- Category F: These entrepreneurs had never run their business part-time before. The went into it from day one, full-time.
- Category PF: These are entrepreneurs like me, who started part-time and then took the business full-time.
- Category P: These are people with a regular job but have a side business. They someday hope to grow the business to a stage it will make them more money than their jobs make them.
The Benefits of Running Your Business Full-time Over Running it Part-time
posted by Michael Olafusi , on ,
I have met a lot of people under these three different categories. And I can tell you the common things I hear the people in each category say and worry about.
Those in Category P (who currently run their business in part-time mode) complain about getting the right staff for their business. They often fall into the hand of fraudulent workers. They also end up spending more to set up and run the business that those who do the business full-time.
The truth is that the start of any business is very difficult and to be able to succeed you will need someone who is hardworking, trustworthy and creative to see it through that starting phase. And every time you leave that part to someone else while you build another person's business, you are asking too much from an employee. Imagine how'll you react when your boss gives you tasks that were not in your job description and that makes it look like he is exploiting you. Well, that's the same way the person you hire will react when he is made to play the role of an entrepreneur in a business he doesn't own.
Why would we work harder, longer and more creatively than his friends who earn more than him in other more structured organizations? It's not like you've promised him a share of the company or the future profits that will come in when everything pays off. Maybe you've even been hinting him that he is hired because he is cheap and unemployed and you need someone to help the business start. And not because he is competent. You are already making him feel like the moment the everything works out fine, you will get more experienced hands to help and he will play a more background role. Then you complain that he is not helping your business grow. Why should he when it's same as getting himself fired?
Maybe I have taken my illustration to the extreme but those are the realities I have seen many people in category P share with me. They also are not able to take advantage of deals and the on-the-spot unusually profitable decisions people who manage their own businesses usually come across.
I am making more money today than I was when in my last job combined with running this part-time because I now come across more exceptional opportunities and unplanned deals by doing this full-time. I got a great deal on office space, benefited from a lot of referrals as people are more comfortable referring a full-time business man than a part-time one and I get lots of free publicity. I will even be on ChannelsTV next week (the broadcast will be aired in July though). Think how hard it would be if I was in a regular job and got to be on TV. Would I be able to promote my part-time biz as much as if I was into it full-time?
Sincerely, I think the only benefit to running your business part-time is if you just want a secondary income stream and not something to replace your salary or you need some time to plan your taking it full-time. In the long run taking your business full-time is always more rewarding than running it side by side a full-time job. More than the combined benefit of a salary (even if you get to the CEO level) and the gains of the part-time run business.