Sometimes, the best idea is to get started in business ownership part time. I know that others may say that you should “dive in head first,” but every situation calls for different measures and if part time seems the best way to get started, by all means, go for it!
In today’s post, I am going to give you 8 tips to help you find success as a part time entrepreneur. I know they will help you and if you have any questions, feel free to ask them in the comment section at the end of this post.
Part Time Entrepreneurs Tip #1: Ask Family Members To Help
It’s a great way to balance family and work… Just ask your spouse, children, etc… to give a helping hand. Use their strengths…
- order filling
- blog posts
- record keeping
This will give them “ownership” in the company and help them feel a sense of accomplishment.
Part Time Entrepreneurs Tip #2: Ensure You Are Following The Rules With Your Employer
If you signed a non-compete agreement with your current employer and your side business could actually be considered a competitor, you could be sued.
It is wise to examine all the rules with your employer and you may even want to consult an attorney before you start that part time business.
Part Time Entrepreneurs Tip #3: You Must Have Patience
You may see another entrepreneur having quick success and you wonder why it isn’t happening with your business immediately.
First, every business has different variables and I must ask, is the other entrpreneur working full time on their business?
If you are working a business part time, you will get part time results. That does not mean you won’t be successful, but it will take a longer time.
You must be patient and give it 100% attention during the hours you are working the business.
Part Time Entrepreneurs Tip #4: Don’t Get Distracted
There are a lot of distractions that can cause disruption in your business goals if you allow them… You must keep a steady focus on the finish line.
I suggest setting daily, weekly, monthly and annual goals. Make daily to-do lists and stick to them.
Make sure your work area is distraction free. Turn off those social media notifications. Set a schedule for checking email and ask your family to help you stay distraction free.
Part Time Entrepreneurs Tip #5: Have An Accountability Partner
Having a trusted person who you explain your goals and objectives to. A person who will check up to make sure you are not procrastinating. That person who will keep you accountable is a wise way to make sure you don’t “slip” away from your path of success.
So start thinking… Who, in your circle of family and friends, is the person that will keep you accountable? Now approach them and ask for their assistance.
Part Time Entrepreneurs Tip #6: Outsource
Considering all that needs to be done to manage any business, there are many tasks that must be done, are time consuming and can be mundane.
Many of these tasks could be handled by an outside source… A freelancer.
- Blog posts
- Data entry
- Email marketing
- Social media management
There are many places you can find excellent freelancers. Just Google “find a freelancer,” and you will see many.
But, be sure to examine each one closely to ensure you are getting a competent person.
Part Time Entrepreneurs Tip #7: Know The Competition
This tip goes for all entrepreneurs, full or part time.
There is an old saying that says “keep your friends close, but keep your enemies closer.”
I am not saying a business competitor is an enemy, but in a way, they are. You need to follow their movements so you can be better, stronger and provide consumers a greater experience.
Part Time Entrepreneurs Tip #8: Save Money
As you start making profits, you will need to take a percentage and put into the business. But just as important, you need to take a percentage and put into savings.
I assume you want to build the business to a point where you can finally go full time. Having a “nest egg” will make the switch from part to full will make it much easier.
I want to help you even more in this area. I know that saving can be one of the most difficult areas for entrepreneurs. It all starts in knowing what is going out and what is coming in. Having a strong system that keeps you in budget is a key.
A few years ago, we developed an application that has helped many people like you manage their budget. It is called The Expense Tracker and you can learn more and get your budgeting app here.
Don’t let anyone tell you that starting as an entrepreneur part time is a bad thing. There have been many successful business owners who started part time and built hugely successful systems.
By following these tips, you will be on a better path to ensure your part time venture starts its steady climb…