Part Time Small Businesses
The Pros and Cons of Being a Weekend Entrepreneur
Leaving a good job to start a small business is scary in any economy. In a bad economy, it can be downright terrifying. One solution that is growing more and more popular is to simply become a part time small business owner.
Working full or part time for another employer and then putting another twenty or more hours a week into a home business or shop can be exhausting. However, that safety net provided by an employer can give peace of mind and is often a source of funding that can keep a small business running while it gets off the ground.
Drawbacks of Owning a Part Time Business
While owning a part time business can have many benefits, there are some drawbacks. More than one business that isn't full time has failed simply because it isn't open enough hours. For example, if a bakery is only open Wednesday evening, Saturday and Sunday, people who want a cake on Monday won't wait to buy their dessert when the bakery is open Wednesday night. Instead, they'll head to the grocery store to make their purchase. That is one sale that the bakery has lost forever because it didn't have hours on Monday.
Another problem with part time businesses is that they are easier to walk away from when they are not the only thing putting bread on the table. Since many small businesses succeed only because their owners are so passionately committed to them, this lack of a full commitment really can mean the difference between success and failure. Being busier on the other job, realizing that work is interfering with play and a host of other things that wouldn't stop a full time self employed person may cause a part timer to toss in the towel.
How to Have a Successful Part Time Business
There are several things that people who have decided that having a part time business is the right option can do to improve the likelihood that they will do well without a full time business commitment.
- Be efficient. When work hours are limited, every minute counts. Part timers who do well have task lists, calendars and the organizational abilities of a top rate administrative assistant. They don't waste an hour hunting for that new contact's phone number. They don't get back from running errands, only to realize that they've forgotten to get the gadget they went out for in the first place. People without natural organizational skills can become efficient with practice, but it can be tough to learn new habits.
- Be reliable. When a shop is only open a few hours a week, customers that want to patronize the business will make a special trip during business hours to make their purchases. If a customer drops by once or twice, only to discover that the shop isn't open after all, he or she is going to stop making the trip.
Closed Doors Mean Lost Sales Opportunities.
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