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I am reading Dave Ramsey’s book EntreLeadership and in the book he discusses the topic of whether or not someone who is looking to earn additional income should get a part time job or start a part time business. The answer really depends on the urgency of the need for income. If you need income immediately to solve a budget shortage, then the answer would be a part time job where you can exchange time for money and solve that budget problem in short order. On the other hand, if you are seeking additional income for the purpose of building up your cash reserves for long term savings, retirement, a college fund, or a less immediate need, then you might want to consider starting a part time business.
Part Time Jobs
If you work full time, having a part time job can be a strain on you physically, but I always say it helps you truly understand the value of a dollar. If you have to work 3 hours after your long work day, just to net $21, it will make you think twice about eating out. There are also some great part time job opportunities that allow flexible schedules, some that allow you to make immediate money in the form of tips, and others that offer benefits (including health insurance) to part time employees.
Before getting a part time job, make sure you have maximized all of your earning potential at your day job. For example, their might be additional hours available, overtime available, or even opportunities for special projects or working in another department. Talk to your HR department about your needs, but make sure you don’t alarm them by letting them think you have a money problem. Also, make sure you know your companies policy on part time work as some don’t allow it, some require you to let them know about it, and other monitor to make sure you are not working in a part time job that is a conflict. And unless you work illegally, it’s all reported to the social security administration, so your employer can actually find out if you are moonlighting.
If you end up getting a part time job, do yourself a favor and don’t burn yourself out. As my father says, “don’t let your part time job jeopardize your full time job.”
Part Time Buisness
Make sure you do your research and know all that is required to start you business so the costs don’t out weight the income.The worst thing you could do when trying to earn additional income is find out that you are actually losing money on your part time venture.
Starting a business can be a lot of work, especially if you are starting from scratch because on top of getting paying customers, you have to develop every resource from your procedures to pricing to marketing materials. This is one reason why network marketing appeals to so many as a part time venture, but that, too has it’s downsides. I have to say, having built and sold several traditional businesses over the past two decades, if I had to start over again, I would do it with a network marketing company. Everything is laid out for you and all you have to do is promote the product or service. Regardless of the naysayers, it’s a great model and one of the oldest business and most successful business models out there.
Here is my offer. If you have a question about your situation, I would be happy to give you my thoughts. Also, if you are looking at a part time business, I would be happy to offer my advice to see if there is anything you are missing. Just contact me and let me know how I can help you.
Until next time…