Business ownership can be risky. Many people struggle with leaving their 9 to 5 job to start or buy business. The idea of relying solely upon yourself for income can be terrifying. How long will it take to start my business, you might wonder. How long until I’m profitable? How much should I save in the meantime? The answer for you might be part time business ownership.
Luckily, there are business models that allow you to start part time with business ownership. Let’s start with having the right personality to begin this project, and take a look at industries that are hot for part time ownership right now.
Personality Is the Key
You may be thinking about starting something yourself or buying a mom and pop vs. a franchise. There are advantages and disadvantages to both. Your personality is the main factor in determining which direction would be best for you. Ask yourself the following questions:
Are you good at following rules?
Maybe you were the rebel rule breaker in school. Maybe you were creative, and enjoyed following directions. Entrepreneurs all think outside of the box, but there are differences in the type of climate in which some will thrive. Both types strongly desire to be their own boss, but if you know that you will shirk the proven systems in a franchise, you should stick to developing your own startup. Franchises are successful because they have already made the mistakes and perfected the business model.
How strong is your mastermind group or support network?
Do you have a strong support network? Is that network your 12 family members that you need to convince you aren’t crazy to try to become a business owner? If so, that’s not really a support network. You need a group of business minded, hopefully experienced people that are in your industry or close to it. If you are an entrepreneur, you need to find that group through the chamber of commerce or some other channel. If you are a franchise, you have a built in network of experienced individuals that are ready and willing to help you succeed.
Are you good at wearing every hat for your business, or do you need training in some areas?
If you start something yourself, you will be handling everything in the beginning. Identify your weak areas so you can outsource those tasks as soon as you can afford it – it makes all the difference. As a Franchise, you will have training in marketing, payroll, human resource management – the path is a bit easier.
Profitability in a startup is hit or miss the first 3 years, often longer. Franchises have at least perfected the business model, but you still have to hustle to make a profit. Be prepared either way, and use that aforementioned support network to help you reach profitability faster!
Part Time Business Models
So, what’s hot now for part time business ownership? What can you do from a home office, or farm out to one employee, and still make money? The hot business models are the following:
- ATM Food/coffee kiosk
- Laundromat/Dry Cleaning
- Hair salons/Massage/Beauty
- Pack and Ship
If you would like to know more about these models – and price points to get into the industry, schedule time to connect with Marc Camras at http://calendly.com/mcamras.