03/ 29/ 2006
by Steve Strauss
Q: I want to start a business but I don't have the money to do so. The thought of quitting my job to become an entrepreneur also scares me a bit. What should I do?
A: This is one of those times when you can have your cake and eat it, too. What if I told you that you could start a business without quitting your day job? You can do it, but it won't be easy. That’s because I'm suggesting that you start a part-time business at home––at night and on weekends––while keeping your regular job during the day. It will be a challenge, and you will get tired, but it is absolutely doable.
Here’s how: Start by picking a small, home-based venture that you can tackle in your off-hours. Because you want a business that will be inexpensive to start, consider a service business (a product-oriented business usually requires buying a lot of inventory as well as a place to sell it). Part-time entrepreneurs might consider doing:
- Medical transcription
- Home repair or inspection
- Mobile auto repair
- Personal training
- Massage therapy
- Delivery services
- Window washing
- Janitorial services
- Pet care
The key is to pick an inexpensive service business that can be done during hours other than 9 to 5. That way, you will retain the security of your day job and its paycheck and benefits, while still getting the ball rolling with your new part-time venture.
Note, however, that the Internet has created one exception to the plan of starting a service business. Specifically, an eBay business, although a product-oriented business, is a fine way to start part-time at home. But the key to selling on eBay is (or any online auctioneer, for that matter) is to buy low and sell high. To succeed, you have to have access to some product that you can sell at a healthy profit.
Selling on eBay is a fine way to get your entrepreneurial feet wet. You can set up your auctions when you are not at work, and people will bid while you are at work. Remember, though, the secret to successful selling on eBay is customer service. Potential customers will email you questions, and you will need to answer those fairly promptly.
Whatever business you do decide to undertake, keep these suggestions in mind:
- Make sure the business can really be run part-time. Sure, it’s great to create a business that is busy from the start, but if your business is going to be so labor-intensive that it cuts into your regular hours and job, it may be more of a burden than a benefit.
- Make sure your family is on board. Ideally, the business will become so successful that you will be able to give up your day job, but until then, you are going to be busy. Everyone needs to understand and agree to that.
- Be professional. Whatever business you start from home, you will need to dedicate at least one room to the venture, install a separate phone and fax line, order stationary, get a business license, and so on. In short, even a part-time, home-based business is still a business.
- Be realistic. Any new business takes time to get up and running and turning a profit. Set a realistic plan that accounts for this.
