Are you tired of the daily grind at work and seeing nothing but a dead end career? If you have been in the workforce for a while, it’s not easy to change your line of work . And changing job may help for a while, but you’ll still be doing the same dreadful thing. If you are in this position, becoming a part-time entrepreneur might be just the thing for you. A new self-started enterprise could rejuvenate you and give you an eventual opportunity to leave your job with minimal risks.
Photo by MattB via Flickr
Advantages Of Part-Time Entrepreneurship
By not leaving your job right away and start your side business on a part-time basis, you’ll be able enjoy several advantages:
Steady Income And Benefits
Perhaps the most attractive part of a regular job is the steady income and the benefits — i.e., insurances, vacation days, 401k (and/or pension), tuition reimbursement, professional training, etc. You do not have to give up any of these as a part-time entrepreneur.
More Room To Make Mistakes Or Take More Risks
Since you are not solely dependent on your business income. You can afford to make a few mistakes without worrying about your cash flow too much. You could try different things, or push your ideas to the limit, knowing that your regular income will be there in case things don’t work out according to plan.
Go At Your Own Pace
Again, having a steady income from your job allows you to go as fast or as slowly as you want. You do not have the pressure of “I’ve got to make it” on your shoulders.
Disadvantages Of Part-Time Entrepreneurship
Not Getting Its Fair Share Of Attention
Because the pressure is not there, your new enterprise may never get the attention it deserved. Part-time businesses often fall victim to other priorities, such as the job that pays the bills, and family matters.
Negatively Impact Your Job And Family Life
Even the simplest endeavor takes a lot of time and resources. You could be stretched even thinner than you already are, and other aspects of you life may suffer.
Never Grow Out Of The Part-Time Status
Your part-time business could turn into a nice source of extra income, but never fully replace your job. This could leave you with an unsatisfactory career and a side business that never takes off.
How To Become A Part-Time Entrepreneur
- Start with ideas related to things that you enjoy doing. After all you want to get away from the stuff that you do not like. And you’ll be spending a lot of time getting your business going so you might as well do something you like.
- Create proper business plan. Even if you have a very simple business, you want to do your research and start with a good plan. Small Business Administration (SBA) has some of the best resources on the web to get you started. At the least, you want to make sure your business is viable.
- Implement and execute. The best plan and idea don’t mean a thing unless you can turn it into reality. This is the part where it takes some courage and a lot of willpower to make things happen.
- Learn and improve. Even if your business fails, it’s a success if you can learn something from it. Very few people are successful on their first attempt, so don’t give up. Your task is to learn from past failures and turn that cumulative experience into an eventual success.
A great collection on articles about entrepreneurship:
If you are looking for more information, I highly recommend my Extra Income Guide. Moreover, here are great articles from the group writing project that inspires this article.
- 5 Tips for Starting a Small Business at Get Rich Slowly
- Are You Thinking of Quitting the Nine to Five? at Mighty Bargain Hunter
- My Best Advice for New Entrepreneurs at Free Money Finance
- Advice for Entrepreneurs at Five Cent Nickel
- Can You Be an Entrepreneur In Your Spare Time? at Consumerism Commentary
- My Best Thoughts for the New Entrepreneur at No Credit Needed
- How to Encourage Your Budding Entrepreneur at All Financial Matters
- Create a Business Plan by Answering 4 Simple Questions at Wise Bread
- Basic Business Advice From an Accidental Entrepreneur at The Digerati Life
- Of Exit Strategies and Small Businesses at Blunt Money
- My Advice for New Entrepreneurs at No Debt Plan
- So You Think You Can Sell Banana Peelers? at Personal Finance Analyst
- 6 Key Tips for Starting a Part-Time Business at Think Your Way to Wealth
Pinyo Bhulipongsanon is the owner of Moolanomy Personal Finance and a Realtor® licensed in Virginia and Maryland. Over the past 20 years, Pinyo has enjoyed a diverse career as an investor, entrepreneur, business executive, educator, financial literacy author, and Realtor®.