Do you dream of starting your own business, but are wary of the risk of going it alone? Nicknamed five – niners, an increasing number of people are setting up their own ventures alongside employment, working evenings and weekends to generate extra income and start a new business with the security of a regular wage.

According to Enterprise Nation, the home-business website, an estimated 5m people in the UK keep their jobs while building their own company at night and at weekends. Of these, two-thirds hope the businesses they are starting will become big enough and profitable enough to enable them to switch to running them full-time within a year.

So, how do you get started? The first step is to hit on a business concept that doesn’t necessarily require you to be contactable in peak hours.

There are a surprising number of jobs that meet this criteria: From copywriting and computer repair, to outside catering, artistic and craft based businesses. The crucial thing to consider is whether you can handle the extra hours, wihout effecting your regular job. Time can be ‘found’, for example, on your lunchbreak, or on your way to and from work – grabbing any second you can, will minimise the amount your extra job encroaches on your free time.

The first step is to register as self-employed, you can do this online at www.hmrc.co.uk. You will have to pay tax on both your incomes, but this will be treated separately, so if necessary, your current employer doesn’t have to know. If your employer’s likely to be understanding, there are some benefits to coming clean – especially if you have no intention of leaving your current job. You may find that your employer’s supportive, even providing more flexibility to ensure you do both jobs effectively.

If you are thinking of leaving your full-time job, set a time frame and benchmarks – this will help you focus on your goals. Save as much money as you can, so that if you do take the plunge, you have some financial back-up.

Choosing this way of working will certainly take-over your life, but if your ‘spare time’ job is something you enjoy, you may find this to be a rewarding and lucrative step. If your ultimate goal is to run your own business, free of your employer, becoming a five to niner allows for a period of transition, where you can test the waters with your own idea and benefit from a regular wage.