Whether to start part time or full time business is a decision only you can make. Each offers its own advantages, as well as its disadvantages. Even if you ultimately plan to go full time, many experts said that starting part time can be a good idea. Why?
Starting your part time business offers several advantages. You can still rely on regular income from your full time job, so it reduces your risk when the the business fails. You also give your business the chance to grow gradually. Yet, you only have limited time to strategize and market your business. Since you can solve customer’s problems for most of the day, they may be disappointed and as a result, you’ll lose the trust from them.
Holding down a full time job by day, while running a business by night leaves you with little leisure time for your personal and family life. But, it doesn’t mean that part time business is impossible. It can be done if you have excellent time management, strong self-discipline, support from loved ones, and of course a great physical stamina.
You must analyze the market too. If you find there is potential market, low competition level, and a ready supply of eager customers, go ahead and start full time. But, if it is not, better to start a part time path first.
To make sure there is a market for your product or service, Sylvia Landman, home-based business consultant, advice you to investigate factors such as the competition in your business industry, the economic level, the demography of your customers, and the availability of your potential customers. Once you have found there is a market’s need for your business, set the goals and think the best strategies in a comprehensive business plan. Do not neglect writing business plan even if you’re starting part time. A good business plan can bring you to your full time business later on.
The other major to consider whether to start part time or full time is your financial situation, include the amount of your current savings. Before launching a full time business, experts recommend to put aside enough money to live on until your business begin to earn a profit. If you lack the financial resource to start full time business, start with a part time is a better decision.
According to Arnold Sanow, wait until your part-time business is bringing in income equivalent to at least 30 percent of your current salary from your full-time job. With 30 percent of your income, plus all the extra time during the day to promote your business, you should be able to make a transition.