1. Overview

Before you start your own business full-time, you might want to think about doing it part-time first to make sure the idea will work.

Part-time businesses may be a good choice for you if you have young children or a part-time job and don't want to or can't give up the time needed to run a full-time business.

Part-time businesses: legality and tax obligations

Business Registration with GOI as per the law of the land is required when you start a part-time business.

Keeping correct financial records is also important.

Although these standards are the same whether you're starting a full-time or part-time business, there are some other things you should think about that are unique to part-time businesses.

Continue doing paid work?

When you're running your business, you have to decide if you want to tell your boss about your paying job. According to your job contract, you might need to let your boss know if you have 

Another way to make money. Additionally, if your new business will likely fight with your current job, you have an interest clash that could lead to issues.

Always keep your personal business actions separate from those of your company. Without permission, taking business-related calls, emails, and letters could be considered a breach of contract. You should also not use the tools, resources, or intellectual property that belongs to your company.

Telling your boss about your plans could get you work or motivation, especially if they value you as an employee.

Owning and running the business?

If you don't have any other paid work, for example, because you are a parent or helper with family duties, you are still required to inform the relevant department and, if necessary, submit an application to Companies. If you were previously unemployed and getting benefits, you will need to verify if you’re new job changes that income and notify GOI if it does.

While working from home, you may need to think about health and safety and insurance problems.

Part-time businesses: things to think about

When you start your own business, even if it's just part-time, there are a lot of things to think about.

Are you all set to start up?

It can be very helpful to take a look at your own skills and see where you might be need more help or growth, like when it comes to managing the business's money. You should also give some thought to the service or product you want to sell, the people you want to sell it to, and what makes you different from other people. Being ready to deal with the problems and stresses that come your way will help you and your money.

Cash is important

Your business will start out small, and you will still need money to set it up and make it better as it grows. If you plan your money well and think outside the box, starting your own business might cost less. 

What legal structure?

Your business needs to be set up in a proper way. This can be a sole Proprietor, Partnership business, Private limited or something else.

What about premises?

You may have chosen to run your business from home, but there may still be tax, health, safety, and security issues that come up. You might be more productive if you keep your work area separate from your home area.

Do not work from home. Instead, read our guide on how to pick the best place for your business.

Advice from professionals

Depending on how big your business is, you might want to get professional help or advice. This could be anything from accounting and budgeting to marketing and IT support.

2. Support for companies that only run part-time

Numerous groups can assist and guide you in beginning a part-time job. 

Finding a mentor can help you get better at work.

In addition to helping and advising businesses, your local Chamber of Commerce may also set up networking events for companies of the same size and industry.

Consider joining the trade group for your industry. This will allow you to network with other businesses in the same field and get information and advice.

Starting a business can be hard, but ProMunim of India can help you. Contact us at 1800 266 1294.

Part-time businesses: Advantages and disadvantages

Advantages: 

• You can keep working and have a steady income until your business is up and running; 
• You can use the skills you've learned working for someone else to start and grow your own business; 
• If you have to take care of dependents or other obligations, it's a way to make money; 
• You can see if there is a market for your products or services without making a big financial commitment; 
• If you have a hobby that you would enjoy doing outside of work,

Disadvantages

• Some bad things about starting a business are that it can be hard to find time for it and may take up more time than you have; 
• if the business has problems, it can be hard to focus on paid work; 
• you may have to work long hours, which can be stressful; 
• it could take a long time for the new business to grow and become profitable; if you stay at work, you'll have to pay taxes on both incomes, which could mean the business can't make money.

While working part-time, starting a business from home might be a good idea. Explore our information on how to start a home-based business.