It’s big step to start your own business but you don’t have to jump straight into it full-time. If you are still in education, have young children or just want to ensure your business idea will work, it might be better for you to start a business on a part-time basis first.
Some of the advantages of running the business part time include:
- You can carry on in paid work with 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
- It is a way of having an income if you have obligations such as caring for dependents
- You can test whether there is a market for your product or service
- If you have a hobby that you would spend time on anyway, you could make money from your interests
But there may also be some disadvantages that include:
- Finding the time to run the business - it may take up more time than you think
- Could be hard to concentrate on your paid work, particularly if the business has a problem
- It may take longer for the new business to develop and become viable
To find out more about starting a part time business, read the guide on the Business Wales website on Starting a Part Time Business (Business Wales website).