There are many great reasons to start a business part time.
Maybe you want to get your feet wet in the entrepreneurial ocean
but aren't quite ready to completely dive in. Perhaps your
potential market is too small to warrant a full-time venture. Maybe
you don't have enough funding yet to quit your job and have
decided to start your new business in a slow and steady
fashion.
Before you take your first steps on the road to
entrepreneurship, ask yourself these questions to determine whether
running a business part time or full time is a better option for
you:
- How much available capital do you
have? One advantage to starting a business part time is
that it requires a smaller initial investment.
- How long is your list of contacts and
potential customers from your previous work experiences?
The longer the list, the stronger your prospects will be for
creating a sizable customer base in a full-time business endeavor
right away.
- How extensive are your personal
savings? If you're living "high on the
hog," then you likely have the financial security to start out
full time, even if things don't end up going quite as smoothly
as you would like.
If "hand to mouth" better describes your situation,
hold on to your regular job and work toward a part-time
venture.
- How well do you know your business
partner, if you plan to have one? Launching a business
part time is a good opportunity for determining partnership
compatibility before you commit too much time and energy.
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If you decide to go part time, you'll need excellent time
management skills, strong self-discipline, and support from family
and friends. It's a big commitment; to succeed, think small. A
series of small steps will get you as far as one giant step. These
steps include developing a business concept, writing a business
plan, acquiring basic business equipment, setting a long-term
target date to go full time, aiming for moderate first-year
revenues, selecting time-saving business equipment and maintaining
top performance at your day job. Finally, study the industry and
make your mistakes while the company is still growing.
Set aside a comfortable working environment in your den,
basement or garage, and concentrate on the basics: a good desk, an
ergonomic chair, plenty of light, a filing cabinet, work space, a
computer, a professional-grade phone and any peripherals you may
need.
Start by writing down everything you want to accomplish.
Prioritize each responsibility according to the purpose of the
task, the results you expect and the project's deadline. As you
complete each task, check off the chore and move on to the next.
Because your part-time business may not provide immediate financial
rewards, give yourself some reward, even if it's just a movie
or a hot fudge sundae.
Run your business in a professional manner from the start. Make
sure your marketing materials--business name, logo, brochures,
business cards and letterhead--communicate your professional image.
Don't advertise that you're part time, but don't hide
it, either. If a client wants to meet with you during the workday,
be flexible and offer to meet any other time-on your lunch hour,
after work or on the weekend. Setting up professional
communications systems (a high-speed Internet connection, separate
business phone line and voice mail) will eliminate doubts clients
have about your ability to respond to them quickly.
To learn more about making a part-time business work--and get 35
ideas for low-cost businesses you can start in your free
time--check out Entrepreneur's new e-book 35
Businesses to Start This Weekend: Advice and Resources for
Unlimited Success ($12.95) at www.entrepreneur.com/ebooks.