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Thoughts on Opening a Part Time Business

Updated on October 30, 2012

Have you thought about going in to business for yourself? Many people dream of starting their own business but then don't do it because they don't have the time or money to invest in their dream. But if you think about it carefully and plan accordingly, you can open a part time business which will accommodate your concerns about time and money. You may eventually grown your part-time business into a full-time career or you may just keep it part-time and let it provide a second income for your home. In either case, you shouldn't hesitate to open a business just because it has to start off part-time.

There are two major cases in which a person will open a part time business. In the first case, the person is employed full time. She wants to work for herself but can't just quit her job to invest time and money in a home-based business. Instead, she opens a part time business which allows her to use her after-work hours to get started. When the business starts to grow, she transitions to a full-time business and leaves her other employment (or even keeps it as the part-time job). In the other case, the individual is a stay-at-home parent. He wants to begin working and adding income to the household but doesn't want to sacrifice his parenting time. He may open a part time business as the solution to this problem. When the kids are older, he may go full-time with this work (or he may not).

When you open a part time business instead of a full time business, you get the best of both worlds. You give yourself permission to take a chance on your career dreams. Maybe you always wanted to have a home daycare or you'd love to be able to do your accounting job from home. The part time business gives you the chance to explore these dreams. You can see if you really do enjoy the work, if you're cut out for business ownership and if the business is viable. But you also reduce the risks associated with opening a full time business because you're entire income isn't dependent on the new part time business. You are able to explore the possibilities of the business without having to invest everything you have in the dream.

Of course, when you open a part time business, it still needs your attention to do well. This can be draining if you have a full time job or you parent from home because the part time business will take up every other minute of your already-busy day. In this case, it is good to set out your goals on paper and to make a business plan for your part time business. This will help you keep your eye on the prize, remembering what you are working towards and will make the transition to starting a part time business a little easier to bear. When the part time business starts doing well, you'll be glad that you took the chance and stuck with it through the hassles.

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