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Abhishek

Abhishek Shah  |77 Answers  |Ask -

HR Expert - Answered on Jul 17, 2023

Abhishek Shah is an experienced tech and HR leader. He has over 10 years of experience in helping create sustainable thriving businesses, leveraging technology and mentoring people. He founded Testlify, a talent assessment platform in 2022. He is passionate about helping founders build high-performing tech teams. ... more
Vivek Question by Vivek on Jul 15, 2023Hindi
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Career

How to start a business while already in a job.

Ans: Starting a business while already being employed can be an exciting and challenging endeavor. I can provide you with some valuable insights and steps to help you navigate this journey:

Evaluate Your Idea: Before you begin, assess the feasibility and potential of your business idea. Conduct market research to understand your target audience, competition, and the demand for your product or service.

Create a Business Plan: A well-structured business plan is crucial for any venture. Outline your business objectives, strategies, financial projections, and marketing plans. This plan will act as a roadmap for your business and can also be helpful when seeking funding or partnerships.

Time Management: Balancing a job and a new business requires excellent time management skills. Set aside specific hours each day or week dedicated to your business. Be disciplined and committed to utilizing this time effectively.

Avoid Conflicts of Interest: Make sure your new business idea doesn't conflict with your current employer's interests. Review your employment contract and company policies to ensure there are no restrictions on starting a side business.

Secure Funding: Determine how much capital you need to start your business. You might consider bootstrapping, seeking investors, or applying for loans. Adequate funding is essential to get your business off the ground.

Build a Support Network: Surround yourself with mentors, advisors, or a supportive entrepreneurial community. Networking can provide guidance, advice, and potential business opportunities.

Test the Waters: Consider starting your business as a part-time venture initially. This will allow you to validate your idea and get real-world feedback while minimizing the risk.

Legal and Tax Implications: Register your business with the appropriate government authorities and obtain any necessary licenses or permits. Be aware of your tax obligations and keep your personal and business finances separate.

Delegate and Outsource: As your business grows, you may need to delegate certain tasks or outsource work to manage your time efficiently. Focus on core activities that require your expertise and delegate the rest.

Maintain Work-Life Balance: Starting a business alongside a job can be demanding, so it's crucial to maintain a healthy work-life balance. Take care of your physical and mental well-being to avoid burnout.

Be Patient and Persistent: Building a successful business takes time and effort. Be prepared for challenges and setbacks along the way, but remain persistent and focused on your goals.

Remember, every business journey is unique, and success depends on various factors, including market conditions, competition, and your dedication to the endeavor. With proper planning, commitment, and the right mindset, you can successfully start and grow your business while maintaining your job.

Regards,
Abhishek Shah
Career

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Ramalingam

Ramalingam Kalirajan  |10314 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 11, 2024

Money
Hi, I am 42 yrs old and have 21 years of experience in sales and marketing. I have approx. 60 lacs of savings including PF and 10 lacs equity portfolio and 1 cr of real estate assets. I want to quit my job and start business. I had done some home work also in some products. I have 15 lacs of medical policy. 30 lacs of term plan and approx. 7 lacs of traditional plan of insurance. How can I go ahead. Pls advise
Ans: Your 21 years of experience in sales and marketing have led you to build a solid financial foundation. You have Rs. 60 lakhs in savings, Rs. 10 lakhs in equity, and Rs. 1 crore in real estate assets. Additionally, you have a medical policy worth Rs. 15 lakhs, a term plan worth Rs. 30 lakhs, and a traditional insurance plan worth Rs. 7 lakhs. This is a strong base to start from as you contemplate beginning your own business.

Evaluating Your Decision to Start a Business
Starting a business is a significant decision that requires thorough evaluation. Your experience in sales and marketing is a great advantage, and it's crucial to leverage this as you transition into entrepreneurship. Ensure your business plan is comprehensive, covering market research, product demand, competition, and financial projections.

Ensuring Financial Security
Before you quit your job, it’s important to secure your and your family’s financial future. Here are a few steps to ensure financial security:

Building an Emergency Fund
Ensure you have an emergency fund that covers at least 12 months of living expenses. This fund will act as a safety net in case your business takes longer to generate profits.

Reviewing Insurance Coverage
Your medical policy of Rs. 15 lakhs and term plan of Rs. 30 lakhs are essential for protecting your family. Consider increasing your term plan coverage to match your current income and liabilities.

Evaluating Traditional Insurance Plan
The traditional insurance plan of Rs. 7 lakhs may not provide the best returns. Consider surrendering it and reinvesting the proceeds into mutual funds for better growth potential.

