How to Build a Business Part-Time

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

Instructions

Difficulty: Easy

Things You’ll Need:

• Computer desks
• File cabinets
• Office supplies
• Desk chairs
• Computers
• File folders
• Business plan software
• Microsoft office
• Internet access
• Small-business accounting software

1. Select the type of business you want to start.
2. Establish a work schedule with specific hours of operation.
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.
4. Use your savings to pay for start-up costs and operations until you start generating income.
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.
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.