While doing our day job we have to plan for a part-time business. So this will be the best way to continue as a boss in your life.
While doing our day job we always think to get extra income. For extra income, we plan to work extra hours.
Is this good to work for another person dreams throughout your day? I think it is not at all good. For security purpose, everyone needs a job but not throughout our life.
Before planning a part-time business I recommend you to read the article Why Entrepreneurs fails in business? to know the reasons for failures.
A part-time business helps you to get extra income if you plan in a perfect schedule. This will also give more opportunities to build your career in your own way.
A startup at an early stage with perfect planning gives many opportunities to others along with our development. So a part-time business along with your secure day job is always recommendable.
Know Before Starting Part-Time Business:
To start any business even part-time also not at all easy. Because this includes investment, time management and balancing of a job with business.
We have to remember that it is not easy to implement as easy the thought will be. Thoughts are imaginary but implementation needs a lot of work.
The part-time business includes risk in investment. But with proper planning risk also can manage. We have to work hard to convert your little investment into huge profits.
Related Article: How To Get Funds To Your Billion Dollar Business Idea
It is better to maintain good relations with marketing to get success. We want to expect good support from our family members to get extra faith in success.
Even though you have a secure job it may demand you to invest more than your day job salary if you select the wrong path. So every step is calculated in our part-time business journey. Hurdles are common but safe crossing and jumping is important.
Advantages and Disadvantages:
- The most advantage of starting part-time business includes guaranteed income from day job even though you fail in business. You will get support from even small financial matters with your income.
- The disadvantage is to invest your own amount earned from day job income which is risky.
- You have to spend more time for getting success in business so this leads to spending less time with your family members. So balance is important in timing. For this, you have to engage your family members.
- This involves risk but once you got the success you will give many opportunities to others and can survive as own boss.
For every business, there will be hurdles to pass in a safe way. So proper division with a day job and part-time business help to face risk smartly.
Guidelines for Starting Part-Time Business:
- Choose Business Of Your Interest: The business you have chosen should be of your interest. Because your interest will make you work hard and smart. This also helps in knowing drawbacks easily to get a right step.
- Make a Goal To Get Success Rate: You have to make a standard decision in such a way that to enjoy success for long period. You have to work in 360 degrees to satisfy customers to attract towards your products. Either service or product should deserve a good place for customers to get success. So task has to build with a set of goals to get success.
- Analyze the Market Strength: Proper analysis is important for any business even though it is small or big. A perfect analysis and update in the market help to fight with competitors to get success.
- Time Balance: As this is a part-time business it is more recommended not to mix work with your daytime job. No thought has to arrive at job and business. So It is more recommendable to get family support for starting a part-time business.
- Regular Check-up: Yes it is true, A regular check-up related to work in a day job and part-time business is necessary. Because both have equal weight and it has to balance. A small effect of any will reflect other. So proper feedback on your day job and part-time business are recommended.
Finally, we see many failures in startups running on a single boat without safety jacket. So the best time for starting a business is during our secure job.