Whenever a person is looking at starting their own business, money and time are two areas that can make the decision a tough choice. On the one hand, leaving the current job is more than a leap of faith in their own abilities and the viability of their business plan it is also a high gamble on the finances of their family. Unless there is already a waiting list for their product or services, it can take some time before the income from the new venture is enough to meet all of their business and personal expenses.
Most people who start a new business pour the majority of their money back into the business and usually only pay themselves as much as they need to get by. Unfortunately, for many new businesses there may not be enough initial income to meet all of their personal obligations as well as business expenses. Even if the business is located inside the home, there will still be money needed for many areas of its operation.
It really comes down to a simple question of whether to hang onto their old job and start the new on a part-time basis or, if they have sufficient savings to make the full-time plunge. Understanding that if they decide to pursuer the avenue of a full-time business, their savings is not going to last forever and at some point they may have to find another job to support their family if the business does not begin to progress as planned.
Depending on the type of business being started, it may not be possible to begin part-time, and some service industry businesses will need to be available on a regular schedule. However, that does not mean it cannot be started part-time, with the new owner making contacts to look for their first customer. A common mistake among new business owners is having no idea where their first customer will come from and once they do have their first client, how to translate that into referrals for more work.
One advantage some new service industry businesses may have is being able to offer the services during hours traditionally not met by existing businesses. Companies that work during the day may charge a premium for their services if they have to be performed after traditional hours. A person working in the industry full-time may be able to add customers who also work during the day and need the services performed in the evening. This can be an availability niche to help get a new business off the ground.
Starting the business on a part-time schedule is going to be a two-edged sword in that the owner will be putting in extra hours working in the odd hours. However, if they dedicate the income to the business and continue meeting personal expenses from their day job, they will be able to eventually make the switch to working in their business on a full-time basis, allowing it to grow to meet their financial needs.
Copyright ? Aisha Mobley
What they do not tell you in the success stories is that becoming a full-time eBay seller is not for everyone. You really, really ought to try it part-time before you even consider taking it up full-time. Even then, be cautious. Before you burn your suit, here is a list of questions you should ask yourself.
How Much Do I Earn From eBay Now?
Figure out how many hours a week you spend doing eBay-related things (be honest here), and divide it by the average amount of profit you make in a week. If you were doing full-time hours, would you earn as much as you earn now?
Do I Have a Good Job?
Think about what you might lose if you give up your job to focus on eBay. Promotions ahead? Health benefits? Savings? Matching 401ks? Paid vacations? Paid holidays? Paid sick days?
Would I Really Make Much More Money?
Whether you would make more money on eBay really depends on what kinds of items you are selling. Unless you are selling a large amount of small goods, most of what you do on eBay will be waiting for auctions to end, and you can wait at work just as easily as you can at home. For low value items, going full-time could be a good move. For high-value ones, chances are you will hit the limits of how much money you have to invest in inventory long before you hit the limits on your time.
Is My Home a Good Place to Work?
Apart from anything else, you might find that the dream of working from home is more of a nightmare in reality. People can (and will) start to expect you to do things during the day - when you should be working. Spouse, kids, and relatives- as soon as they find out you are home during the daytime hours, they expect you to spend time with them. And, as soon as you give in and stop work for a while, your profits will fall.
Can I Survive if it All Goes Wrong?
The real test is whether or not would you be able to get by if you had a month or two where you sold literally nothing. Or would you be desperately looking around for a job and cursing the day you ever discovered eBay?
If you made it through all these questions, then I guess you are cut out for the eBay life. Even if you did not, you would be surprised just how far you can get part-time.
Both Aisha Mobley & Kenneth Scott are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Aisha Mobley has sinced written about articles on various topics from How to Sell on Ebay. To find the best home based business ideas and opportunities so you can work at home visit: