The Pros and Cons of Starting Your Own Small Business Part Time - What Should You Expect?

I have been asked many times about starting a small business part time while continuing to work for some else. I always have said "yes", it can be done. The issue is how much time and how committed are you to this new small business of yours?

Here are some of the pros and cons.

In many respects the part time route can be just as tough as going out on your own full time. For one thing, you now have two jobs, your old one and now a new one starting up your small business.

You only have so many hours in the day and how can you give each job the time that each requires. Both your current job and the new additional one running your small business will take up a whole bunch of time. Are you prepared to work 12 to 14 hours a day, when you combine the hours from the two jobs? Over and above this, you will most likely have to work on weekends too. This will call for great patience and support from those close to you. Your free time will be almost completely taken up by this new business.

You have only so much energy too. One can "burn the midnight oil" only so long before the energy and sleep deficits catch up with you.

Will you be able to be as productive and focused on each job while having the other constantly nagging at the back your mind? Can you juggle the stresses of both while focusing on both simultaneously?

Discipline is another key requirement. Can you come in after a day's work, shift gears and begin your night job? Can you also do this consistently every night?

The downside to the part time element is that it is only part time. Your new business is hampered by the fact that you are unable to give it your full time attention. Therefore its growth is stunted because of your time constraints.

On the plus side, the part time business does allow one to reduce risk considerably. You still earn a salary while building up the new business in the background. You still have whatever job security your current employer offers you. So financially, your risks are minimized greatly. You also have some money coming in which can be used in part to fund the new venture.

In the final analysis, everything comes down to the of key elements of time, discipline, passion, determination and commitment

If you are able to bring all five to the table and are willing to do whatever it takes, you should be able to eventually transition to running your small business in a full time capacity.

For FREE REPORTS, Ebooks and Articles on Small Business related subjects, visit http://www.startupmysmallbusiness.com/blog

Mark Bergman has 25 years in business experience, covering areas of consulting in strategic planning and software and general business consulting. He also has started up a number of small businesses which he successfully ran and sold off. He has formal qualifications in both business and computer science.

Article Source

The Pros and Cons of Starting Your Own Small Business Part Time - What Should You Expect?