We often think of the entrepreneur as someone who lives breathes eats and sleeps and even bleeds their business.
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But it's not always necessary for ventures to be a 24-7 thing. Being a part time entrepreneur isn't for everyone, but it's an effective way for aspiring business people to wean themselves off of the 9-5 and onto being their own boss.
If you're thinking of branching out on your own but not quite ready to leave the security of your job yet there are many options open to you. Quite a few 'ready made' businesses or franchises offer the ideal solution to the part-time entrepreneur.
Think about products or services that are seasonal or would be weekend operable like the following:
- Antique dealership
-Computer training or repairs
-Beautician or manicurist
-Bouncy castle hire
Of course this is just a handful of suggestions and most of them relate to the leisure industry but all lend themselves to a part-time start that could evolve into a full time venture over time.
Setting out as a part time entrepreneur allows the more cautious amongst us to dip an analytical toe in the water, so to speak. After all not all of us have the fly-by-the-seat of our pants sensibility that is often, wrongly, associated with entrepreneurism.
As an exercise setting out in business on a semi-permanent basis can be an interesting one. It is particularly valuable to the newcomer who wants to discover if being the boss is right for them.
Trying out part time allows you to:
- Maintain the security you have with your existing job while you get established in your new venture.
- Affords you managerial experience that will be invaluable should you decided to go full time in business.
- Gives you the chance to build up a client bank that might later form the bedrock of your customer stable in the future.
- Discover if you have what it takes to be your own boss without having sacrificed your previous way of living.
Tips on becoming a part time entrepreneur:
Do what you enjoy
Always consider businesses that relate to things you enjoy. You're looking to escape the so called rat race and you are more likely to feel passionate about a venture that you have a personal interest in. Having said that, when a hobby becomes work it can lose some of its appeal so be sure that you will be able to keep up your enthusiasm when it comes to spending a lot more time involved in your particular pursuit.
Draw up a business plan
Yes, even though are only going part time it doesn't mean this step is one that should be overlooked. A business plan helps keep you on track.
It's all well and good having a business plan in place but the proof, as with any venture, is in the pudding. Get things moving. This will build your confidence and give you an idea of the realities of running your own show.
Be prepared for there to be hiccups. It is rare that a business launches without a few hurdles to overcome. Try to learn from these and use the experience to better equip yourself to avoid them in future.