Jennifer thought she had it all. A great job,
wonderful family life and a successful part-time
business . Until her
employer fired her for poor quality of work and her businessclients
went elsewhere for better service.
This scenario can happen to any part-time business
owner. This is not to say working full-time while running a
part-time businessis impossible but balance and knowledge are key
factors in businesssuccess.
Part-time businesses allow entrepreneurs to "test
the waters" and see if the businessis viable while still earning a
full-time paycheck. But there are many traps to avoid when
moonlighting. Learn the 6 keys to avoid part-time businessdisaster.
6 Keys to Avoid Part-time Business Disaster
1. A Conflict of Interest?:
The first question to ask when starting a part-time businessis
"Does your venture conflict with the interests of your employer?" If
your part-time businessand employer markets and serves the same
industry, there may be a conflict. Examine your hiring package to
see if there is a non-compete agreement and the extent of the
clause.
Discuss openly with your boss the venture you plan
to start and how it will not conflict with clients and time. In some
cases, the company can view your moonlighting as a positive gain for
the company if you can acquire new skills that can be applied to
your current job.
2. Determine Part-time Suitability:
Some businesses are more suited to part-time operation. Retail
operations require full-time hours, whereas a consultant can take on
several small projects with less time commitment. Talk to other
people in your industry to see if part-time is a viable option.
3. Manage Your Time:
Running a part-time businesswhile fully employed will test your
time management skills. Family, chores and sleep may be the biggest
issues. Avoid burnout. Many part-time businessowners under estimate
the commitment required for success. Accept limited work projects
and do not over promise.
4. Build Support: A
40-hour work week combined with a part-time businessmay add up to
more hours than running the venture full-time. Make sure family and
friends understand your burden and can be there to offer help.
Support can be as simple as help with errands, filing and
bookkeeping.
5. Focus on One Business:
The temptation of all small businessstart-ups is the lure of
multiple businessopportunities. This must be avoided at all costs
by the part-time businessoperator. With already limited time and
resources, expanding into other businesses can draw much needed
attention away from your part-time company. Focus on one business
only until you have made it successful.
6. Know the End Result:
As you set-up your part-time business , have a clear end goal in
mind. Is this venture simply a means to additional income, or will
it one day be a full-time company? If you are planning to quit your
day job, set a time line to transition from part-time and employed,
to full-time businessand unemployed. If possible, have extra cash
reserves built up to augment the ups and downs of not having a
regular paycheck.
A part-time
businesscan be a wonderful way to
grow your company. In our fast-paced businessworld, it seems
atypical to dabble part-time in starting a new business . But if you
have a need for security, the "slow-to-grow" venture can be the best
chance for success. Just ask Michael Dell, who started Dell
Corporation part-time in his college dorm. Part-time may be the best
start-up secret to date.
