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Starting a Part-Time Business

Potential entrepreneurs may lack the ability to commit all of their time to a business. A part-time business could be a bridge to success.

Part-Time Businesses Require a Full-Time Commitment

Starting a business requires time and money. Many potential business owners may not have the ability to fully commit to the new business because they have financial obligations, and cannot afford to leave a full-time job. This is actually a common concern, but it is not a reason to completely abandon the idea of starting a business.

Family obligations and existing financial commitments may not allow many people to leave a full-time job with a steady paycheck for the uncertainty of a startup business, but planning could make it possible to build the business part-time while still working full-time.

It is possible to succeed without committing all of your time to a new business venture, but it is important to commit all of the time that will be required for success. This could mean working almost full-time on the business startup after working full-time for a salary. Many business owners have succeeded following this path and eventually, they were able to give up their salaried job for their own business.

Develop and Execute a Business Plan

The first task for a successful business is usually the completion of a detailed business plan. To understand what is involved in a business plan, you can review the outline provided by the Small Business Administration. The completed plan will provide a roadmap for operating the small business for the first few years of its life. The plan will need to be adapted over time, but should help you to schedule your time effectively.

A part-time business can succeed and grow into a full-time business. That success will require a plan and the discipline to execute the plan. The long-term rewards of a small business could make the short-term sacrifices of time worthwhile.

Author:

Michael Carr is a small business expert who has been involved in the successful development of three small businesses.