With the advent of the cell phone, computer, and internet, anyone can start a small, part-time business these days. You can get a website or blog up and running in a matter of days, provide services over the internet, or sell a product or item all over the world on eBay. You can also go old-school and sell products, services, or knowledge in your local community. Starting a part-time side business can be a great way to supplement your current income, dip your toes into entrepreneurship, or to begin your journey towards becoming self-employed. Whether you are entering the field of e-commerce, moonlighting at what you do during your day job, selling on eBay, performing website design, or mowing lawns in your home town, there are several keys which can greatly increase your chances of creating a lasting, enjoyable, and profitable business.
Do something you are passionate about or at least enjoy
What are you really passionate about? Do you have hobbies? Can you turn them into a money making opportunity? Even if you are not passionate about something, you have to at least enjoy it enough to be willing to trade your time and energy for the money it provides. I know several guys who mow a few lawns on the weekends for extra spending cash even though they have full time jobs that pay them pretty well. Why do they do it? Because they actually enjoy it, to some degree, getting outside and getting a little exercise-or at least enjoy it enough for the money they make doing it.
Don’t wait for the perfect time
The perfect time will always be sometime in the future. Go ahead and start now. You will never have enough time if you wait until next year, or until your kids are a little older, or until you finish up that big project at work. A lot of people become successful at a business by just starting and working at it.
Create a plan
Starting a business or part time venture without a plan is akin to taking a long trip without a map (or I guess a GPS unit in this day and age). How many hours a week do you want to work? How much money do you want to make per month? What are your goals 6 months, 1 year, and 5 years down the road? These questions, and ones like them, need to be answered to provide you guidance with your venture.
Be prepared to work
Lofty goals are nice, but don’t expect to make a lot of money without putting in long hours and hard work. It can happen, but it doesn’t happen enough for it to be very likely. The majority of the time, being successful is directly related to the amount of time and energy you put in to a project.
Start small but think big
Starting small is great, you can start off working part-time, at your convenience. But don’t forget to think big. If you want to expand your part-time venture into a full-time one, you have to set goals with the big picture in mind. When the amount of work gets too much for you to handle by yourself, consider bring in another person or part-time help to assist you.
Don’t Forget to Market
No matter how small your business or service is, or how good or useful it is, you still need to market it to others. Make up business cards, print flyers, use word of mouth, or the internet to tell others about your business. Ever notice how much large, established companies market with commercials, ads, etc? There is a reason for it.
Image by EvinDC
If you're new to "Think Your Way To Wealth", get free updates on debt reduction, saving money, and building wealth by subscribing to the RSS feed or via Email . Thanks for visiting!
{ 7 trackbacks }
{ 4 comments… read them below or add one }
Great artcile. I would classify my blogging as the closest thing I have to a part-time business and 2 things that I need to work on from the list are a Plan and thinking big!
The other thing to consider is the impact on your family, because you will need their support to start and succeed in any type of business venture.
Thanks Andy.
I agree, you definitely have to think @ your family, you definitely need their support to accomplish something that can involve a significant part of your free time- and you have to make sure to continue to spend family time together as well.
Nice article. My opinion more people need to start their own business. I think there are a lot of people who have thoughts on starting their own business but they never pull the plug and get started.
Mark:
Thanks! I think you are definitely right, most people probably have something they could do to earn extra money, or could start their own business, but for some reason or another (sometimes fear I am sure) they just don’t do it.
Leave a Comment