Do you dream of owning a business but need the income of your full time job? Developing a company while keeping your day job actually offers several benefits. You can try entrepreneurship on a part time basis to see if it suits you. The transition period also allows you to update skills and establish business contacts from work. Even though creating a business in your spare time may seem daunting, the key is time management and planning. You must take one step at a time.
STEP 1: Select a Business
Choosing your business might be the toughest decision in this endeavor. Do you want to develop a business as an extension of your full time job or create a company based on a hobby? Remember to pick a business that fits your personality. If you like social interaction then staying on the computer might not be a good fit. Other questions to ask: Can the business operate on a part time basis? Can you devote enough time outside of your work schedule? Do you need a store or office? Analyzing these factors will help you determine you dream business.
STEP 2: Write Your Business Plan
A thorough business plan serves as a road map along your entrepreneurial journey, even if you’re only working part time. Business plans have four sections:
-Executive summary: Write this section last, as it highlights the main points of the business plan. Investors will read this first, so you want to present critical information here.
-The Business: What is your business? Is there a need for your product/service? Who is your target audience and how will you market to them? Who is your competition? What is your experience to run this business?
-Financial forecasts: How much money do you need and for what? How will you get funding? Project your income and expenses for the first year to estimate your financial needs.
-Supporting data: Provide evidence for the other sections, such as more information on your target market, where they’re located, etc.
STEP 3: Goal Setting and Planning
Now that you have a blueprint for your company, the next step is to analyze the business plan and determine your goals. Then, break down the goals into the smallest of tasks. The tasks should be small enough so they can be achieved in short periods of time while you’re away from work. Setting manageable objectives will keep you motivated not overwhelmed. After establishing your goals, develop a reasonable timeline to launch your venture.