Start Your Own Business Read Online Free PDF

For instance, instead of a restaurant, consider a catering business. You’ll still get to create menus and interact with customers, but your work can all be done during evenings and weekends.

Financial Plan
     
    One major factor in the decision to start part time or full time is your financial situation. Before launching a full-time business, most experts recommend putting aside enough to live on for at least six months to a year. (That amount may vary; completing your business plan will show you in detail how long you can expect to wait before your business begins earning a profit.)
     
    AHA!
     
    If keeping a full-time job and a part-time business going at the same time sounds too difficult, and taking the full-time plunge sounds too scary, consider taking a part-time or temporary job while you start a full-time business. This can be a way to ensure you have some salary coming in, while giving you time to work on your business. Part-time jobs often offer evening or weekend hours—a big plus if you need to be accessible to clients during regular business hours.
    Basic factors you should consider include the amount of your existing savings, whether you have assets that could be sold for cash, whether friends or family members might offer you financing or loans, and whether your spouse or other family members’ salaries could be enough to support your family while you launch a business full time.
    If, like many people, you lack the financial resources to start full time, beginning part time is often a good alternative. However, even if you do start part time, you’ll want to keep some figures in mind: Specifically, how do you know when your business is making enough money that you can say goodbye to your day job?
    A good rule of thumb, according to Sanow, is to wait until your part-time business is bringing in income equivalent to at least 30 percent of your current salary from your full-time job. “With 30 percent of their income, plus all the extra time during the day to promote their business, [entrepreneurs] should be able to make [the transition at that point],” he says. Another good idea: Start putting more money aside while you still have your day job. That way, when you take the full-time plunge, you’ll have a financial cushion to supplement the income from your business.

Family Affairs
     
    The emotional and psychological side of starting a business is less cutand-dried than financial and market aspects, but it’s just as important in your decision to start part time or full time.
    Begin by discussing the situation with your spouse, significant other or family members. Do they support your decision to start a business? Do they understand the sacrifices both full-time and part-time businesses will require—from you, from them and from the whole family? Make sure your loved ones feel free to bring any objections or worries out in the open. The time to do this is now—not three months after you have committed to your business and it is too late to back out.
    Then, work together to come up with practical solutions to the problems you foresee (could your spouse take over some of the household chores you currently handle, for example?). Lay some ground rules for the part-time business—for instance, no work on Sunday afternoons, or no discussing business at the dinner table.
    To make your part-time business a success and keep your family happy, time management is key. Balance the hours you have available. Get up early, and don’t spend valuable time on frivolous phone calls and other time wasters.

Getting Personal
     
     
    TIP
     
    What do you do if you can’t afford to start your business full time but need to be available full time to answer client and customer calls? Consider teaming up with a partner whose available hours complement yours.
    Besides the effect business ownership will have on your family, equally important to consider is the toll it might take on you. If the idea of taking the full-time