You won’t be the first person who dreamed of starting a home business but couldn’t pull the trigger all the way and go full-time with your venture because of personal or financial commitments.
Buts that’s o-k. Because according to information released by the U.S. Census Bureau (www.census.gov) a whopping number of men and women who venture into the choppy waters of running a home business enter into the venture on a part-time basis.
Which makes perfect sense (or “cents” as the case may be) because a part-time operation involves less risk and above all less capital.
But like any form of logic there are two sides to each discussion. Let’s look at a few:
– Part-time takes moretime: Obviously if you are only working part-time, then it will take twice as long to get your business up and running. Or look at it this way, maybe your business will be such an overwhelming success that part-time doesn’t provide enough time for you to fill orders. According to www.allbusiness.com, if you’re involved in a business where customers need immediate service than part-time can present problems. On the other hand, you can pick and choose your clients and how many you provide service for. If anything this adds a more hands-on, intimate working relationship between you and your customer.
– Part-time business offers flexibility: If you’re only producing whirly-gigs on a P/T basis then you can see how the market reacts to this particular venture, without losing the security blanket that your full-time job provides. You also have the luxury to slowly build up a good reputation and client list, both of which will certainly help if you’re searching for financing.
– Part-Time provides time to learn: The learning curve never ends, so a P/T gig offers you a chance to go to school, take courses and continue to sharpen your skills. There are plenty of resources from people and organizations who want you to succeed. The best may be the U.S. Small Business Administration’s “Startup Basics” site (www.sba.gov/starting_business). Among others, the U.S. Small Business Development Centers (www.sba.gov/SBDC) and the Service Corps of Retired Executives (www.score.org) can offer consultation on things you need to know. And a great link for women is the Women’s Business Development Center (www.onlinewbc.gov).
– Part-Time teaches Time Management: No matter what you ultimately do, you’ll soon find that even doing it part-time demands good time-management skills. It takes discipline to devote time to your business when you’re surrounded by other no-less-demanding priorities like kids, a spouse, paying bills, cleaning or whatever. Starting out Part-time gives you a handle on how you can juggle everything else life throws at you.
– Set part-time goals for a full-time dream: Setting a time-line for success keeps you motivated. Maybe you want to work at your venture part-time for one year with an eye towards going full-time shortly after. Those 12 months gives you time to accomplish some of the things we just pointed out. Maybe you need more time or perhaps you need less. A time-line gives you time to transition: to cut down or eliminate debts, put away extra savings or just build your business.
And finally, according to www.powerhomebiz.com, many full-time businesses fail because the operation could not produce profits soon enough to sustain the business. So why set yourself up? Work P/T, work from home, start out with used furniture and equipment and work your way up from there.
Every person who ever had a dream of working for themselves felt that their specific idea was the best darn thing since bread-on-a-stick. Some make it and some don’t. You want to be one of the ones that make it, not one of the ones that find themselves on the curb.
Starting out part-time might be the best ingredient for success you could ask for.