How to Build a Business Part-Time

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By eHow Contributing Writer

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(3 Ratings)

Start building your business part-time and lay the foundation for a profitable full-time enterprise.

Difficulty: Easy

Instructions

Step 1

Select the type of business you want to start.
Step 2

Establish a work schedule with specific hours of operation.
Step 3

Set aside an area in your home or garage as a dedicated work space. Pick an area that is removed from hubs of activity, but convenient to phone and electrical outlets.
Step 4

Use your savings to pay for start-up costs and operations until you start generating income.
Step 5

Advertise your business. Bulletin-board notices, classified ads and word of mouth are effective, budget-conscious ways of spreading the word about your new venture.
Step 6

Reinvest profits for at least the first 6 months to build working capital.

Tips & Warnings

Research the business you've selected. Learn everything you can by consulting industry trade organizations, retired executive organizations and resources such as the Small Business Administration.
Make sure the business you choose can be run during the schedule you've established and doesn't conflict with the hours of your full-time job.
If your part-time business is somehow related to your full-time job, talk to your boss and put to rest possible concerns about conflicts of interest.
Consider the advantages of turning a hobby into a business. You probably already have the basic equipment, and your passion for the work will help carry you through start-up headaches and any hard times that come your way.
Sit your family down and explain what you are trying to accomplish with your business. Let them know you'll need assistance with household chores and a minimum of distractions when you're working from home.
Invest in a basic bookkeeping manual or class.
Don't underestimate the importance of record keeping. Set aside time each day for organizing, filing and bookkeeping. This work can be tedious, but it beats overdrawing your checking account or missing a tax deadline.