Rashedul alam

Business

part-time business

How to have a part-time business

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If leaving the comfort of your salary and the benefits of being employed to undertake keeps you awake at night, perhaps starting a part-time business is a better alternative for you.part-time business

And start slowly reduces your risk because it does not consume your time or involve the considerable investment of capital, neither compromise your assets or deplete your bank credit, in addition to allowing your company to evolve and grow gradually without pressure, says the Dr. Luis Miguel director of the Entrepreneurial Institute Eugenio Garza  in the metropolitan area of Mexico City of  Monterrey.

Still, there are some disadvantages: you have less time to promote yourself, strategize and build your customer base. And since you will not be able to answer calls or emails from your consumers most of the day (because you will be busy with your work or other activities you do), your prospects may feel that you are not giving them enough attention or speed to resolve their concerns about your product Or service.

But do not be scared. Although balancing the responsibilities of your family and a job with those of your entrepreneurial side is not easy, it is not impossible either. Start your own business, Arnold explains that you must have excellent time management skills, self-discipline and support from your family and friends to achieve it. Another crucial aspect: your commitment.

“Do not think that since you already have a job and a salary you do not need to try hard on your business”, says the author. “You must have a plan of action.”

Take note of the following tips that experts recommend to bring success to your part-time business without neglecting the other aspects of your daily life.

Market

Start by doing an exhaustive analysis of the potential of your idea or project. Investigate factors such as the competition of the industry in which you intend to enter, the socioeconomic and demographic level that exists in the area where you want to operate as well as that of your potential customers, and your willingness to acquire what you will offer.

Most of the time this step by itself will help you determine if you should start part time or full time. Eye: do not let your passion cloud your vision of reality. If for example, you discover that there is a real demand for your product or service and that no one is covering it with that added value that you propose, and that there is a documented base of buyers eager for your offer, then you can start and start. If on the contrary, the evidence shows that the consumer is not so ready for what you have in mind, but that in the short term maybe (with the correct marketing strategy and business development), it may be better to start Half time to test the market.

You should also be flexible, as it is very likely that the first version of your product or service is not so successful and you have to make adjustments (pivots) to adapt your offer to what your target audience is looking for, like most businesses. Do not get discouraged. Learn to find small indicators of success to keep you motivated. Seth  Marketing Manager – warns that success comes six years after hard work.

Finance

Before undertaking, calculate the minimum capital that you need to build your business and what your investment capacity is. Consider basic factors such as your salary (if you perceive it), your savings, the possibility that your family or friends offer you loans or financing for your business, or if your partner or other family members you live with can support you with regular expenses While the business takes off.

Once you have determined that there is demand and you are researching this data, make financial projections to keep you on track, and detail the goals and strategies you will follow in a business plan. Do not discard doing all this even though you are engaged in your free time; Good planning will allow you to transition from a part-time to a full-time scheme in the future.

“You can do it very simple Tec de Monterrey. “Just a couple of pages answering questions like: what do you want to sell, how much will it cost to produce it, who will you sell them to, how will you get to them, how much will it cost you to acquire new customers if you need employees and how much will you pay them, And what will differentiate you. ” In the end, defining these key aspects and knowing the business numbers will help you find out if your project is profitable or not (after paying taxes, of course).

In your business plan, you must also include how many profits you expect to get and the timeframes in which you intend to achieve them. With this analysis, you will be able to know if you need to maintain a fixed income outside your enterprise to support the development of the project, or if you have sufficient resources to cover from six months to a year of expenses for the financial priorities of your project.

How do you know when to quit your job? A good rule, according to Andrew is to wait until your business generates revenue equivalent to at least 30% of your current salary. Britain, for its part, believes that the ideal moment is when your venture generates enough profits to maintain your current lifestyle, verifying that these gains have future growth potential, above inflation and after taxes.

Another goal you should pursue is that, in the end, your business can run and generate returns without you being present. In this way, you will get that longed for the freedom of time.

If you start while you work …

Only you can analyze the situation, but in most cases, it is better to let your boss know that you are starting a part-time business. As long as it does not interfere with your employment activities, it makes you realize your responsibilities or lower your productivity, many will not seem like a bad idea.

Openly analyze with your employer the potential conflicts of interest that you might incur. You will earn points by being honest instead of making you feel that you have something to hide.

One more tip: avoid making calls or using equipment and supplies from your workplace for your business purposes.

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Author: Jack726

Freelancer

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