Eugene Ozor Staff asked 3 years ago
I’m currently an employee, who is usually out of town due to my job requirements, most times for two weeks or a month.
I’m trying to set a side business, but I don’t seem to understand how to achieve this goal, though I have discovered a problem to solve already.
Please, how do go about achieving my goal of starting my side business, while still maintaining my current job.
Chidi Nwaogu Staff answered 3 years ago
I recall speaking to a fellow Acumen Fellow about this. He works for Unilever but wants to start a business while maintaining his job at Unilever. I simply told him to get co-founders who don’t have 9-5 jobs, and can dedicate most of their time to the new business; thus working at it full-time. His job at Unilever can serve as a source of funding for the business, while he converges with the team every weekend to brainstorm, set new strategies, and forge forward. He should do this until the new business takes off and begins to show favorable traction with good revenue numbers; then he can quit and take on his new business (with his partners) full-time.
Toluse Francis Staff answered 3 years ago
Excellent idea shared by Chidi. I wish I knew this before I started out
Paul Daniel Staff answered 3 years ago
Wow Excellent idea. Trust is mostly the challenge most times.
Falade Emmanuel Eniola Staff answered 3 years ago
Tips for managing partnership business.
Every business need time, good management, good policy and legal backing.
Good policy: are document that contain operational information of how the business must be run it can also be updated
Good management: it ensures that the policies run well
Time: as a partner we need to always if everything is fine. Meetings, consulting, growth, marketing… all in time
Legal backing: need to be registered with CAC, if it a partnership; terms of the deal must be clearly stated.