This is the third installment of a four-part series on how to navigate taking on a side job or starting a business in addition to your regular employment. If you missed the first or second parts, click here and read them!
Yet another thing you want to be aware of is whether or not your current gig could see your side business as competition.
This does not have to be direct competition, like McDonald’s and Burger King. Your employer could see anything in the same field or line of work (basically any kind of food making or selling from fine dining to packaged granola bars could be seen as competition for McDonald’s).
Once again, if you have an employment contract, you want to pay attention to the clauses on working for competition in it. Many contracts restrict employees in working for direct competition both during employment and for some time after the employee leaves the company.
If you think your side business could be seen as competition, you should tread carefully. Consider negotiating with your employer and getting an agreement set in writing about the nature of your business and what your employer is comfortable with you pursuing.
If you don’t feel comfortable approaching your employer or you want to keep the project entirely secret, know that you are taking a risk that down the line your employer may fire you for your behavior or demand some ownership in your side business.
When in doubt, you should get a second opinion before investing significant time or money into a side business to ensure that you won’t have to reimburse your employer for your hard work.