7 Tips for Part-Time Business Owners
Use this checklist to run a business while working a full-time job.
Balancing a career while owning a business isn't easy — but it can be done. Arnold Sanow, co-author of "Start Your Own Business," suggests these tips to help make your part-time business a success:
1. Get your family involved. Whether it's answering the phone, stuffing envelopes or putting together orders, giving family members the chance to help out is a great way to get more accomplished in less time — while also making them feel like they're part of your business.
2. Be ready to give up personal time. You won't have much time for TV, reading or hobbies you used to enjoy. Be sure the sacrifice is worth it, or both your job and your business will suffer.
3. Focus on the task in front of you. When you're at work, focus on work. Don't let thoughts of your business distract you.
4. Make the most of every minute. Use lunch hours or early morning to make phone calls. Use commuting time on the train to catch up on paperwork.
5. Take advantage of time-zone differences and technology. If you do business with people in other states or countries, make time differences work to your advantage by calling early in the morning or after work. Use faxes and e-mail to communicate with clients at any time.
6. Don't overstep your boundaries. Making calls on company time or using your employer's supplies or equipment for your own business purposes is a big no-no.
7. Be honest. Only you can assess your situation, but in many cases it's best to be up front with your boss about your sideline business. As long as it doesn't interfere with your job, many bosses won't mind. You'll also gain by being honest rather than making them feel you have something to hide.
Excerpted from "Start Your Own Business, Fifth Edition" by the staff of Entrepreneur.