There are many people with entrepreneurial spirits who want to bring their business ideas to life but they feel that they can’t because of the time constraints of holding a regular job, studying towards a degree, or running a household. Did you know that most start-ups fail because of a lack of knowledge and resources, not a lack of time?
There are thousands of highly successful entrepreneurs that started their businesses while still working full time jobs and raising families. While it may not be easy to start generating a decent business income straight away, it is definitely possible to gain success as a part-time entrepreneur, especially if running a business online.
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Can you start a business part-time?
In the UK, you are legally allowed to start a business even if you are a full-time employee. In this case, you will be classed as both employed and a self-employed business owner.
The only thing that would interfere with your plans to start a business is if you are an employee and your employment contract states that you are unable to start a business while working for your current company. If you are uncertain if you may run into legal issues by starting up a business while being employed, have a chat with your head of HR.
In a confidential conversation they’ll be able to explain what your employment contract allows you to do. In most cases, starting a business while being employed should not be a problem, unless of course you are planning to set up as a direct competitor to your current employer!
If you find yourself in a position in which you are both employed and self-employed, you’ll still be required to pay taxes. This means having to submit a Self Assessment tax review, even if your own employer is paying your PAYE. You are also required to pay your own NIC contributions.
Obviously the more time you have to invest into your new business the better, but many businesses were started on a part-time basis. If your business becomes highly successful, you can always leave your job or other commitments, as well as get help for your business.
The fact that you are only able to work on your business on a part-time basis should not deter you from bringing your business idea to life. Many people lead very busy lives but still have exciting business ideas that they believe they can earn extra money from or deliver significant growth. So, whether you’re a student, single mom, or busy volunteer, you can still run your own business part-time.
How many hours a day do entrepreneurs work?
Unlike paid work in regular job, there are no definitive timeframes on how long an entrepreneur should commit to starting and building up their business. Many people are drawn to the idea of becoming a business owner as they can work to a schedule that suits them (and potentially fits around their paid employment).
A recent New York Enterprise Report found that small business owners can work up to twice as much as those with regular jobs, with 50 hour and even 60 hour work weeks being commonplace. This would result in entrepreneurs working around 10 to 14 hours a day!
But then there is the other side of the spectrum where budding business owners are only able to dedicate a few hours of their evenings and weekends, and in these cases entrepreneurs would only work between two and four hours a day on their own part time business.
Studies have shown that getting right the time that a business owner spends working on their business is important – more hours does not necessarily mean better results. In fact, overworking could result in burnout which may put a halt on business operations.
In the beginning stages, more time is usually required to get the business going initially, and business owners will have the startup costs to consider, but once things are running smoothly the owner can usually take something of a step back. However, owning a business is full of unexpected demands and it may be difficult to plan a proper working schedule when you are not engaging in full time entrepreneurship.
How to be successful as a part-time entrepreneur
Becoming a successful part-time entrepreneur can be challenging, so here are some tips to get you started:
- Develop strong time management skills – As you’ll probably be working on a tight schedule, it will be important for you to have very strong time management skills. Set up a schedule with boundaries between your day job, play, working on your business, family time etc. Of course some circumstances will require some flexibility, but having a defined schedule is important for staying on track and maintaining your own space.
- Find a co-founder/ business partner that you can trust – A fantastic way to get a business off the ground, if you have limited time, is to find a trustworthy co-founder/business partner. This way the responsibility and tasks are shared among you so that not all the pressure is on your shoulders.
- Prioritise your time – It’s time to take a good hard look at what you spend your time doing and cut back on certain ‘time-wasters’ such as TV, scrolling on social media, video games etc. Even if you just pull back a little on time-wasters, you’ll have more time to spend on your business.
- Avoid burnout – Burnout is common among part time entrepreneurs who also hold regular jobs or are at university. Stretching yourself too thin could result in you falling ill or suffering severely from stress. Ensure that you’re getting enough to eat, enough sleep, and spending enough time relaxing and on leisure activities.
- Make sure you have a solid plan in place with definitive business goals – Having a plan in place and a defined target audience will make all the difference and help you stay on track. It will provide you with something to refer to should you ever feel lost or unsure of your next step with your new business.
Are you ready to become a part-time entrepreneur?
If you have a strong business idea and have equipped yourself with the knowledge, capital and skills to get your business off the ground, you are most likely ready to start generating income streams and become a successful business owner, even on part-time basis. Remember that starting a business is a marathon and not a sprint, so practice patience and ensure that you are always learning new things along the way.
You may need to pick up and develop new skills that full time entrepreneur might outsource of entrust to another person, such as social media management and tax administration, and online courses can often be a good way to prepare yourself for some of the duties involved in running your own business. Depending on the nature of your business, you may also need to get together an online portfolio or have some online customer reviews to demonstrate to your target market your abilities and previous work.
As long as you have some time to dedicate to your business and some sort of flexibility, the fact that you are only able to give attention to your business on a part time basis shouldn’t play a very large role in its success. With a good business idea and clear business plans, you should be able to see your business grow and start to earning some valuable extra income, even through part time entrepreneurship.
