Starting a part-time business

You’ve got a great idea for a business, but are you ready to devote yourself to it full-time? If not, launching part-time can be an ideal way to get started without completely removing your “safety net” of a steady job and paycheck.

Before deciding to start part-time, there are several factors to consider—both practical and emotional. On the practical side, is the business you want to start well-suited for part-time operation? For example, you can’t realistically start a restaurant or retail store part-time—but you could start a catering business or an ecommerce business this way. Also consider how much free time you have to work on the business. Are your lunch hours, evenings and weekends your own, or do you have a crazy-busy job without a minute to spare? Creating your business plan is an essential step in any start-up, even a part-time one. Take the time to do so; this will help you determine whether your business can realistically be run part-time.

As important as the practical side, however, are the emotional and psychological considerations of a part-time business. As a part-time entrepreneur, you’ll be sacrificing your nights, weekends and pretty much every spare minute to getting your new business off the ground. Are you ready to give up that time? If you have a spouse or a family, are they ready to give up that time?

At home, setting boundaries with your family from the beginning is essential to the smooth operation of your new business. Set some basic rules, such as agreeing not to work on the business after 10:30 at night, during the dinner hour or on Sunday mornings. Assess what problems are likely to arise, and come up with possible solutions beforehand. The key to making your new business work is to make sure everyone involved knows what you’re getting into.

At work, resist the temptation to use your employer’s equipment and time to work on your business. This is an ethical issue that can get you into legal trouble in the long run. Use your personal cell phone to return business calls; use your laptop to work on the business. Be sure to work on the business only during your lunch hours or breaks.

Technology has made it easier than ever to start a part-time business. With cell phones, laptops and email, you can work on projects and be in contact with clients and customers anytime, anywhere. Investing in the equipment you need to make part-time work for you s money well spent.

If you’re concerned about having enough time to work on your new business, consider starting with a partner. If you can find someone whose free hours are complementary to yours, one of you will always be available to handle client calls, technology issues and other problems that arise. Another solution: Consider downshifting to a part-time job while launching your company part time. You’ll still have some regular income coming in, but you won’t have the stress of managing a full-time job and a part-time business.

Whatever solutions you choose, be sure to set aside time to eat right, get enough sleep and exercise. You will be under a lot of stress during the start-up phase, so you need to be physically on top of your game.

Running a part-time business is challenging, but with careful planning and smart time management, it can be one of the most rewarding steps you ever take.