Should Your New Business Be a Full or Part-Time Venture?

Written by on September 30, 2012 in Career - No comments | Print this page

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Thinking about starting your own business? Well, if you’ve already put your research in, then you know what a massive endeavor you are about to undertake. In addition to planning the business, itself, you must also plan out every aspect of the rest of your life in order to accommodate the business. One factor that many new business owners struggle with is the question of how much time they are willing and able to put into the start-up. While some choose to take the leap and devote all of their energies to the new business, others opt to ease into it slowly. Should your business be a full or part-time venture? Here are some things to consider:

What are your other obligations? It is likely that you have a lot on your plate, from working another full time job to raising a family. You need to think about how your new business is going to fit into your current lifestyle, or otherwise consider the changes you will have to make to fit your new business in. Rome wasn’t built in a day, and if your current obligations can’t be rearranged on an immediate basis to constitute going full time right away, then you may have only part time hours to give for the time being.

What are your goals for the future? It may be that your business is more like a hobby – a hobby that you would like to see some return on. If this is the case, then you may never even need to consider the prospect of going full-time. However, if your new business is something that your future financial well-being is riding on, then you need to seriously consider making it a full time venture – and the sooner, the better.

How much money will it cost versus how much money will you make? Very few start-ups make money right away. That means that you will likely be working for free (or very little) in the beginning, until your business begins to turn a real profit. You will have to weigh out the financial cost versus benefit of working full time before you can determine if it is even an option for you at this time. It may be that you will need to squeeze in part time hours and maintain employment somewhere else until you can count on your business for a reliable paycheck.

As you can see, there are a lot of points to consider when deciding whether to make your business venture a full or part-time pursuit. There is no right or wrong answer – only what is best for you.

This is a guest post.  Alvaro Dellapaolera started his marketing firm part-time from a New York co working space. He eventually quit his full-time job, bought his own space, and hired a staff. Time and dedication are paramount!

Image courtesy of suphakit73 / FreeDigitalPhotos.net

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