Entrepreneurs have good reason for working full time at a job and part time on their businesses, experts say. For some people, especially in economic times like these when they’re worried about their regular job, starting a part-time business gives them a safety net.
Part-time start-ups by full-time employees may also offer a source of extra income when future pay raises are likely to be infrequent or non-existent.
Running a business while still employed can also make good business sense. An entrepreneur with a full-time job to fall back on is under less pressure to make a venture succeed quickly.
It also gives you the opportunity to make a few mistakes and not have that mean the end of the business.
Part-time businesses can also be easier to start because they require less funding and the entrepreneur can raise the necessary funds by diverting earnings from a full-time job.
Given the financial environment now, it’s going to be hard to go out and raise capital to start a full-time business.
Before you rush out to start a part-time venture, however, consider the potential downsides. Perhaps the worst would be if your part-time enterprise interferes with your full-time job.
You can’t burn the candle at both ends without some risk. If the time and energy you’re devoting to the business results in poor attendance or impaired performance, you could lose your job.
If you’re concerned that your business might pose a problem with your full time employment, you may wish to consult with your company’s HR department.
You may have signed a non-compete agreement as a condition of employment that could influence what kind of business you start. Unless you plan to go into business in competition with your employer, however, few companies have ironclad prohibitions against sideline ventures.
Perhaps the biggest problem with part-time businesses is that it’s hard for them to reach their potential when they receive only a portion of their founders’ attention and effort. And what if your business doesn’t do as well as you hoped? Be wary of committing too much. Avoid taking out a loan without carefully calculating your expenses and researching the markets.
Tips for Starting a Part-time Business
- Know what you want. Having a clear idea of your objective in starting a part-time business will help you decide what kind of business to start and how to run it.
- Pick something you enjoy doing. Much of the reward of part-time entrepreneurship may consist of the pleasure you gain from it, not the money, so make sure you like the work you’ll be engaged in.
- Pick something you know. If your business is related to a favourite hobby or professional sideline, you’ll have an extra edge because of your background or expertise in the field.
- Have a business plan. Even a part-time business needs a full-size business plan. Be sure you’re especially able to describe a viable business model for generating profits.
- Be patient. When you can’t work at it full time, your business idea will take longer to get under way and grow to maturity.
- Take care to separate your job, business and personal responsibilities. A part-time business can interfere with work and family relationships if you let it.
- Have an exit plan. Decide in advance when and how you’ll sell or otherwise get out of your part-time business. Otherwise, it could become a full-time burden.
Related: How To Create Founding Documents
10 Businesses You Can Start Part-Time
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- Public Relations
- Freelance Photography
- Corporate Videos
- Small Business Advertising Agency
- Writing, Editing and Proofreading Services
- Internet Marketing Consultant
- Web Design
- Tax Accountant
- Business Consultant
- Business Plan Consultant
Launching a company – even if it’s operated part-time – is all about drawing on your skills, talents and interests to create a viable business. What you know and what you’re good at form a good basis for a part-time business because these companies either become an extension of what you enjoy doing most or they are based on your strengths.
Working part-time while still maintaining a permanent job is time consuming and often exhausting, so choosing what you take pleasure in or are good at can keep you focused and motivated. The right fit is important when it comes to launching a part-time business. Selling a service rather than a product does not require large start-up costs, which means you can grow your business without financing until it becomes self-sustaining.
Are you looking for a business that you can launch in next to no time?
Corporate Communications & Promotions
Corporate communications covers a host of areas, mainly because this is the sector that takes care of how companies look to the outside world – something that is very definitely a service, but also that is not often taken care of in-house.
If you can write, edit, have a knack for advertising, can take photographs or create promotional and corporate videos, you can offer your services part-time to companies both large and small that are in need of these services.
10 Business Ideas Ready To Launch!
Where do you find a good business idea? Right here. Here you’ll find several innovative business ideas that are ripe for plucking.
Where do you find a brilliant business idea?
It’s not as hard as it may seem at first. In fact, the idea is arguably not all that important. There’s a reason investors talk about backing the jockey and not the horse: It’s often not about the idea, but the execution.
A great entrepreneur can turn even a mediocre idea into a success; all that’s needed is a USP and great customer service.
That said, some ideas are undoubtedly better than others. And some businesses are easier to get off the ground. In the following pages you’ll find a curated list of business ideas that have reached a point where they’re just waiting to be exploited.
The 10 Best New-Age Business Ideas You Haven’t Heard About Yet
Creating the company of your dreams often begins with learning more about something completely new to you.
You don’t have to over-utilise iPads and smartphones to transform your business into a modern one. Connecting with newer generations is easy when you take advantage of the cool, in-demand ideas at your fingertips.
Here are 10 new-age business ideas to get you started.
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