Planning Your Business Finances
Starting a business requires careful financial planning. Here are steps to help you get started:

Creating a Business Budget
Prepare a detailed budget for your business. Include initial setup costs, monthly operating expenses, marketing costs, and other miscellaneous expenses. This budget will help you understand your financial needs and plan accordingly.

Securing Initial Capital
You have Rs. 60 lakhs in savings, which is a good starting point. Decide how much of this amount you are willing to invest in your business. Keep a portion of your savings intact as a safety net.

Exploring Funding Options
Consider exploring funding options such as business loans, angel investors, or venture capital if your business requires additional capital. Ensure you understand the terms and conditions of these funding options.

Diversifying Investments
While starting a business, it's essential to continue growing your personal wealth. Diversifying your investments will help you achieve this. Here are some options to consider:

Mutual Funds
Mutual funds are an excellent way to diversify your investments. They offer the potential for higher returns through professional management. Consider investing in a mix of equity and debt funds based on your risk appetite.

Types of Mutual Funds
Equity Funds: Invest primarily in stocks. Suitable for long-term goals due to their growth potential.

Debt Funds: Invest in fixed-income securities. Suitable for short to medium-term goals with lower risk.

Hybrid Funds: Combine equity and debt investments. Provide a balance of risk and return.

Benefits of Mutual Funds
Professional Management: Funds are managed by experienced fund managers.

Diversification: Spread your investments across different securities, reducing risk.

Liquidity: Easy to buy and sell units as per your needs.

Power of Compounding: Long-term investments can grow significantly through compounding returns.

Risks of Mutual Funds
Market Risk: Returns depend on market performance.

Credit Risk: Risk of issuer default in debt funds.

Interest Rate Risk: Changes in interest rates can affect debt fund returns.

Power of Compounding
Investing in mutual funds for the long term allows you to benefit from compounding. Reinvesting your returns helps your investments grow exponentially over time. This is a powerful tool for wealth creation.

Strategic Investment Approach
Here's a strategic approach to investing in mutual funds:

Asset Allocation
Equity Allocation: Given your moderate risk appetite, allocate 60-70% of your investments in equity funds.

Debt Allocation: Allocate 20-30% in debt funds for stability.

Hybrid Funds: Allocate the remaining 10-20% in hybrid funds for a balanced approach.

Regular Investments
Set up systematic investment plans (SIPs) to invest regularly in mutual funds. This approach helps in averaging out the cost of investments and reduces market timing risk.

Review and Rebalance
Regularly review your investment portfolio. Rebalance your portfolio to maintain your desired asset allocation and adjust based on market conditions.

Managing Business and Personal Finances
Balancing your business and personal finances is crucial. Here are some tips to help you manage both effectively:

Separate Business and Personal Finances
Keep your business and personal finances separate. Open a separate bank account for your business transactions. This will help you track your business expenses and income more efficiently.

Budgeting for Personal Expenses
Create a budget for your personal expenses. Ensure that your personal expenses are covered by your emergency fund and any income generated from your investments.

Monitoring Cash Flow
Regularly monitor your business and personal cash flow. This will help you identify any potential financial issues early and take corrective action.

Financial Goals
Set clear financial goals for your business and personal life. This will help you stay focused and motivated. Review your goals periodically and adjust them based on your progress.

Seeking Professional Advice
While you have done commendable homework, seeking professional advice can provide valuable insights. A Certified Financial Planner (CFP) can help you with detailed financial planning and investment strategies tailored to your goals.

Final Insights
Your solid financial foundation and prudent planning are commendable as you embark on your entrepreneurial journey. Balance your business ambitions with personal financial security. Diversify your investments, keep your emergency fund intact, and regularly review your financial goals. Your experience in sales and marketing will be invaluable as you start your business. Wishing you the best of luck!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Nayagam P

