questions you should be asking yourself before doing this are:

• Have I developed my business to an established and profitable level thus far?
• Do I have enough scope to develop this to support me financially?
• Have I developed my business plan enough to provide the direction for my businesses future?
• Do I have what it takes to run my own business on a full-time basis?
• Is the time right in my life to take things forward? Are the risks too high? What are the consequences if things don’t go to plan? How can I plan to cover myself in the event of failure?

It’s not an easy choice to make, as you can see – don’t take the decision to take the plunge lightly.

Startup Grants & Sources of Finance for Small Businesses in America

In the United States, many different federal grants exist to help during your small business startup phase. The Small Business Administration (SBA) is an excellent place to begin your research. Depending upon the industry you are in, or the type of personal background you have, you may qualify for no-interest grants or very low-interest loans. America was built on entrepreneurs, and the SBA continues to support them.
If you’re a woman, or any other minority, you can also access certain grants specific to your demographic that others may not be eligible for. Searching for these grants is not unlike searching for college scholarships, in that many are offered by different groups and associations that cater to individuals like them – women’s organizations lend money to woman, and so on. For example, womenwork.org can offer several grant opportunities for woman launching a small business startup. Similarly, if you are an African-American or other minority looking to launch your own enterprise, you may want to consult the grant opportunities listed at government grants for minorities.

Startup Grants & Sources of Finance for Small Businesses in the UK

The United Kingdom is one of the best places in the world to launch and grow a small business startup. Most small business startups are eligible for many various grants at any given time, though it may not seem that way when you first begin searching. In the UK, you can apply for a direct grant, which is paid to you in cash, and may be used for things like hiring and training employees, or for capital to invest in business projects.

Another option is the repayable grant, which is just what it sounds like, though it’s intended that the grant be repaid with business profits. In the event that the endeavour the grant funded doesn’t succeed, the grant does not have to be repaid.

A third possibility is a soft loan, which in essence is a loan in which the terms of paying the loan back are more lenient than would be the case with a typical commercial loan.

The UK National Government issues many of all three of the above types of loans; in fact, the number of national agencies that award these loans throughout the UK is more than 100. The European Commission may also be a reliable source for finding funds all throughout the continent.

Starting your small business is an exciting venture – and when you find the right sources of startup finance, you give your enterprise the opportunity to flourish to its fullest potential.