You already know that becoming an entrepreneur is no easy feat. However, the next question you need to answer is whether or not to make it a part-time or full-time gig.
Many entrepreneurs suggest making the business part-time, especially in the beginning. There are numerous advantages to this including but not limited to:
1.You decrease the risk since you can still receive income and benefits from the full-time job.
2.The business will gradually grow.
Still, there are some disadvantages of running a business part-time. For example:
1.You don’t have the time it takes to market yourself, plan or build up a client list.
2.You may be unavailable to take customer complaints, leaving them feeling aggravated with your inadequate customer service.
3.You may feel burned out by the full-time job you have and the running of your part-time business. Leisure time with your family often suffers, causing issues in your personal life.
There are numerous issues that go with working a day job and trying to run a business at night. The stress that amounts can be overwhelming to a couple and it’s not uncommon for divorces to occur. Part-time businesses can work but a person must have outstanding time management skills, be self-disciplined, be committed and have support from their family as well as friends.
Like everything else you do for your business, look at the market to help you decide if it should become a part-time or full-time venture. Just because you love what you’re doing doesn’t mean it’s going to be successful. If your product or service has a real need, has no serious competition and the market is loaded with eager customers, begin full-time.
However, if you notice the market is already inundated with similar businesses or you don’t have a serious interest in what you’re offering, it may be a good idea to start part-time.
Look at the following factors to help you decide whether or not part-time or full-time is good for you:
- Area’s economy
- Industry competition
- Client base demographic breakdown
- Availability of customers
What’s Your Financial Background Like?
Another important factor is to look at your financial situation – can it sustain you in a full-time set up or do you need to continue working full-time and work on the business part-time? It’s always good to have between six months and two years’ worth of money set aside for living expenses if you plan on going full-time with a business.
If you do go part-time, be sure you have at least 30 percent of your current income from the business before you try making it a full-time gig.
What’s The Family Say?
When it comes to the psychological and emotional side of entrepreneurship, the decision to begin the business part-time or full-time is very important. Discuss all business aspects with your family members – especially spouse or significant other.
Are they behind you regarding the business? Do they know what sacrifices are being made? Be sure you allow your loved ones to voice their concerns to clear the air. Look for practical solutions to problems that could arise. Have ground rules for the business – no work on Sundays, home for dinner, etc.