People love being in their own business. However, they normally toy with the idea whether to start the business as part time or full time. Which of these options would we prefer? Well, there are several Pros and Cons for both these options. We will focus on the conveniences and the disadvantages of starting off business as part time option. We assume these tips should help you take a call on what you want to do.
The Pros And Cons Of Starting A Part Time Business
Well, you would not love being bossed, and that could be one of the reasons you would want to be in a business of your own. You have learnt a few skills and want to put them to some practical use in your own enterprise. However, you would just want to keep your job and work on your dream as a side business.
Well, the first factor that would be worth consideration is the security. Yes, You want to be secure with your future. The business you are making a beginning may not be bring income for a year or so. Keeping your job while on work is the right way of hedging your bets as you would if you had to place a bet on sports site for example. This will ensure you some guaranteed income until you begin earning the decent income from your venture.
Maybe if you have good relations with your boss, you can consider using the company resources for your business. You can take help from your colleagues, managers or boss to discuss about what to do in certain circumstances. You can use networking at your office for building your business.
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One of the major issues with your side business is the lack of time that you would get for completing some of the tasks related to your business. Being in a full time job can be challenging and can drain off your entire energy. Only time left for you to take care of your own business would be to force all your energy and resources on week nights or weekends. That would mean – you may not be able to give your business enough time that it deserves.
Then there in another danger lurking in the backdoor. As long as you are in a gainful employment, you will consider your job to be the secure one and the business as a hobby. That can result in not paying enough attention to it. The secure nature of your job will keep you afloat and you may not give your full heart to the business.
Starting off your business may also have serious repercussions on your full time job. Maybe you have spent the entire night concentrating on your business, and are reluctant at your job during the day. Juggling between job and business may leave you completely drained and this can have serious implications on your personal and family life.
There are – as in any other case – benefits and drawbacks associated with starting a side business keeping your current job. If you are capable of managing both effectively, there is no harm continuing with this arrangement. However, if you feel the juggling is taking a toll on your life and you are not going anywhere, analysing the conditions and taking a call between the two options may be necessary.