Advantages and disadvantages of starting a part-time business
The benefits and flexibility of running a part-time business versus the potential problems not going full-time.
There are many advantages and disadvantages to running a business on a part-time basis.
Advantages of running a part-time business
Advantages include:
- you are able to stay in paid work and have the security of a regular income until the business is up and running
- you can use skills you have learned working for an employer in starting and building your own business
- if you have obligations such as caring for dependents, it is a way of having an income
- you can test whether there is a market for your products or services without a major financial commitment
- if you have a hobby that you would spend time on outside work anyway, you may be able to make money from your interests
Disadvantages of running a part-time business
It is important to note that there can be disadvantages to running a part-time business, including:
- finding the time to run a business can be difficult and it may take up more time than you have available
- you may find it hard to concentrate on paid work if the business has a problem
- you may have to put in long hours, which can cause stress
- it might take a long time for the new business to develop and become viable
- if you stay in work, you'll have to pay tax on both sets of income, which may mean the business is not financially viable
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