4 reasons to start a part-time business even when you already have a well-paid job

part-time business

Part-time business is not for everyone. On the surface, that’s convenient to say.  A closer look though, reveals that there’s always an element of business that anyone can take on, depending on their interests, values, or goals.

These elements come in the form of a side business held as a hobby or interest by someone with a full-time job for the sake of raking in some spare income. While some other person will take it a step further by building whatever they are working on into a profitable business that they can leave their job to go back to.

If you’ve been laid off from a job before or know someone who has, the ideas expressed herein won’t come across to you as implausible.

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  • A part-time business is one way to explore your options in order to discover or better still understand your true passions, other strengths you may have had, or even your weaknesses

We all perform better at jobs that are attuned to our strengths, interests, and passions. These things are not laid bare before us at the start of our careers. We need to embark on a process of uncovering them over time. Occasionally, this means laying your hands, in exploration, on a few skills set and jobs.

Even when a skill you acquired turns out later different from your expectations in the sense that it fails to match your career goals and interests, it will on a higher level become a part of your skill arsenal. Bearing in mind that it’s the deliberate and creative combination of your entire skills set that becomes the magic wand for your career.

No single skill on its own is invincible in the business world but people with creative amalgams of skills are impregnable.

The many skills you’ve acquired overtime crystallize into a uniqueness that becomes your competitiveness in the job market.

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  • the multiple skills and talents accruing to you from running a part-time business improves your value and contributions at your current job

When you’re running a business on the side of your regular job, you’re forced to learn every bit and piece of the new business. Colleagues and bosses alike will in no time take notice of the new person you’re becoming as a result of the new skills accruing to you from taking up the entrepreneur robe at your side business.

You won’t be fazed if you’re the person the company turns to when a new position, project or other new opportunities surfaced in the company.

This, as suggested by new researches, is the best part of entrepreneurship; entrepreneurs quitting the businesses they started to go work for someone else.

Gustavo Manso’s paper at the University of California, Berkeley, is one of such researches, concluding that “entrepreneurs earn approximately 10% more than their salaried workers with similar characteristics.” The paper found that “entrepreneurs who stay longer than two years, make substantially more than similar salaried workers.”

Although entrepreneurs will earn more than their salaried counterparts over the long haul, more so because a small group of entrepreneurs make so much money by starting a company than anyone could working at a job. And a large number of people who start businesses fail at it and quit. And there, in the quitting, is where most of the benefits of being an entrepreneur accrue going by what this researches are saying.

In the midst of other job applicants, someone with prior experience at their own venture is viewed by potential employers as more valuable than the rest of the pack. This is because in working at your own business, employers know of the various roles you had to juggle and the incredible amount of experiences made possible by that. So you get the advantage over others who have never started their own businesses in terms of getting the job and in terms of getting paid more than them.

Although, Gustavo Manso’s researches don’t include the kinds of entrepreneurs who build the kinds of businesses that employ several people or the kinds that amass huge amounts of funding from investors. Rather, the research focused more on small business owners in retail and food processing.

So, the research is exclusive of medium and large scale businesses with many employees. What entrepreneurs who stick to their pursuits for more than two years, and who eventually succeed, make doesn’t compare to what their salaried equivalent make.

Most corporations both big and small value employees with a hobby or some sort of a side hustle

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  • To test the readiness and availability of the market for the business

You don’t want to jump headfirst into a business whose potential for success you’re not aware of. Even more impetuous is when you leave your day job on some lame pretense of hating it to pursue a business idea. Relying wholly on the business to succeed to pay your bills.

Hating your job is a wrong reason to pursue entrepreneurship. You might as well get another job that you don’t hate.

Your thinking will be more upright when you know that you have a job to fall back on should the business nosedives. Clear thinking is something you’ll need in heavy doses if your business will pan out. And mind you, jobs aren’t as bad as some folks in the entrepreneurial community portray them, especially if the jobs pay well and are avenues to learn and network. Entrepreneurs need such jobs.

A side business is an opportunity to see which way the wind blows

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  • If the part-time business succeeds and you don’t intend leaving your employer, you get another income stream.

If you noticed, I’m a bit of in a play-it-safe mode in here. I think it’s necessary for some, if not most, folks to play it safe.

That entrepreneurs are risk-takers doesn’t in any way implies that they throw their reasons to the winds and rush headlong into perilous terrains in search of business opportunities. Entrepreneurs are equally attentive to risks, and take on them, in most cases, only when the opportunity far outweigh the risk.

It doesn’t amount to playing it safe when you rely on a single source of income, your job that is, without pursuing other sources of opportunities. In fact, that is the biggest risk there is; working at one job. It’s so limiting, and you’ll realize this when you think of other great options that are possible and available.

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