Even if you want to run a full time business, starting with a small part-rime business can have several long term advantages. It will drastically reduce your risk because you don’t soley have to rely on the income of your business. You’ll have time to carry on with your existing job and studies. It will also allow for your business to grow more steadily and at a controlled pace.
Although this being said, starting a part time business can also cause you problems. Not leaving you with enough time to market and build your clientbase. Some of your clients may feel that you’re not showing them adequate customer services. You also risk causing yourself health problems due to overworking, with part time work and a part time business, thus leaving you with little leisure and social time.
This does not mean that a part-time business can’t and won’t work. You’ll just have to find a balance and have amazing time management skills, self discipline and support from those around you. Your commitment to both your business and job is essential though, so you should always keep this at mind.
View your ideas potential
If you have an idea that is unmet in your area and has no or little competition, but a ready supply of customers then starting full time might be your best option. However if you find that the market isn’t fast enough to support a full time business but might one day be able to support a full time business then starting part time might be the best idea.
Investigate your competition, the economy in your area, the demographic breakdown of your client base and the availability of potential clients.
The next step is to outline your goal and what strategies you’ll need to use in comprehensive business plan. Make your market projections and set goals for yourself and for your business based on these findings. This will give you a view of the long term possibilities and helps to keep your business on track. Both full and part time business operators should write a business plan, this gives the same effect of helping keep your business on track.
Evaluate Your F
Before starting a business ensure you have enough money put aside to keep you going for 6-12 months. Completing a business plan will show you how long it will roughly take you to start earning a profit.
Consider the use of any existing savings you have, any assets that you can sell for cash, wether your family and friends will support you.
If you’re starting part time, priortise your finances. How do you know if your business will make enough to quit your current day job? It’s a good idea to keep your job up until your business is making 30-50% of your regular income then take it to full time.
Involve Your Family in the Process
The emotional and physicalogical side of starting a business is just as important as the financial and marketing aspects. Do your family members support you in starting a business? Do they understand that the sacrifices you are about to pull off are worth it? Do they know what you’ll have to sacrifise long term? Make sure they are aware that if they have any issues that they cam talk to you about them.
Then sit down, talk and work out a plan a practical solution to any problems that you can forsee. Also, lay down ground rules. For example, not to work on Sunday afternoons, and not to discuss business at the dinner table.
Don’t Forget About Yourself
If the idea of starting a business full time keeps you awake at night then the best option for you is part time. On the other hand, if you need to work long hours with work and school then starting a part time business will spell disaster.
Assess the effects of both part and full time businesses will have on your life. You’ll be most likely to be working nights and weekends and any available time you have during the day. This is the kind of commitment you will need to make if you want your business to succeed.
Whether to start full or part time is a decision that you and only you can make. Which ever route you choose to take, you should make an honest assessment of your resources, ability and commitment. With these factors in place you will be able to make the right decision.
Always remember though, the only person who can decide what is best for you, if you yourself. I am not here to influence your decision, just to guide you to making the right decision.