Are you working full time right now and dreaming about being your own boss? Or do you lie awake at night thinking about earning additional income? If so, starting a part-time business may be the answer for you.
Here are 6 quick tips that are essential for starting a part-time business:
1) What are you naturally good at doing that you also enjoy doing? Before trying to reinvent the wheel or jumping on someone else’s business idea bandwagon, look within. You are your own gold mine. You may have a great talent, skill or ability that you can turn into a booming business. Caution: ensure it’s something you enjoy doing or you may lose interest.
2) Be clear about what it is you want to do. Having clarity on your business idea is the first step to being able to communicate your idea to potential investors and clients.
3) Have a business plan. A business plan outlines the purpose of your business, products and services, how you will market your product/services, potential clients, and income/revenue projections. This is the tool used to show potential investors or loan officers the profitability of your business.
4) Start setting aside funds to support this business. Starting any type of part time business will require a financial investment. Be sure you can afford this business; it may take a while for the business to become profitable.
5) Wear the right hat at the right time! Keep your job, personal and part-time business separate. While working, don’t engage in talk about your business. You never know who’s listening! Friends and family can easily tire of hearing about your new business so try and limit those conversations. Instead find other business owners through networking and business organizations that share your same passion for business.
6) Saddle up for success. A part-time business can take a lot of mental and physical energy. But in time the financial rewards can be substantial and may eventually allow you to quit your day job!