Going Self Employed – Should You Start Full Time or Part Time?

Going self employed is something a number of people wish to do at some point in their life. There are a number of reasons for this:

  • Tired of work / life balance
  • Feel unappreciated by boss and company
  • No room for advancement
  • No training courses offered
  • Tired of career path
  • Change of life circumstances make current form of work impossible or unsustainable
  • Feeling that you have hit the salary ceiling and want to find another way to boost your salary or remove the ceiling off it.

Those are just a handful of the reasond why many people consider, and some people decide to act upon when it comes to the prospect of becoming self employed. There are many more reasons still why people think about and choose to go self employed. However in this short article we want to look at whether to go straight into full time self employment or part time.

Well we will get straight to the point, for most people the answer is to start part time. Why? Well consider the fact that most businesses fail within the first year. In other words it is not easy. Starting up part time allows you to keep the safety of your job and regular income while you work on building up your new career. If you should fail, no harm done because you have exactly what you had before you decided to try to become self employed. In times of economic downturns, it is especially important that you do not compromise the security of a job in the “hope” that a self employed venture will pan out. So for most people, they should try to figure out a way to build their self employed business venture part time around their full time job.

However, there are of course pros and cons to quitting your job to go self employed full time, or contunuing to work full time, while building up your self employed business part time.

Self Employed Full Time

Advantages

  • If your business concept is sound, in demand, and you can attract clients then you will very quickly find the decision to go straight into full time a wise decision
  • You can plan your time.
  • You are free from working from someone else

Disadvantages:

  • Risk of things not working out, even if you did thorough research
  • You do get business, but not as much as you had hoped for
  • Can end up working longer hours than when you were employed

Self Employed Part Time Around Full Time Job

Advantages

  • Keep the security of your job and income
  • Earn more money as you become more skilled at winning business from your full time job
  • You safely get to learn your craft and build your skills
  • You are training and building a business part time that you can comfortably take to full time when ready.

Disadvantages

  • You will have less free time for socialising – if you are taking the business seriously.
  • It may be difficult in some circumstances to market your business outside of standard working day hours

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