Starting A Part Time Business
Starting a part time business can unlock many doors for many entrepreneurs. With the internet having almost everything you could need at the click of a mouse, starting a business in your spare time is a venture many people choose to do, for many different reasons.
Is a part time business right for me?
The first question you should ask yourself when looking to launch a part time business is ‘is it right for me?’. Everyone has different lives, with different responsibilities and different skill sets, so the only person who knows if this career path suits your lifestyle.
Many people create part time businesses as they’d like another source of income, others turn their turn their hobbies into businesses, whatever your reason for starting a part time business is, you have to make sure that your reason is strong enough to cope with the struggles, time and obligations that are associated with running a business.
There are many considerations that need to be taken into account when planning your part time business such as: where will it be location of the business be? Will it cause implications on family or work colleagues? How will I manage my time? Am I able to meet the businesses requirements? Only when you’ve answered these questions and have positive answers should you plan on setting up your part-time business.
What makes a good part time business?
A good part-time business should fit seamlessly within your lifestyle, allowing you to have a balanced work schedule and free time. Although the choice of business will be completely down to your individual skills, knowledge and marketplace, there are certain factors that can help a part time business work.
Utilising your time is essential in making a part time business work, so using technology to automate and speed up elements of your business is a great way of managing your business. With e-commerce being used evermore having an online store that sells your items can take away the time consumption of selling your products. It is crucial that your online store has all of the relevant information for customers to view, otherwise you could spend more time than intended dealing with customer queries.
How to plan your part-time business
You should always conduct market research before planning a business, you need to see what customers are doing within your marketplace, see your competitors and most importantly see if your business can compete. Once you have an idea of the market sector you’re wanting to start in, now you can start to plan.
The best way to plan your part-time business is by creating a business plan. Although it seems obvious, many people rush into starting a business and have no clear guidelines about their objectives, targets, their budget, marketing strategy or management.
You can find a copy of our business plan template here.
Managing your business
When it comes to managing your job and part time-business, you can feel like there isn’t enough hours in the day. Sticking to these guidelines can however help you make things run smoother.
Keep on top of bookkeeping – tax can be complicated when you have more than one stream of income, keeping on top of your bookkeeping with accountancy software will save you time in the long run.
Automate sales – automating sales will not only boost sales with the internet being used more increasingly for purchasing goods, but it will also save you time rather than using traditional methods such as stalls, shops or invoicing.
Schedule Posts – in any business you should be using social media. This can seem daunting at the time consumption it would take to post regular content, however you can use social media automation software to post a certain status/tweet/photo to several of your social media platforms at any set time.
Don’t let your eyes be bigger than your stomach – this means don’t think that because you have X amount of products that you can sell them all in one day. You’ll soon be caught out by time it takes to document, ship or complete any other necessary tasks for the sale to be complete.
Outsource work – using contractors can be a great way of managing your workload. You can outsource any work that isn’t your area of expertise of if it’s too time consuming.
Remember to check with your employer before starting a part time business. Although in most circumstances this won’t be a problem and you’ll be wished the best of luck by your employer, in some instances it can be a breach of contract – especially if it’s within the same business sector.