Start a part-time business

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