Taking the full-time business plunge is a like diving off the high board, the really really high board. It can be scary. If it is too scary consider warming up by jumping low board first– start a part-time business.
ADVANTAGES
There are lots of advantages to going part-time first. You can keep earning your nice steady paycheck from your regular job so you don’t need to draw on your savings or rely on business for income. You don’t need that big cushion of cash required for a full-time startup, and if your part-time business succeeds it will help build the money you need to go full-time. Figure on needing a 6 month safety cushion plus your startup costs. Starting with a part-time business lets you try out ideas and test yourself. You have the luxury of experimenting and making adjustments as you go.
DISADVANTAGES
You’ve already got a job
There are some drawbacks to starting with a part-time business. You still have a day job
that takes up your time. You can’t devote that time to your own business, so you can end up with missed opportunities. Your part-time business can suffer from lack of time and attention. Some opportunities just don’t fit a part-time approach. They require you be available all day. You can’t let your day job suffer because you are up all night working on your part-time business or busy taking calls at work. Some companies are okay with employees moonlighting as long as it doesn’t affect their work or present a conflict of interest, Maybe it actually offers a gain because you are learning new skills. Others take a dim view entirely. Remember all those papers you signed when you started work? Might there have been some kind of non-compete or outside work clause in them?
Time is not on your side
Time is one of your biggest enemies. Work, family, and other interests all make demands for a limited resource–you. Count on giving up your free time, weekends, holidays. You’ll have even less time available for family or other activities, like sleep.
You are not a cylon
Burning the candle at both ends can be dangerous. You do still have to sleep, get exercise, take a break. There is a physical and mental toll from overwork, working all night, stress and fatigue. Burnout is a problem. One unexpected side effect of turning a hobby or something you enjoy doing into a business is that it now becomes work. Sometimes the things we enjoy doing lose their appeal when we have to do them.
THE REAL DEAL
The real deal is that it’s really hard to work all day, live your normal life AND run a part-time business. Pretty obvious. You can do it, but don’t expect it to be easy. Millions of people are doing it, but it takes a lot of work and sacrifices. The beauty of a microbusiness is that you are in control and can decide how to allocate your time and resources. Its worth the effort to plan, make a schedule and recognize what you can and can’t do. Keep a list of the high priority things you have to do and go after them.
Don’t neglect your day job, and don’t cheat on it to work on your own business. Understand that there will be trade-offs, that you might have to miss a kid’s ballgame or your favorite TV show. You’ll need support and understanding from your family, or maybe even their involvement.
The bottom line is that starting a new business part-time first is a great way to get wet without taking a bath. It lets you test the entrepreneurial waters while you still have the life vest of keeping your day job. It lets you see that you really want to go solo, that your idea will work and that you’ve got what it takes to in business on your own. If you know the potential pitfalls in this approach ahead of time you can make plans with friends, family and work to avoid them.
MOONLIGHTERS FOREVER
Some people find that they are quite happy with a part-time business. They like the safety of a day job or know they will never have the time to commit to a full-time business. A part-time business lets them do something they like or make some extra money and they don’t need to worry about going to the next step. It works for lots of micropreneurs!
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