People do this for many reasons, some find that starting up in their spare time is a good way to reduce the risks of creating a business. This way you can set your own goals in a time frame that is more flexible to your set time.
Planning your part-time business
You should always approach any business with a professional mindset, this is the same with part-time businesses. Like a full-time business, you should write a business plan to set yourself goals and make them achievable. Your objectives should be taken into account and how much time you have available.
Prioritising the most important tasks is key. Securing insurance, completing the necessary registration and arranging for startup funding is very important. Make sure you complete these tasks quickly, as they can take the longest. If you leave these until the end, you could face frustrating last-minute delays on your business.
Part-time business difficulties have decreased in many years with new technology. This means a lot of barriers have disappeared that get used to in the way of startups. There are so many different types of easy software, devices and tools for part-time businesses. You will have no problem with getting started. Once to get a plan in place you will be able to get your part-time business up and running.
Part-time vs employer
Most part-time businesses have the support of the business owner’s employer. However, sometimes it can be hard to approach the subject if you’re not sure how your boss will react. Employers can be happy for their employees to run a part-time business but some not so much. You can explain how the skills you develop by running your own company, will benefit the day job. Maybe in time, you could turn them into a collaboration partner, customer or client.
If your business has any reference to your current employment sector you should be careful, especially with products and intellectual property (IP) that you develop as part of your job. Anything developed on company time and using company property belongs to the company. If you do not have an employment contract, you’re still not in the clear. Check the company’s Employee Manual for references to ownership of inventions and IP. No manual? Ask your Human Resources manager or someone functioning in that role to explain the policy. As this can land you in big trouble.
Outsource your part-time business
You can outsource different sections of your business like accounting, administration, and marketing. This can help you if you are finding difficult to juggle all of these around. If you are finding that there are a lot more customer with enquiries during the day – or when you are not at home – you could try a virtual office service. There are different ways you can go around your weaknesses and outsourcing is a great way to change your weaknesses into your advantage. Not everyone has the ability or skills it takes to set up their own business by themselves and run it efficiently.
Remember about the people around you
A lot of part-time businesses are run from home and sometimes it can be more of a burden than a benefit, as you can sometimes be more distracted at home. You should make sure you separate your work and home lives efficiently.
A way to do this is to create a space in the house away from daily household ties to run the business. So that when you return from your day job, you can relax for before heading into ‘office’ mode to work on the business. This is very important, as if you get distracted by life at home it can postpone your business work and set you behind your goals.
You do still need a healthy at home balance, as your family’s support and understanding are what will help you get through working at the home business. It can also have an effect on them too.