To understand the challenges associated with your established business, it is recommended you manage and supervise for at least six month. You can decide to be on full-time or part-time( moonlight) to manage your business.
There are some interesting advantages and some pitfalls in starting as a moonlight business. (That is, a business you start in your off hours while still working at your current job.) More often than not, the advantages of starting your business as a moonlighter outweigh the risks:
• You avoid burning your bridges of earnings, including retirement, health and fringe benefits and vacations.
• Your full-time job won’t suffer if you maintain certain conflict of interest disciplines, including compartmentalizing your job and business into completely separate worlds.
• You can avoid conflict of interest with your job by choosing a business that is appropriate for moonlighting, such as: single products, real estate, specialized food, e-commerce, direct marketing or family-run operations.
• There are great advantages for operating a family business. The family can run the business while you are at work. You have a built-in organizational structure. You can teach your kids the benefits of being in business.
But there are also some pitfalls to consider in starting a moonlight business
• There is a temptation to spend time at your job working on your moonlight business. That is unfair to your employer and should not be done under any circumstances. (You may need a family member or some trusted person to cover emergencies when you are at your job).
• Another problem may be competing with your employer, which, again, is not right. Think of how you would feel or handle this employee if you were the boss.
• Any kind of conflict with your regular work can jeopardize your job and your moonlight business.
• Overwork and mental and physical exhaustion can also become a very real problem for moonlight entrepreneurs.