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  |  Starting a business  |  Planning  |  Why start a business part-time?
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Why start a business part-time?

by Priscilla Huff

woman working from homeYou may dream of the day when you can quit working for an employer to start a home business. If you cannot start full-time, don't be disappointed. Most home businesses are started on a part-time basis

  • A part-time venture, especially a home-based one, generally costs less to launch because of lower overheads. There is less operational debt because profits are invested back into the business.

  • An entrepreneurial idea can be safely tested for its market potential to determine whether it's worthwhile.

  • An entrepreneur can keep their 'regular' job, continuing to support themselves or family while simultaneously operating a sideline business.

  • Business expenses can be deducted from other earned income until the home business becomes profitable (talk to a financial advisor about business taxes).

  • A business can operate part-time until children are in (or out of) school; retirement; the entrepreneur has mastered business management skills and become familiar with the industry; or the venture produces enough profit to go full time.

  • A loan may be more attainable because of the business's track record of sales and operations.

  • A part-time business's flexibility enables it to expand its offering of services or products if a new customer market unexpectedly opens up.

  • Depending on the entrepreneur's time and resources, several part-time businesses can be operated simultaneously.

  • If the business is a partnership, the owners can determine whether their working relationship will succeed before too much time or money is invested.

    Part-time ventures also have drawbacks

  • The business may not be taken seriously because of limited time or hours.

  • Even though it's only part-time, frustration can develop from insufficient support or time to put into the venture.

  • Slow business growth may be discouraging; or conversely, sudden, rapid growth can be overwhelming, especially if owners cannot handle unexpected customer demands or think their skills are inadequate.

    How to start a part-time business

    Start-up basics are the same as going full-time:

    • Pick a business
    • Write a business plan
    • Prepare and research the operation and start-up needs
    • Persist. Even a part-time business demands a daily commitment of hard work and marketing efforts
    • Be professional. Whether you are part- or full-time, home-based or not, customers will expect no less than your best.

    Some prefer a sideline business. One book publisher's sales rep said: 'I like having my music business part-time because I have the option of doing business with people whom I enjoy. I tried it full-time, but it was no longer fun. I'd rather have the steady income of a job I like and the enjoyment of running a business at my pace.'

    Whatever the individual entrepreneur's decision, having a part-time business can decrease the pressure to make a fast profit and provide more opportunities for personal growth and business success.



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