The Part Time Business Investments
There are many Americans who besides having a full time job are also devoting their spare time into business investments. The world is getting highly competitive and the business space more risky every day. This makes entrepreneurs become part time entrepreneurs who want to test their water first before they can engage in a full time business. Starting up your own business can be a daunting task and it is no wonder that many corporate workers and full time employees want a side business that can help them become successful standalone entrepreneurs someday. Besides providing an extra income, these part time business ventures also provide experience and the way to deal with real business from a safer side.
Here are some common reasons why you should consider doing a part time business.
- As mentioned earlier, to test a product or business idea
- You may have to maintain your health insurance until your business can become profitable enough.
- To save up money for something big.
- To secure an easy and financially secured retirement.
- To build a cash reserve to help with the full time launch of your business.
While juggling between a regular job and a part time business investment can be exhausting, if you are able to successfully pull through your venture you might be able to quit your boring jobs and fly on your own. Here are some options to help you take up a business as a part time activity.
Data published by Bigcommerce shows that out of 1788 online stores almost half of the stores had their peak activity during the late hours of the day from 5 PM to 9 PM and some of the major activities happening even after midnight. Many of the Bigcommerce retailers were finding the time slot after midnight to be the most preferable time to carry out their business activities. This can be easily interpreted as the part time business efforts made by regular people. It is also fairly easy to open and run an online store and thus many people are encouraged to start up their own hobby stores. With a little effort and time into research, you can also become an online store owner in no time.
Part time franchises
Franchises are a way to generate income via part time investments. But being a part time investor does not mean you get to have the profits without any work. Part time franchise investments have recently turned into a trend with many flexible and profitable franchise ideas made available by the franchisors.
Trading on eBay
If setting up your own web site for opening an online store seems like a lot of work, you can just settle down with an eBay store too. A little research into what sells on eBay and then an appropriate investment into a professional eBay shop can be your first step to becoming an entrepreneur.
You can also buy and resell products on eBay based on the demand and make profits.
Blogging, while it may look like an ordinary hobby can still be converted into a profitable business that can earn minimum $12 per blog.
Companies are willing to pay if you are willing to market them online. If you have the necessary skills in digital marketing and some time to devote to the business, you can start your own online marketing business with a very low investment.
Digital commerce and consultancy services
Digital commerce and consultancy is another home based business that can be set up with as little investment as possible. You can provide convenient and affordable services to customers while relaxing yourself by working from home.
Choosing your business idea
There are many more options available for you to make a part time business. But before you choose an idea, analyse it on the grounds whether it will really suit you. Here are 4 factors that you can take into consideration to help you choose wisely.
- Does your idea solve a problem? Businesses that prosper are doing so because they found a new solution or a better solution to a problem. See if your idea can fit into this description.
- Do you like your idea? As the person selling your item, you should be convinced of its use and advantages so that you can market it and sell it effectively.
- Do you have a wide market? Your intended target audience must be broad enough to have a sustainable business. Having a niche concept is good but having no customers to buy it is really bad for business.
- Have you tested your idea? Whatever you put up for sale must be tested in prior. Make sure your clients don’t get the bad impression of your services because you forgot to make a correction that you could have done if only you had tested it before.
Here are some tips to balance your full time work and part time investment.
- Time management is essential if you don’t want to get burnt up. Set up schedules and goals and work systematically.
- Don’t forget to get the necessary paperwork done at the right time.
- Set your limits and work within it. If you keep on sacrificing the very few amount of what is left of your spare time, you are going to be stressed.
- Develop a budget plan and take advantage of your full time salary.
- Consider hiring co-workers and helpers once your business starts to grow.
Whatever the schedule or tight time constraints may be, do make sure you get the adequate sleep and food. If health is lost, nothing can make up for it and you won’t be able to make those big dreams of yours come true. Be organized, committed and give it a good go at your part time business investment.