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Starting a Part-Time business while working - beginner’s advice
by Startacus Admin
Many people harbour an unfulfilled dream of starting their own business, a secret yearning for self-sufficiency and independence that they keep quietly tucked away each day as they head off for work.
It is an ambition that for most will remain unrealised as they allow practicalities, financial responsibilities and other life circumstances to snuff out any hope of ever achieving it.
That’s why when someone approached Startacus last week saying “I really want to start my own part time business alongside my day-job but I have no idea about how to manage the practicalities of it”, we decided it's about time we provided some basic tips to help people take their first steps into running a part time business. It’s never going to be an easy ride, but don't let that put you off, the rewards are potentially great!
What kind of businesses are well suited?
When we hear 'part-time business' we almost instinctively think 'online trader' and whilst selling goods and services online is an excellent example of a feasible part-time business there are a wide range of other concepts which can be equally attainable.
These include (but are not limited to) a bed and breakfast, baking and catering, car valeting, childcare, cosmetic promotions, ironing/laundry services, skills classes (music, art, cooking etc), alteration/sewing services, musical performance, pet minding, virtual assistant services... The list really could go on and on but the point is, there is a part-time business out there to suit almost every skill-set and schedule.
What are the pros and cons?
Pro - You will have the peace of mind and security of knowing that even if your business fails you have a regular income to fall back on
Pro - Starting a business part-time allows you to test its viability without committing huge investments of money and time
Pro - Many part-time businesses can be run from home which allows those with dependants to work conveniently alongside other obligations
Pro - If successful, part-time businesses can prove very lucrative
Con - It can be extremely difficult to find the time to run the business and balance your existing work and personal obligations
Con - Setting up a part-time business alongside another job can create a lot of stress
Con - It can take a long-time for a part-time business to grow sufficiently to deliver a profit