Can't quit your job yet? Start a part-time biz
Earn extra cash while making that final decision to leap into entrepreneurship.
Jul 03, 2013 16:00 pm
So you want to start a business but can't leave your day job just yet? If so, doing one part-time may be the best route to take. It takes a lot of focus, discipline, and hard work, but five successful part-time entrepreneurs--some of whom are now doing their business full-time--show that it can be done.
First, precisely what business do you get into? You need to do your homework to find out. Chris Angeles, who distributes customized silicone rubber wristbands by taking orders online, describes how he did his homework: "I started my business by looking for a problem, then looking for an answer to that problem. I noticed that there was a demand for customized silicone bracelets. This was during the time when silicone bracelets were a huge fad. When you do this, when you offer something that will solve a problem right on, dead center, you'll be assured of a market for your sideline venture."
Passion for the business you want to get into is also important. "It's good to have a business aligned with your hobbies and interests," says Emelyn Guevara, who makes and sells custom jewelry. She has always loved wearing and making jewelry, so doing it as a business came so naturally to her.
Of course, the right part-time business for you may also depend on your priorities. For those who want to have more time for themselves and their families, in particular, a good option may be a business that offers residual income or a continuous income long after you have stopped working.
This was the option taken by Dennis Ong, who does direct selling and network marketing for Nu Skin Enterprises, a health and skincare company. Before taking that option, he was already doing a successful business retailing and wholesaling computers, game consoles, and gadgets, but he and his wife Angie realized that the business left them very little time for themselves. "In a traditional business like mine, I sometimes had to work for more than 12 hours," Ong relates. "You're at the beck and call of your customers, who are actually your boss."
Today, money and time are no longer a concern for the Ong couple. By doing the Nu Skin business part-time, they have built a wide network of distributors and customers in the Philippines and around the globe--one that generates a substantial residual income for them.
In the case of Michael Lee, an information entrepreneur and Internet copywriter, the right part-time business is an online "persuasion course" that continues to sell and gives him income long after he had created it. This persuasion course is continuously being promoted and sold online by his team of affiliate marketers. By leveraging on other people's efforts, Lee is able to support his family well even if he chooses not to work.
MINIMAL STARTUP CAPITAL
The startup capital for a part-time business is minimal, especially for home-based ones. In the particular case of Guevara, who started her jewelry business with only a few pieces, the startup capital was as low as under P1,000.
But if you want to make big money from your part-time business later on, you need to reinvest some of your earnings into the business to make it grow. Lee, for example, now plans to expand his business by doing the actual persuasion seminars himself. On the other hand, to expand his network marketing business, Ong has built a network in other parts of the Philippines and other countries using Nu Skin's international support system.