A Part-Time Business and a

If you are interested in running your own
business, but are not yet ready to make a full-time
commitment, starting a part-time business is a
better approach than starting a business as a
hobby. The difference between a part-time
business and a full-time business is the extent of
the commitment. Starting a part-time business is
different from running a hobby business because
you commit to a part-time business whatever
resources—time, energy, money, etc.—that you have
available and that are necessary to get the business
up and running.
Even though you are running a business on a parttime
basis, make sure that the rates you charge for
your goods and services are comparable to those of
your competitors. There are several reasons for this.
The quality of these goods and services are at least as
good as or even better than your competitors’. If
they weren’t, you wouldn’t even consider offering
them for sale, would you? Since they are
comparable, why should they be offered at a lower
cost? To offer them at a lower cost might suggest
that you and your business are not quite as good as
the competition.
Running a part-time business is a no-lose scenario. If
you start the business on a part-time basis and it
becomes successful enough that you are prepared to
operate it full time...congratulations! You are off and
rolling. If, however, you gave it your best shot and
found out it’s not what you want to do, no problem—
you still have your regular job to fall back on.

You Need to Earn a Living

Businesses, large or small, exist to generate a profit for their owners. Business owners—
whether shareholders in the case of large incorporated ventures (see Chapter 5 for a
discussion of incorporation) or owner-operators in the case of small businesses—use
these profits as a means of supporting themselves and others for whom they are
responsible. Thus, the primary raison d’être for all businesses is to earn a livelihood for
their respective owners.
If you already do, or think you would like to, run your own small business, you may
have various reasons for choosing self-employment as a strategy for earning a living.
Maybe you lost your job as a result of downsizing, reorganization, or merger, and chose
running your own business as the best choice for generating an income. Perhaps you
find it too confining being an employee in an organization whose way of doing things
is inconsistent and even irreconcilable with yours. More independence? Higher earning
capability? Whatever. Regardless of an individual’s stated reason for choosing to run a
small business, the bottom line is always the same: Small businesses exist primarily to allow
their owners to earn a living.