Having a full-time job today no longer cuts it. Apart from student loans to pay off, the rising cost of living in the US is also a concern for full-time employees. As such, Americans turn to part-time jobs to augment their regular income. Some even juggle up to four part-time careers to live comfortably.
Freelance and work-at-home jobs are popular as a part-time setup because of faster internet connection and computers today. Many, however, prefer being a part-time entrepreneur. If you are more inclined to set up your business, here are some questions to ask yourself before you take the plunge.
Is This My Endgame?
Going full-time has crossed every part-time entrepreneur’s mind. Some businesses like online stores or reselling hustles have tremendous potential, especially if you have a knack for them. But they’re not worth quitting a regular job over. Instead, look for work that has a stable path towards a steady stream of income. These opportunities often cater to the average person’s needs.
A great example of this would be setting up a carpet cleaning business, as a lot of homes and businesses are carpeted, and not everyone has the time to clean and maintain them. If your interests don’t align with what’s in demand, take it as an opportunity to learn something entirely new.
What Are My Working Hours?
Managing your time between your full-time job, part-time business, and “me time” will be challenging. Your part-time business will take up most of your evenings and weekends, so prepare to make some sacrifices in your social life. It also helps to review your employment contract with your current job. Look for clauses that prevent part-time work.
You’ll generally be okay if your venture doesn’t compete with your current company. As excited as you are about your new business, you must resist the urge to do business-related tasks in your full-time office – and certainly not during work hours. It’s important to keep your two careers separate, unless, of course, you see a partnership opportunity.
Do I Need a Partner or a Team?
Even though you’re doing it part-time, it’s always better to have people you trust helping you out. Going back to the carpet cleaning example, you have to manage cleaning, inventory, and clients all at the same time. Having a partner or a team will help you focus on one thing and do it right. If you have a family member or a friend looking for a job, ask them to work with you. It’s important to have someone you trust to support you as you go through the challenges of starting your own business.
Should I Take the Leap?
This is a difficult question to ask yourself when you’re finally comfortable with your business process. Apart from starting a business that fulfills a constant demand, you also need to consider your funds once you quit your regular day job. Do you have enough to sustain yourself and keep your business growing? If not, you have to spend more time in the office while you save up. While it’s good to celebrate wins like a big sale or project in your business, you don’t want to end up bankrupt because you couldn’t replicate that win consistently. It pays to be careful.
Commitment and sacrifice are the two main components of starting a part-time business. First, you need to put your heart and soul into your project. You don’t want to waste your money on a failed venture, all because you were too busy or lazy to see it through. Second, there’s no way around sacrificing your time and savings to keep your venture going. With enough hard work and risk-taking, however, you’ll have the best boss: yourself.