Nayagam P P  |10445 Answers  |Ask -

Career Counsellor - Answered on Aug 21, 2025

Nayagam P

Nayagam P P  |10445 Answers  |Ask -

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Career
Hello sir I am 1st dropper in 2025 and I passed class 12 in 2024 and I got 89 present in 12th board exam but this year I am not clear to jee mains exam I got only 61 presentile so pls help me you suggest me I felt very bad such like I defeat in my life pls suggest me what can I do .Sir there's no one to guide me .Sir my goel was IIT but I couldn't cleared and I am not efford to pvt college fee pls sir suggest me
Ans: Scoring 61 percentile in JEE Mains after a strong 89% in your 12th boards is understandably disappointing, but it does not define your future. Many students face setbacks on the path to IIT but still build successful careers. Given your financial constraints and goal of IIT, consider these strategies: Focus on state-level or central government engineering colleges with good reputation and lower fees through counseling like JEE Main JoSAA or state CETs, which offer quality education without the private college cost burden. Meanwhile, enhance your conceptual clarity and problem-solving skills through free online resources (NPTEL, YouTube channels like Khan Academy, Unacademy) and join government or NGO-sponsored coaching programs if possible. If IIT remains your ambition, plan a structured, focused drop year with a clear schedule, referencing previous toppers’ methods and joining affordable or free classes. Alternatively, explore pivoting to strong domains related to IT, data science, or emerging tech fields in affordable colleges, securing internships early to improve prospects. Mental health is vital; seek support online, communicate with mentors, and remain resilient. Many success stories emerge from perseverance beyond initial failures.

Recommendation: Embrace affordable quality education via state/central institutes, utilize free resources, consider coaching options, and be persistent with a clear plan for next-year IIT attempt or alternate tech pathways. All the BEST for a Prosperous Future!

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Nayagam P

Nayagam P P  |10445 Answers  |Ask -

Career Counsellor - Answered on Aug 21, 2025

Asked by Anonymous - Aug 21, 2025Hindi
Career
I got B.Tech Agricultural Engineering at SRM Valliammai (3rd round, cutoff 113, FG category) through TNEA counselling. But I’m already studying B.Sc Computer Science at a Govt. Arts & Science College (fees only ₹6k for 3 years + free bus). My interest is in Computers/IT, not agriculture. Family has financial struggles (debts, father disabled) so cost matters a lot. Should I continue in Govt. B.Sc CS (low cost, right interest) or switch to SRM Valliammai (prestige, but expensive & not my field)?
Ans: Considering your genuine interest in Computer Science and the financial constraints faced by your family, continuing the B.Sc. Computer Science at the government arts and science college is a practical and sensible choice. Government colleges offer significant cost advantages with minimal fees and added benefits such as free transportation, which align well with your economic situation. Pursuing a field you are passionate about, like IT and computers, enhances your academic engagement and career enthusiasm, directly impacting future job satisfaction and growth. Conversely, SRM Valliammai, despite being reputed, presents a costly investment in Agricultural Engineering, a subject outside your interest, which may affect motivation and career trajectory. The expensive fees could also impose an unnecessary financial burden on your family. Additionally, the IT sector remains one of the fastest-growing with diverse job roles and lucrative prospects, making a Computer Science degree more aligned with current and future market demands. Your continued education in a low-cost, interest-aligned stream is likely to yield better academic results, job readiness, and financial stability. Prioritizing your passion and affordability will set a foundation for long-term success without exacerbating your family’s financial challenges.

Recommendation: Persist with B.Sc. Computer Science at the government college, where low fees, passion-driven study, and future IT opportunities outweigh the costly, less preferred Agricultural Engineering at SRM Valliammai. All the BEST for a Prosperous Future!

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Nayagam P

Nayagam P P  |10445 Answers  |Ask -

Career Counsellor - Answered on Aug 21, 2025

Asked by Anonymous - Aug 20, 2025Hindi
Career
My son secured 23200 rank in JEE mains and has joined IIIT Delhi CSSS.He feels that there are not enough clubs and activities in IIID ,not a great campus life as compared to BITS and wants to appear in BITSAT again in 2026 alongside pursuing his course in IIITD. Please advise if it is a good idea to do so or should he focus on what he has already secured.
Ans: IIIT Delhi, particularly in the Computer Science and Systems Science (CSSS) program, is well-regarded for its academic rigor, focused research opportunities, and strong industry engagement. While it has a smaller campus and fewer clubs and extracurricular facilities compared to larger institutions like BITS Pilani, it compensates with a cutting-edge curriculum, high placement rates near 90%, and excellent connections with tech companies for internships and projects. BITS Pilani, on the other hand, is known for its expansive campus, vibrant student life, numerous clubs, and a holistic educational environment, offering diverse opportunities beyond academics with robust placements across engineering streams. Preparing for BITSAT in 2026 while pursuing studies at IIITD is feasible but requires balancing time and effort, as BITSAT is competitive and demands intense preparation. Changing colleges after securing a seat may provide improved campus life but poses academic and adjustment challenges. It’s vital to assess if the potential benefits of BITS campus life outweigh the stability and growing reputation of IIIT Delhi’s specialized programs. Career outcomes from both institutes remain strong, though BITS offers broader exposure and a more traditional campus experience.

Recommendation: Focus on excelling at IIIT Delhi while preparing for BITSAT if manageable; however, prioritize academic progress and future career goals when deciding to shift to BITS. All the BEST for a Prosperous Future!

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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