Make it Work as a Part-Time ’Trep

Make it Work as a Part-Time ’Trep

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You know you want to start a business, but you can’t shake those financial pressures.You’re a perfect candidate to become a part-time entrepreneur. While not ideal for every young entrepreneur – jumping head first into the start-up pool can be a preferred route – getting the business up and running before letting go of a regular paycheque may be the best course. Here are six ways to make the transition into entrepreneurship a smooth one:

  1. Find balance. This is what being a part-time entrepreneur is all about. Can you start up and maintain your commitment to your full-time responsibilities? If you get caught up in your business to the point that your full-time job suffers, people will notice and it will cost you opportunities and even your job.
  2. Be patient. You simply can’t move forward with your new business at the same pace as those who can work on theirs full-time. And even full-time entrepreneurs never have enough hours in the day. Find the right pace for yourself so you can see progress without wearing yourself out. And be patient.
  3. Bank your profits. At some point, you will want to walk away from your job and be a full-time entrepreneur. The money you save now will enable you to take that step sooner.
  4. Set flexible goals. As you build your business, you may find your day job getting in the way of your entrepreneurial goals. That’s okay. Don’t beat yourself up for spending too much time on your job at the expense of your business. Your energies will need to shift from one to the other as time goes on.
  5. Take yourself seriously. While you’re taking baby steps with your business, you and others may discount your plans because your progress is slow. Don’t let timing affect your long-term commitment. Find ways to remind yourself of what you’re working to accomplish.
  6. Have an escape plan, if you want one.  Do you want to be a part-time entrepreneur forever? That’s actually alright. Operating as a part-time entrepreneur may not have been your original plan, but if your business can succeed in your off-hours and you enjoy your full-time job, why not? But, if your entrepreneurial plans include running your dream business full-time, you need to define milestones and set goals that include walking away from your day job.
Matthew Toren
Matthew Toren is a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Adam, of Kidpreneurs and Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right (Wiley). He's based in Vancouver, B.C.