Working in a company and at the same time starting a part-time business is not easy, but it can be done. In this article, we suggest the following tips on how to start a part-time business besides your job.
Developing your part-time business also has its disadvantages. Very little time for marketing, strategies and building a clientele. Customers may feel that they are not offering adequate customer service. He also runs the risk of burning himself. Having a full-time job and also starting a part-time business can leave you with little or no free time, which can also affect your family life.
How to start a part time business?
This does not mean that a part-time business does not work. Must have excellent time management, strong discipline and the support of family and friends. As Arnold Sanow says, it is a strong commitment. “Do not think that because you already have a job, you do not have to work hard in your business. He must have an attack plan. “
Before considering what is most appropriate for your business, evaluate the following.
Evaluate the potential of your idea
If you find that there is an unmet need for your product or service, low competition and a group of enthusiastic consumers ready to serve, then starting a full-time business may be best. On the other hand, if you identify that the market does not support a full business time, but with adequate marketing, it could do so in the future, then it is better to start devoting part-time.
Analysis of the competition in your industry, the economy, and demographics. Develop a business plan with clear goals and strategies. Even if you start part-time, you must have a clearly defined plan to facilitate then the transition to a full-time business.
Check your finances
Before launching full time with business, experts recommend saving enough money to live at least six months to a year. Your plan will show you how much money you should require for business development.
Consider your savings, or assets that you can convert into cash flow, as well as family and friends who can fund it. Also the scope of family income to determine if they can sustain expenses while you develop your business.
If you are starting part-time, set financial priorities, how will you know when the business is generating enough money to leave your day job? Sanow’s advice is when the part-time business is generating the equivalent of 30% of his full-time salary.
Include your family in the process
The emotional and psychological aspects of starting a business are as important as financial and market. Do your close relatives support your venture? Do you understand the sacrifices this implies?
Establish rules for your partial business, for example not working on Sunday afternoons or not talking about the business at the table.
Do not forget your own needs
If the idea of full time is revealed, it is likely that part-time is the best. On the other hand, if you need to work long hours, it takes an hour or more to get to or leave work and have twins for two years, for example, adding a part-time business can create a disaster.
Weigh the effects of a full-time versus part-time business in your life. It is very likely that you work at night, on weekends and at lunch hours, including holidays, when you are sick and during vacations. This is the kind of commitment you must assume if you expect your business to be successful.
Launching part or full time is a decision that only you can make. Anyone who decides, the secret of success lies in an honest assessment of their resources, their commitment and the support they have. With these factors in mind, you will be able to make the most appropriate decision.
Extra tips for starting a part-time business:
1. Try to involve the family. Whether answering the phone, filling envelopes or putting together the orders; Give your family members the opportunity to help, so that you will achieve more things in less time, and also make your family members feel like they are part of your business.
2. You have to be prepared to give up your time. You will not have much time for television, reading or hobbies that you once enjoyed. Make sure the sacrifice is worth it; or else, your work and your business will be affected.
3. Concentrate on the tasks you perform. When you are at work, your ideas are focused on work. Do not let the thoughts of your business distract you.
4. Make the most of every minute. Use lunch hours or very early in the morning to make phone calls. Use the time of the trip to your office or your home to get up to date with administrative matters of your business.
5. Take advantage of technology in time differences. If you do business with people from other countries, where there are differences in the schedule, take advantage of faxes or emails to communicate with customers at any time.
6. Do not exceed your limits. Do not make calls for your business during work hours or use sources from your employer or office equipment for your business purposes. This is a big no.
7. Be honest. Only you can evaluate the situation. It is best, to be honest with your boss communicating about your business. As long as it does not interfere with your work, many bosses will not care; rather you will gain confidence from them since you do not hide your interests as an independent entrepreneur.
Now, with these tips to start a part-time business, you’ll be ready to run a company while you do a full-time job.