Friday, July 22, 2011

Home Business Part 2 Part time vs Full time

The artisan who decides to work as a home-based professional is faced with deciding between part-time and full-time work.  I suspect most of us begin working part time and gradually or eventually steer our businesses into full time operation.  Starting part time offers many advantages, and I recommend you seriously consider this route.   Here are some of the things you can do when starting out part time:

Work at home in your spare time while retaining a full time job and its steady income.

Run a part time home-based craft business and work at another part-time job to make ends meet.

Retain the benefits packages your employer offers while establishing your home-based business.

Gain professional experience that will prove invaluable when you go full time.

Set up adequate business facilities in your spare time without financial hardship.

Gradually invest in office supplies and equipment and furniture.

See to numerous details at your leisure , such as a logo, business cards, letterheads, brochures, and yellow page listings.

Set up files and establish customer accounts, vendor accounts, and bank accounts.

Build an excellent credit rating and a solid professional reputation.

Let your business grow until its making your projected or required full time income.

Build a cash reserve thats large enough to finance your first year of operation.

Get a feel  for the potential of your business and markets before making a major commitment.

You can do this all as a part-time home-based artisan or entrepreneur.  You might continue working part time indefinitely, until you feel like going into full time business.  Or you could do as I did and stow away cash  from the income of your part-time business while gaining valuable experience in other related fields.
For nearly four years I was involved in gaining a tremendous amount of experience.  By the time I was ready to work full time at it, I was making regular sales and earning a fairly steady income.  I had established many contacts, set up good working facilities in my home, acquired the equipment I needed, and built good working files and a reference library.  I had also established all the necessary accounts with vendors, banks, and credit card companies.

Of course there is a downside to starting and running a part-time home-based business while trying to hold down a full time job elsewhere.  It's difficult to do justice to your business while giving your best efforts to an employer.  Your first loyalties must go to that employer, which is often a stretch and a hectic way to live and work.  But it's an excellent training and might be the only feasible way to realize your dream.

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