Written by Daniel Latto in Latest News

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February 10, 2023

Many people with entrepreneurial spirits would like to start a part time business but  sometimes they feel that they are unable to do so due to the limitations of working a regular job, studying for a degree, or running a household. Have you heard that the majority of start-ups screw up due to a lack of resources and information rather than a shortage of time?

Thousands of phenomenally competent entrepreneurs decided to start their part time businesses while working full-time and raising children. Although it is not easily possible, success as a part-time entrepreneur is certainly possible.

Can you start a part time business on the side?

Even if you work as a full-time employee in the UK, you are legally permitted to start a part time business. You will be both employed and self-employed in this case.

If you are an employee, the only thing that would prevent you from starting a part time business is if your work contract states that you are not allowed to start a part time business while working for your current employer. If you are unsure whether starting a business while employed will cause you legal problems, speak with your HR manager. They will be able to tell you what you are capable of doing in a private conversation. Starting a part time business while working ought to not be an issue in most cases.

If you are both employed and self-employed, you should be aware that you will be responsible for submitting a Self Assessment tax review even if your company provides your PAYE. You must also pay your own NIC contributions.

Obviously, the more time you have to devote to your business, the better, but many companies were founded on a part-time basis. If your business becomes extremely successful, you can always quit your day job or other obligations and seek business assistance.

The actuality that you can only work on your business part-time should not discourage you from pursuing your entrepreneurial dreams. Several people lead hectic lives but have interesting proposals that they want to bring to fruition. So, whether you're a student, a single parent, or a busy volunteer, you can indeed operate a part-time business.

part time business

How many hours do entrepreneurs work per day?

Unlike with a normal job, there are no hard and fast rules of how long an entrepreneur should work. Countless people are attracted to the prospect of starting their own business.

According to a recent New York Enterprise Report, small business owners can work up to two times as much as normal employees, with 50 hour and even 60 hour work weeks being common. This would require entrepreneurs to work 10 to 14 hours per day!

On the other end of the spectrum, new business owners may only be able to devote their nights and weekends to their venture, in which case entrepreneurs may only work two to four hours per day.

According to studies, the amount of time a part time business owner spends working on their company does not play a significant role in its achievements. In fact, overworking can result in exhaustion which can halt business operations.

More time is usually required in the early stages of getting a start-up company off the ground, and once things are operating smoothly, the business owner could mainly take a breather. However, running your own company is full of unprecedented challenges, making it hard to organize a proper operational schedule.

part time business

How can a part time business entrepreneur succeed?

Being an effective part-time entrepreneur can really be difficult, so here are some pointers to help you get started:

  • Improve your time management abilities - You'll need to be very good at time management because you'll most likely be working on a strict timeline. Set aside time for career, play, continuing to work on your business, family obligations, and so on. Of course, some aspects will necessitate some adaptability, but sticking to a schedule is crucial for staying on track.

  • Find a trustworthy co-founder or business partner - Finding a dependable co-founder/business partner is an excellent way to get a start-up company off the ground when you only have a limited amount of time. This way, the burden of responsibility and tasks is distributed among you, and you are not solely responsible for it.

  • Make time a priority - It's time to reassess how you spend your waking hours and significantly cut on 'time-wasters' like TV, social networking sites, scrolling, interactive media, and so on. Even if you just put limits on time-wasters a little, you'll have more time to concentrate on your business.

  • Stay away from burnout - Burnout is usual between many part-time entrepreneurs who also work long hours or attend classes. Overstretching yourself may cause you to become ill or experience severe stress. Make sure you're eating enough, sleeping enough, and spending sufficient time relaxing and doing fun things.

  • Make sure you have an effective strategy in place with specific business objectives - A plan will keep you on track and provide you with plenty to respond to should you lose hope or doubt your next phase.

part time business

Are you ready to start your own business on the side?

You are most likely ready to become a part-time entrepreneur if you possess a great business concept and have prepared yourself with the experience and understanding, equity, and expertise to get your company up and running. Keep in mind that launching a business is a big race, not a dash, so be patient and continue to learn new things as you go along.

As long as you have some time to devote to your business and some adaptivity, the reality that you're able to only dedicate part of your time to it shouldn't have any significant impact on its success.

part time business

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