8 Success Factors for a Part-Time Start-Up
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| Photo by Andreas Klassen on Unsplash |
If you can stand the double burden of full and part-time jobs and get the green light from your employer, you have a good chance of starting a successful business as a part-time entrepreneur.
We also recently started a blog parade on the topic. Are you self-employed part-time, was it in the past or do you want to be in the future? Whatever your story, share it with all of us by October 18, 2015, by linking your post in our blog parade article.
If you are now seriously considering starting your own business part-time, then familiarize yourself with the following eight success factors. Which of these success factors do you have?
Self-employed in a part-time job - new series of articles with tips, information, and examples.
8 Success Factors for a Part-Time Start-Up
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| 8 Success Factors for a Part-Time Start-Up |
1. In Addition to Your Main Job, You Still Have Enough Time to Set Up a Business
Enough time means that you can easily visit or contact authorities and offices during their business hours. Enough time also means being able to respond spontaneously to requests for appointments from these same authorities, offices, or those of the bank advisor. But enough time also means being able to switch off after your main job and not having to worry about your work all the time. That will also have an impact on your foundation. If you already have children, you have to seriously ask yourself if you can shovel free time there. It is of course ideal if you have a part-time position or flexible working hours in your main job. A generous boss can also be helpful. However, it is even more important to have an understanding and helpful family.
2. You Have Courage, Perseverance, a Strong Will, and an Entrepreneurial Spirit
In general, the step into independence requires a healthy dose of courage. The double burden of full and part-time jobs is certainly not for everyone. A big task that you can only manage if you are convinced that it will work. You have to want it. Full-time job, independent part-time job, partner, children: getting all this under one roof is not always easy. You will have to convince many different people of your idea over and over again. Many of them will just smile at you. And you can endure that best if you are 110% convinced of your work.
3. Your Idea Works Part-Time
Part-time self-employment is particularly difficult when dealing with customers. Then you should think about when and/or how your customers can contact you if necessary. If someone tries to contact you several times in vain, it is not only disappointing but also damaging to business. On the other hand, some ideas work very well on a part-time basis. I'm thinking of building a niche website, for example. But even if you can establish customer contacts exclusively by email, that would be ideal. Or you can set specific business hours from the start, which you also communicate on your website. Another possibility: You have a business partner with whom you can split up office hours.
4. You Have Capital
Although you are financially secure through your main job, you should also be prepared for any expenses when starting a part-time business. For example, if you set up your own business online and your computer breaks down after a few days, then a repair or even a new purchase is necessary. Can you easily pay for it out of your pocket without having to ask for external help or having to limit yourself to Christmas gifts for your children? Starting an online business, in particular, is not expensive and possible without major initial investments, but it is also not free of charge.
5. You Have Your Finances Under Control
Once the business is finally established, you will soon find that you cannot focus exclusively on your core competencies. Being self-employed also means having to deal with bookkeeping, tax issues, and financial issues regularly. Bills don't write themselves either. And order is half the battle here. So you will only be successful if you work diligently. Especially when documents have to be submitted to the tax office at short notice. Ideally, you will even have basic commercial knowledge or will attend a corresponding course soon to at least learn the basics.
6. You Are Decisive
As a self-employed person, you will always have to make smaller or larger decisions. If you spend hours doing this, you will lose valuable time. It gets worse when you employ people who regularly rely on your decisions. There is nothing worse than a boss who has a hard time making up his mind. This interrupts the workflow, you begin to work on completely new tasks and then only have to familiarize yourself with the topic again when a decision has been made. In most cases, a hasty decision is even better than no decision at all. It is then important to stand by the consequences. Decisions need to be made carefully but quickly.
7. Your Environment Stands Behind You
In the first few weeks and months of your part-time self-employment, you will invest a lot of time in your business. You will spend nights honing your website, acquiring new customers, or catapulting yourself to number 1 on Google. Not only on weekdays but especially on weekends. Family life and contact with friends suffer from this in particular. It is all the more important that your family and friends support your decision to start a part-time business. Financial cuts may also be necessary temporarily. And that only works with the full support of those around you.
8. You Think Long-Term
Do you have a vision You should have this to derive concrete plans for the development of your part-time self-employed activity? Whose thoughts revolve around the here and now will quickly find themselves in a hamster wheel. No chance of getting any further. Where will your business be in six months, in a year or two? Let your imagination run wild, plan and you will be more successful.
Imagine: What If ...
Try to empathize with this new situation and critically review the mentioned success factors for your part-time self-employment.
Can you easily answer 'yes' to most of the points?
Congratulation!
Then you should take the step into part-time self-employment.
If you are also looking for important funding programs and financing options for your secondary business, then I can warmly recommend this article.
What about your own experience? Which factors were or are crucial for the success of a part-time start-up?
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