How To Handle A Part Time Side Business

There are a large number of people that work a full-time job and have a passion for starting a side business to bring in additional income. I am not talking about getting a job working nights and weekends in retail, but actually starting your own business. When starting off, you are overcome with excitement and anticipation for what might be. For many, that “high” quickly wears off when they realize that starting a side business is actually a lot of work. Below are some tips on how to handle starting a part-time business on the side and keeping your sanity.

create a side business

Creating an extra income source isn’t easy.

Understand Your Commitment

The very first thing you need to decide upon on is how much you time you want to devote to your potential side business. Do you want to work five hours per week? Twenty? You have to know this from the start because otherwise, you might start a business that requires much more time than you are willing to devote to it. You don’t want to fail simply because of a lack of time. Make sure to outline how much time you can commit and then analyze any potential business to see how much time you think it will take to run successfully.

Determine What You Are Willing To Risk

Another important step at the beginning of the journey is to decide how much money you are willing to invest in your business. You need to know this so that you don’t get all excited about a potential business and jump in without realizing that you are going to have to put up $100,000. It’s much easier to get involved in a business that is too costly for us once we’ve bought into the idea. Understand the amount it will need to simply run before getting caught up in the details.

Understand that the amount you are willing to invest might change over time as well. You might be willing to put up $20,000 and in order to complete a big order you might have to investment an additional $5,000. Make sure you run the numbers to make sure additional money invested is worth it and not just kicking the can down the road. Be honest with yourself about the businesses prospects before investing additional money in it.

Manage Your Time

You have already decided how much time per week you are willing to commit, now it’s just a matter of managing that time. It’s all too easy to sit down in front of the television after work and get caught up in some new drama series. The next thing you know, the night is gone, it’s time for bed and you haven’t even started on the business.

Working a full-time job brings the chances for increased stress in your life. Most people react to this stress by vegging-out at night. If you want to run a successful side business, you will have to do your best at managing your time so that you can handle both a work life and personal life.

Final Thoughts

These are just a few tips on helping you to run a successful side business. By making sure you understand your time commitment, knowing how much you are willing to risk, and managing your time will go a long way in determining your side businesses potential success. You don’t want to just jump right into a business idea without getting answers to these possible issues. If you don’t address them, you are increasing your odds of failure. Since these are things you can control, why not address them so that you can focus your energy on making your side business the best it can be instead of making potentially damaging mistakes that could undermine your dream?

6 Responses to How To Handle A Part Time Side Business

  1. Time management is critical. When I someone asks me what I do and I tell them the long story instead of the short they right away dont understand how I have any kind of a life, but I do. I am OCD about my Google Calendar and keep everything documented and organized the best I can. I spend a lot of time on just organization and admin tasks to make sure my time is productive.

  2. Like Edgar, I believe that time management is the key piece here. I believe putting a lot of time in the beginning to get a good time mangement system in place is very important. You may not get off of the ground as fast, but your business will be more efficient and sustainable in the long run.

  3. Not only is managing your time between personal and business critical, but also deciding what tasks to focus on within the side business itself. One area I’ve really fallen down on was marketing, which is why my business has been limping along at a mere 2-3 clients per year.

  4. It’s really important to know how many hours you can dedicate to your business to know how to handle the different issues that will arise because of your schedule. Starting a business means giving our time and resources and if we cannot commit both then we must find a way to work out a solution, if not the business will just fail.

  5. Yes, you have to keep an eye on both time and money!

  6. [...] How to Handle a Part Time Side Business — When handling a part time side business, remember to manage your time. [20's Finances] [...]

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