Full time Vs Part time Various people treat home based business ideas in different ways.
Though some people like to run with a home based business idea as a full time business, others like to take up a home based business idea as a part time activity only - maybe just to test it first.
However, each approach has its own pros and cons.
Home based business idea - Part time The first option is to start with your home based business idea as a part time job.
A number of entrepreneurs take this approach.
This approach helps you in mitigating the risk that is generally associated with starting a new business.
In case your home based business idea fails, you at least have your job intact.
Once you have your home based business idea doing well, you can take it up as a full time business.
The main problem with operating a home based business idea as a part time business is maintaining the balance between your part time home based business idea and your full time job.
If you don't plan really well, you might end up messing up with both (which is the last thing you would want).
Also, running your home based business idea in spare time will mean that you don't have any time for your family and friends.
Moreover, maintaining the focus on two things (your full time job and your home based business idea) is not an easy job.
Also, the growth of your home based business idea will be much slower than what it could be if you were running it as a full time business.
Home based business idea - Full time If you plan to take the plunge straight away, you might leave your full time job and start dedicatedly with your home based business idea.
However, in such a case you need to be sure of the success of your home based business idea.
You should have vetted your home based business idea enough so as to give you the confidence of going all out.
Even then, you must have a back up plan just in case the home based business idea doesn't deliver as per your expectations.
Also, do not put in all your savings into your home based business idea, put aside some amount to cover your living expenses too.
However, running your home based business idea as a full time job will help you in maintaining a better balance between work and family (as compared to operating your home based business idea as a part time activity).
Also, with more time on hand, you would be able to plan and implement better and hence see your business grow even faster.