There have been reports recently of the increase in 5-9 business ownership. With the increase in on-line businesses which don’t require staff or full time commitment more and more employees are running their business in the evening after completing a day in the office.
Often running their enterprise from a laptop at the kitchen table many of these businesses are not to be laughed at. Often started to earn extra money for treats or from a hobby which has grown, these entrepreneurs can frequently earn a good second income. On-line business support web site Enterprise Nation recently reported that 5 million people work from home outside of their day job.
These part time business owners report their businesses are growing. Many of the 5-9 business owners I know have plans to give up their day jobs once their business has grown sufficiently, others have no intentions of becoming a full time business owner but enjoy the buzz of running a business and the benefits of extra money.
So why are more and more people working in the evening after a long day at the office. Well it is possible that many are doing so as the economic situation in the country has become more worrying. Knowing you can add to your salary by running a small enterprise in the evening and weekend could take off some of the pressure of the mounting bills. Or you could use it as a back up plan if you feel less convinced about long term job security.
How then could you run a part time business? Well first of all many part time businesses grow out of hobbies or interests. Karen started baking wedding cakes for friends who then told others and soon she had a list of customers. Initially able to satisfy requests by working at the weekends and some evenings the business grew and is now a full time enterprise. Rob takes on private tuition classes in the evening for extra money to pay off his student loan, but he has no intention of leaving his full time teaching job. Anyone can find something to do Avon, Betterware, Virgin Vie and other party plan or door to door sales companies offer part time business opportunities . Or you could start an on-line shop, possibly using e-bay to start with or other on-line business ideas. The ideas are endless and you will know what suits you, your skills and the time you have available.
To run a business and go to work you will need to be organised and committed to both, to ensure your employer and your business are both treated fairly. Don’t be unrealistic about what you can take on or how long things will actually take. Plan your business and treat it professionally, it may be a part time business but it has the ability to become something more and setting it up correctly to begin with will save problems in the future.
Don’t forget your employer, your business mustn’t distract you from the day job, if you still need the salary from your employer your commitment to them must remain high. It may also be necessary to check with some employers if your contract allows secondary employment / self employment. It’s also important to remember your tax implications, speak to the tax office and let them know your plans and look into the effect any additional income will have on your tax especially if it takes you into another tax bracket.
Running a business part time whilst still in employment is a great way to try self employment and see if you like it and if your business idea works. Remember don’t over commit and be realistic and above all have fun
16 hours ago
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