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 ready to dive in completely.
Perhaps your potential market is too small to warrant a full-time
venture but could provide enough cash to pay off some bills or fill
your savings account. Maybe you don't have enough funding to
quit your job and have decided to start your new business slowly
and steadily. Whatever the reason, we've got five hot
businesses you can start this weekend.
Starting a business in your off hours
won't be easy. Businesses, once birthed, are much like living,
breathing animals. Even though you might be too tired to walk it
during the week, pretty soon it'll start clawing its way into
your life 24/7. Clients will call. One more task will nag at your
brain Tuesday at midnight. You've got to be an organizational
genius--and unless you're planning on expanding full time
eventually (which is a very viable option with any of these
businesses), you've got to hold that beast back before it takes
over your life.
Pros
and Cons
As we've already discussed, starting part time offers several
advantages. It reduces your overall risk because you can rely on a
regular income and benefits from your full-time job while you get
your business off the ground. By starting part time, you also allow
your business the chance to grow gradually.
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Yet the part-time path is not without
its own dangers and disadvantages. Starting part time leaves you
with less time to market your business, strategize and build a
clientele. Since you won't be available to answer calls or
solve customers' problems for most of the day, clients may
become frustrated and feel you're not offering adequate
customer service or responding quickly enough to their
needs.
Part-time entrepreneurs may also find
that prospective customers, suppliers or investors don't take
them seriously. Perhaps the most serious problem is the risk of
burnout. Holding down a full-time job while running a part-time
business leaves you with little, if any, leisure time; as a result,
your personal and family life may suffer.
That's not to say a part-time
business can't work. It can, says Arnold Sanow, author of
You Can Start Your Own Business--if you have excellent
time-management skills, strong self-discipline, and support from
family and friends. Also crucial, he says, is your commitment:
"Don't think that, since you already have a job, you
don't really have to work hard at your business. You must have
a plan of attack."
Your
Plan of Attack
You must distinguish a professionally organized, part-time business
from a hobby. According to Webster's dictionary, a hobby
is an activity or interest pursued for pleasure or relaxation.
Basically, a hobby is for fun. A part-time business can be fun,
too, but it also takes a lot of work.
It's a big commitment--so how do you
cope? First, think small. A series of small steps will get you in
the same position 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, using your time
wisely, selecting time-saving business equipment, and maintaining
top performance at your day job. Finally, study the industry, and
try to make your mistakes while the company is still growing.
Consider this part-time endeavor your formal test
market.
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